Suzhou Rural Commercial Bank(603323) Guoxin Securities·2025-02-06 05:36Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a stable overall performance with a 3.0% year-on-year increase in operating income to 4.17 billion yuan and a 10.5% increase in net profit attributable to shareholders to 1.93 billion yuan in 2024 [1][2] - The total assets grew by 5.3% year-on-year to 213.4 billion yuan, with loans increasing by 5.8% to 129.3 billion yuan and deposits rising by 8.0% to 170.2 billion yuan, indicating a strong customer base [1][2] - The company maintained a stable asset quality with a non-performing loan ratio of 0.90% at the end of 2024, a slight decrease from previous periods [2] Summary by Relevant Sections Financial Performance - The company achieved an operating profit of 2.11 billion yuan in 2024, reflecting a 10.8% year-on-year growth, and a total profit of 2.15 billion yuan, up 12.3% year-on-year [2] - The weighted average ROE for 2024 was 11.3%, a decrease of 0.4 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio was 0.90% at the end of 2024, down 0.01 percentage points from both the previous quarter and the beginning of the year [2] - The provision coverage ratio stood at 425%, which decreased by 5 percentage points from the previous quarter and by 28 percentage points from the beginning of the year [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.93 billion, 2.09 billion, and 2.25 billion yuan respectively, with year-on-year growth rates of 10.5%, 8.7%, and 7.5% [3] - The diluted EPS is projected to be 1.05, 1.14, and 1.23 yuan for the same period [3] Valuation Metrics - The current PE ratio is 5.0, 4.6, and 4.3 for the years 2024, 2025, and 2026 respectively, while the PB ratio is 0.6, 0.5, and 0.5 [3]