Changshu Bank(601128) 中泰证券·2024-08-22 02:07Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 6.84 [1] Core Views - The company shows resilience with a revenue growth of 12% year-on-year and a net profit growth of 19.6% in the first half of 2024, maintaining a stable high level [2][5] - The net interest income has increased by 6.1% year-on-year, while non-interest income surged by 56.7% [2][5] - The report highlights a focus on personal operating loans, with strong risk control and an expanding market channel [4][19] Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (in million) for 2022A: 8,808; 2023A: 9,869; 2024E: 10,797; 2025E: 11,581; 2026E: 12,221 - Year-on-year growth rates: 2022A: 15.0%; 2023A: 12.0%; 2024E: 9.4%; 2025E: 7.3%; 2026E: 5.5% [1] - Net profit (in million) for 2022A: 2,742; 2023A: 3,280; 2024E: 3,915; 2025E: 4,385; 2026E: 4,820 - Year-on-year growth rates: 2022A: 25.3%; 2023A: 19.6%; 2024E: 19.4%; 2025E: 12.0%; 2026E: 9.9% [1] - Earnings per share (in yuan): 2022A: 1.00; 2023A: 1.20; 2024E: 1.43; 2025E: 1.60; 2026E: 1.76 [1] - Asset Quality: - The non-performing loan (NPL) ratio remains stable at 0.76% as of the end of the first half of 2024, with a significant increase in the NPL generation rate to 1.22% [3][16] - The coverage ratio for provisions stands at 538.67% [3][16] - Loan and Deposit Trends: - Loan growth has slowed, with a significant drop in personal loans, while corporate loans have seen some increase [11][12] - Total deposits decreased by 0.3% quarter-on-quarter, with a notable decline in corporate deposits [11][14] - Market Position: - The company focuses on a diversified customer base, maintaining a strong asset quality and a competitive edge in personal operating loans [4][19]