Changshu Bank(601128) 国信证券·2025-03-28 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company achieved a revenue of 10.91 billion yuan in 2024, representing a year-on-year growth of 10.5%, and a net profit of 3.81 billion yuan, up 16.2% year-on-year, maintaining a leading position among peers [2] - Personal loan demand remains weak, impacting credit growth, with total assets at 366.6 billion yuan, an increase of 9.6% from the beginning of the year, and total loans at 240.9 billion yuan, up 8.5% [2][3] - The company is focusing on a micro-lending strategy, enhancing its core competitiveness, with personal operating loans at 93.4 billion yuan, accounting for 38.8% of total loans, a decrease of 1.6 percentage points from the beginning of the year [3] - The net interest margin slightly narrowed to 2.71%, down 15 basis points year-on-year, but remains at a high level compared to peers [3] - The non-performing loan ratio is at 0.77%, a slight increase of 2 basis points from the beginning of the year, indicating strong risk management capabilities [4] Financial Performance Summary - Revenue and net profit forecasts for 2025-2027 have been adjusted to 4.4 billion, 5.2 billion, and 6.2 billion yuan respectively, with corresponding year-on-year growth rates of 15.7%, 18.1%, and 18.4% [5] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67x, 0.59x, and 0.52x for 2025-2027 [5] - The company maintains a strong capital position with a provision coverage ratio of 501%, despite a decrease of 37 percentage points from the beginning of the year [4][10]