Changshu Bank(601128) 招商证券·2025-03-28 01:31Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank [3][4]. Core Views - The bank's 2024 performance shows a robust growth trajectory with revenue, PPOP, and net profit increasing by 10.53%, 10.59%, and 16.20% year-on-year, respectively [1][3]. - The bank's net interest margin (NIM) for 2024 is reported at 2.71%, slightly narrowing by 4 basis points compared to the previous quarters [2]. - Asset quality remains stable with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, indicating a marginal improvement in forward-looking indicators [2][3]. Summary by Sections Performance Overview - In 2024, Changshu Bank's total revenue reached 10,909 million yuan, with a year-on-year growth of 10.53% [1][14]. - The net profit attributable to shareholders for 2024 was 4,073 million yuan, reflecting a 16.20% increase compared to the previous year [1][14]. Non-Interest Income - Other non-interest income surged by 25.9% year-on-year in 2024, primarily driven by significant growth in trading account profits and realized gains [2][3]. Interest Margin and Asset Quality - The bank's NIM decreased to 2.71% in 2024, with a decline in both asset yield and loan yield by 14 basis points [2]. - The NPL ratio remained stable at 0.77% as of Q4 2024, with a coverage ratio of 500.51%, indicating solid risk mitigation capabilities [2][3]. Capital and Shareholder Information - The total market capitalization of Changshu Bank is reported at 21.6 billion yuan, with a total share count of 3,015 million shares [4]. - The bank's return on equity (ROE) stands at 14.15% for 2024, showcasing its profitability [4][29].