苏州银行2024年报&2025年一季报点评：对公优势彰显，资产质量优异

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - Suzhou Bank demonstrates significant advantages in corporate banking, with excellent asset quality. The bank's Q1 2025 revenue and net profit attributable to shareholders were 3.25 billion yuan (YoY +0.76%) and 1.55 billion yuan (YoY +6.80%), respectively, indicating stable profitability. The net interest margin for Q1 2025 was 1.34%, a decrease of 4 basis points from the previous year [4][5][6] Financial Performance Summary - For Q1 2025, Suzhou Bank's total assets reached 727.15 billion yuan, growing by 12.18% YoY, with loans increasing by 12.74%. Corporate loans maintained a high growth rate of over 20%, while retail loan demand was relatively weak. Non-interest income for Q1 2025 was 1.14 billion yuan, up 3.33% YoY, with net commission income rising by 22.48% and investment income increasing by 47.11% [5][6] - The bank's non-performing loan ratio remained stable at 0.83% as of Q1 2025, with a high provision coverage ratio of 447.20%. The capital adequacy ratios were also robust, with core, tier 1, and total capital adequacy ratios at 9.80%, 11.62%, and 14.54%, respectively [6][7] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 5.53 billion (previously 5.75 billion), 6.06 billion (previously 6.50 billion), and 6.47 billion yuan (previously 6.50 billion), reflecting YoY growth rates of 9.14%, 9.49%, and 6.90% respectively. The current stock price corresponds to a price-to-book ratio of 0.68, 0.63, and 0.61 for 2025-2027 [4][6][7]