苏农银行（603323）：2024年报、2025年一季报点评：营收增长稳定，区域发展持续发力

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company has shown stable revenue growth, with operating income reaching 4.174 billion yuan in 2024 and 1.132 billion yuan in Q1 2025, representing year-on-year growth of 3.17% and 3.29% respectively. The net profit attributable to shareholders for 2024 and Q1 2025 was 1.945 billion yuan and 440 million yuan, with year-on-year growth of 11.62% and 6.19% respectively [1][3] - The company maintains a solid asset quality, with a non-performing loan ratio of 0.90% as of Q1 2025, and a provision coverage ratio of 420% [3][8] - The company is expanding its scale, with total assets growing by 5.64% year-on-year in 2024 and 4.78% in Q1 2025, reaching 2218.90 billion yuan [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating income of 41.74 billion yuan, a 3.17% increase from the previous year. The net profit attributable to shareholders was 19.45 billion yuan, reflecting an 11.62% increase [1][4] - For Q1 2025, operating income was 11.32 billion yuan, up 3.29% year-on-year, and net profit was 4.40 billion yuan, a 6.19% increase [1][4] Asset Quality - The non-performing loan ratio stood at 0.90% as of Q1 2025, remaining stable compared to previous periods. The provision coverage ratio was 420% [3][8] Capital and Growth - The company's total assets reached 2218.90 billion yuan by the end of Q1 2025, with a year-on-year growth of 4.78%. Loans increased by 3.77% and deposits by 10.46% in the same period [2][3] - The core Tier 1 capital adequacy ratio was reported at 10.77% as of Q1 2025 [2][3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.114 billion yuan, 2.298 billion yuan, and 2.492 billion yuan respectively, with corresponding year-on-year growth rates of 8.7% for 2025 and 2026, and 8.5% for 2027 [3][4]