Changshu Bank(601128) 中泰证券·2025-04-02 12:50Investment Rating - The report maintains an "Accumulate" rating for the company [3][26]. Core Views - The company achieved a revenue growth of 10.6% year-on-year in 2024, with net profit increasing by 16.2% [5][10]. - The growth in net interest income was 7.55% year-on-year, while non-interest income saw a significant increase of 29.31% [5][19]. - The asset quality remains stable, with a non-performing loan ratio of 0.77% [22][24]. Summary by Relevant Sections Financial Performance - Revenue for 2023 was 9,869 million, projected to grow to 10,912 million in 2024, and further to 11,554 million in 2025, reflecting a growth rate of 12.0% in 2023 and 10.6% in 2024 [3][10]. - Net profit for 2023 was 3,280 million, expected to rise to 3,813 million in 2024 and 4,291 million in 2025, with growth rates of 19.6% and 16.3% respectively [3][10]. Income Sources - Net interest income is projected to be 9,143 million in 2024, with a slight decrease in net interest margin to 2.61% [27]. - Non-interest income is expected to contribute significantly, with net non-interest income accounting for 16.2% of total revenue in 2024 [19][21]. Asset Quality - The company reported a non-performing loan generation rate of 1.43% for the year, with a stable non-performing loan ratio of 0.77% [22][24]. - The provision coverage ratio stands at 500.38%, indicating a strong buffer against potential loan losses [24]. Market Position and Strategy - The company focuses on personal operating loans, maintaining a strong risk control framework and expanding its market reach [26]. - The business model emphasizes a diversified customer base, contributing to sustained asset quality [26]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 42.9 billion and 47.5 billion respectively, with an increase in the 2027 forecast to 52 billion [26][27]. - Price-to-Book (P/B) ratios are projected to decrease from 0.76 in 2024 to 0.53 by 2027, indicating potential undervaluation [3][26].