Changshu Bank(601128) 太平洋·2024-11-01 03:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [4][6]. Core Insights - The company reported a steady performance with a revenue of 8.37 billion yuan, up 11.30% year-on-year, and a net profit of 2.98 billion yuan, up 18.17% year-on-year, indicating robust growth driven primarily by investment income [2][3]. - The net interest income was 6.90 billion yuan, reflecting a 6.15% increase year-on-year, while non-interest income surged by 44.25% to 1.47 billion yuan, with investment net income rising by 92.54% [2]. - The cost-to-income ratio improved to 35.17%, down 4.13 percentage points year-on-year, showcasing effective cost management [2]. - The company’s total loans reached 239.69 billion yuan, a 7.75% increase from the previous year, although retail loan growth has slowed [2][3]. - The net interest margin stood at 2.82%, slightly down by 21 basis points year-on-year, but the average yield on interest-earning assets increased [2][3]. - Asset quality showed slight fluctuations with a non-performing loan ratio of 0.77% and a provision coverage ratio of 528.40%, indicating strong risk mitigation capabilities [2][3]. Financial Projections - Revenue projections for 2024-2026 are 10.90 billion, 11.96 billion, and 13.34 billion yuan respectively, with net profits expected to be 3.86 billion, 4.45 billion, and 5.15 billion yuan [3]. - The book value per share (BVPS) is projected to increase from 9.48 yuan in 2024 to 12.65 yuan in 2026, with corresponding price-to-book (PB) ratios decreasing from 0.75 to 0.56 [3].