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研報掘金丨平安證券:江蘇銀行上半年業績表現亮眼,維持“強烈推薦”評級
格隆匯 08-03 14:51
格隆匯8月3日丨平安證券研報指出,江蘇銀行(600919.SH)上半年業績表現亮眼,盈利增長預計好於同業。上半年歸母淨利潤同比增長27.2%(+24.8%,23Q1),保持較快增長水平,營業收入同比增長10.6%(+10.4%,23Q1),保持穩健增長,預計與年初以來區域經濟復甦較快以及公司定位中小微企業客羣戰略有關。公司規模穩健增長,看好區域融資需求不斷釋放。上半年江蘇省固定投資完成額增速持續高於全國水平,優質區域環境提供了展業空間。負債端來看,存款較年初增長13.8%,同比增長13.4%(+13.4%,23Q1),居民較高儲蓄意願一定程度上支撐存款增長。考慮到公司資產質量的持續改善,維持公司2023-2025年盈利預測,對應EPS分別為2.00/2.37/2.78元,對應盈利增速分別為22.0%/18.9%/16.9%。目前公司股價對應23-25年PB分別為 0.59x/0.52x/0.45x,看好公司區位紅利與轉型紅利的持續釋放,維持“強烈推薦”評級。
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