Changshu Bank(601128) 太平洋·2024-09-06 08:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 5.506 billion yuan, up 12.03% year-on-year, and net profit attributable to shareholders at 1.734 billion yuan, up 19.58% year-on-year [2]. - The return on equity (ROE) was 13.28%, an increase of 0.88 percentage points compared to the previous year [2]. - The non-performing loan ratio stood at 0.76%, with a provision coverage ratio of 538.81%, reflecting strong asset quality and risk mitigation capabilities [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 5.506 billion yuan and a net profit of 1.734 billion yuan, marking year-on-year growth rates of 12.03% and 19.58% respectively [2]. - The company's total assets reached 367.303 billion yuan, a year-on-year increase of 9.82% [2]. - The growth in interest income and non-interest income was driven by expansion and investment gains, with interest income at 4.602 billion yuan (up 6.10%) and non-interest income at 904 million yuan (up 56.59%) [2]. Asset Quality - The company maintained a non-performing loan ratio of 0.76% and a provision coverage ratio of 538.81%, indicating robust asset quality [2]. - The company’s total deposits reached 282.760 billion yuan, a year-on-year increase of 14.04% [2]. Future Projections - Revenue is projected to grow at rates of 12.09%, 11.03%, and 12.90% for 2024, 2025, and 2026 respectively, while net profit is expected to grow by 20.37%, 16.21%, and 16.92% in the same years [3]. - The projected book value per share (BVPS) for the next three years is 8.27 yuan, 9.46 yuan, and 10.94 yuan, with corresponding price-to-book (P/B) ratios of 0.78, 0.68, and 0.59 [3].