Suzhou Rural Commercial Bank(603323)2025-02-06 08:06Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 4.17 billion yuan in 2024, representing a year-on-year growth of 3.0%, while the net profit attributable to shareholders reached 1.93 billion yuan, up 10.5% year-on-year [5][8] - The non-performing loan (NPL) ratio decreased to 0.90% in Q4 2024, indicating stable asset quality, with a provision coverage ratio of 425% [5][8] - Credit growth was steady, with loans increasing by 5.8% year-on-year, and deposits growing by 8.0% [5][8] Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 4.17 billion yuan, with a year-on-year growth rate of 2.99% for 2025 and 4.70% for 2026 [6][11] - The net profit attributable to shareholders is expected to grow by 10.53% in 2024, 9.61% in 2025, and 10.85% in 2026 [6][11] - The company’s price-to-book (P/B) ratio is currently at 0.51, indicating potential undervaluation [8][13] Performance Comparison - The company’s stock closed at 5.29 yuan, with a market capitalization of 9.707 billion yuan [2][13] - The company’s dividend yield stands at 3.40%, which is competitive within the banking sector [2][13] - Compared to its peers, the company maintains a favorable return on equity (ROE) of 11.44% for 2024 [13]