JRCB(SZ:002807) Tai Ping Yang·2024-05-09 01:30Investment Rating - The report maintains a "Buy" rating for Jiangyin Bank [1] Core Views - Jiangyin Bank's 2023 annual report shows significant growth in investment income, with a focus on enhancing marketing and service quality [1][7] - The bank achieved a revenue of 3.865 billion yuan in 2023, representing a year-on-year growth of 2.25%, while net profit attributable to shareholders reached 1.888 billion yuan, up 16.83% year-on-year [7] - The bank's return on equity (ROE) was 12.55%, an increase of 0.68 percentage points compared to the previous year [7] Financial Summary - Revenue (million yuan): - 2023: 3,864.96 - 2024E: 4,166.28 - 2025E: 4,380.68 - 2026E: 4,628.68 [2] - Revenue Growth Rate (%): - 2023: 2.25% - 2024E: 7.80% - 2025E: 5.15% - 2026E: 5.66% [2] - Net Profit (million yuan): - 2023: 1,888.09 - 2024E: 2,056.49 - 2025E: 2,313.74 - 2026E: 2,522.80 [2] - Net Profit Growth Rate (%): - 2023: 24.93% - 2024E: 8.69% - 2025E: 12.51% - 2026E: 9.04% [2] - Book Value Per Share (BVPS): - 2023: 7.27 - 2024E: 8.18 - 2025E: 9.34 - 2026E: 10.67 [2] - Price-to-Book Ratio (PB): - 2023: 0.54 - 2024E: 0.48 - 2025E: 0.42 - 2026E: 0.37 [2]