Suzhou Rural Commercial Bank(SH:603323) Xin Lang Zheng Quan·2025-10-30 14:50Core Viewpoint - Su Nong Bank, established in 2004 and listed in 2016, is a leading rural commercial bank in Suzhou, offering diversified financial services and ranking 9th in revenue and 6th in net profit within its industry as of Q3 2025 [1][2]. Financial Performance - For Q3 2025, Su Nong Bank reported revenue of 3.221 billion yuan, ranking 9th in the industry, with the top performer, Chongqing Rural Commercial Bank, generating 21.658 billion yuan [2]. - The bank's net profit for the same period was 1.708 billion yuan, placing it 6th in the industry, with the leading bank achieving 10.925 billion yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Su Nong Bank's asset-liability ratio was 91.75%, slightly higher than the industry average of 91.45% [3]. - The bank's gross profit margin was 65.50%, exceeding the industry average of 51.47% [3]. Executive Compensation - The chairman, Xu Xiaojun, received a salary of 1.813 million yuan in 2024, an increase of 71,600 yuan from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.87% to 32,000, while the average number of shares held per shareholder increased by 2.95% to 63,200 [5]. - The top ten shareholders include Hong Kong Central Clearing Limited, which holds 94.107 million shares, a decrease of 19.348 million shares from the previous period [5]. Business Highlights - The bank's revenue growth is stable, with strong resilience in profit growth driven by scale, non-interest income, and provisions [5]. - Loan growth has accelerated, with increased credit issuance and interbank asset allocation [5]. - Deposit growth is also on the rise, with a trend towards more fixed-term deposits [5]. - Non-performing loan ratios remain low, and the provision coverage ratio is high, indicating strong risk management [5]. Analyst Ratings - According to Everbright Securities, the bank's earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.00, 1.05, and 1.11 yuan, with corresponding price-to-book (PB) ratios of 0.53, 0.48, and 0.45, and price-to-earnings (PE) ratios of 5.15, 4.92, and 4.68 [5]. - Huatai Securities noted that cost improvements are supporting steady profit growth, with projected net profits of 2.0, 2.2, and 2.3 billion yuan for 2025-2027, reflecting growth rates of 5.1%, 5.3%, and 5.5% respectively [6].