Wuxi Rural Commercial Bank(SH:600908) Guohai Securities·2025-10-29 02:06Investment Rating - The report maintains a "Buy" rating for Wuxi Bank [1][16]. Core Views - Wuxi Bank's revenue and net profit growth rates are steadily improving, with a year-on-year revenue growth of 3.87% and a net profit growth of 3.78% for the first three quarters of 2025, showing an increase compared to the first half of 2025 [5]. - The bank's loan and deposit growth rates are both above 10%, with a significant increase in corporate loans, which doubled compared to the same period in 2024 [5]. - The non-performing loan ratio remains stable at 0.78%, with a slight increase in the provision coverage ratio to 427.87% [5]. Summary by Sections Recent Performance - In Q3 2025, Wuxi Bank's revenue grew by 4.9% year-on-year, and net profit increased by 4.6%, both showing improvements from Q2 2025 [5]. - The bank's total market capitalization is approximately 13,475.35 million yuan, with a current share price of 6.14 yuan [4]. Financial Projections - Revenue projections for 2025-2027 are 51 billion, 55 billion, and 59 billion yuan, with year-on-year growth rates of 8.47%, 7.01%, and 8.36% respectively [5]. - Net profit forecasts for the same period are 24 billion, 25 billion, and 27 billion yuan, with growth rates of 5.52%, 6.39%, and 6.54% respectively [5]. Valuation Metrics - The report provides a P/E ratio forecast of 5.92 for 2025, decreasing to 5.19 by 2027, and a P/B ratio forecast of 0.58 for 2025, decreasing to 0.48 by 2027 [6][16]. - The bank's earnings per share (EPS) are projected to be 1.04, 1.11, and 1.18 yuan for 2025, 2026, and 2027 respectively [6][16].