BANK OF SUZHOU(002966) 湘财证券·2025-02-14 10:01Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [6][10]. Core Views - Suzhou Bank's revenue growth exceeded expectations, with a projected increase in non-interest income contribution [4][10]. - The bank's total assets grew by 15.3% in 2024, while loan growth was 13.6%, indicating a slowdown in growth but still in line with industry trends [6]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 483.46% [8]. Financial Performance Summary - For 2024, Suzhou Bank's operating income is expected to reach 12,223 million yuan, reflecting a year-on-year growth of 3.0% [14]. - The net profit attributable to shareholders is projected to be 5,071 million yuan, with a growth rate of 10.2% [14]. - Earnings per share (EPS) for 2024 is estimated at 1.27 yuan, with a price-to-book (PB) ratio of 0.53 [10][14]. Asset Quality and Risk Management - The bank's non-performing loan ratio for 2024 is 0.83%, showing a slight improvement, while the provision coverage ratio has increased by 10 percentage points [8]. - The bank maintains a stable risk compensation ability with a loan-to-deposit ratio around 4% [8]. Future Outlook - The bank is expected to maintain steady credit growth supported by regional advantages and favorable policies, with projected net profit growth rates of 10.2%, 8.2%, and 8.7% for 2024, 2025, and 2026 respectively [10][14].