BANK OF SUZHOU(SZ:002966) Shenwan Hongyuan Securities·2025-10-31 05:12Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [2][11] Core Insights - Suzhou Bank's performance shows steady growth with a 2.02% year-on-year increase in revenue and a 7.12% increase in net profit attributable to shareholders for the first nine months of 2025 [5][11] - The bank's non-performing loan (NPL) ratio remained stable at 0.83%, while the provision coverage ratio decreased by 17 percentage points to 421% [5][11] - The bank's net interest income grew significantly, with a 23% year-on-year increase in Q3 2025, contributing to an overall increase in net interest income of 8.9% for the first nine months of 2025 [7][11] Financial Data and Profit Forecast - Revenue and net profit projections for Suzhou Bank are as follows: - Total operating income (in million RMB): 2023: 11,866.12, 2024: 12,223.79, 2025E: 12,621.08, 2026E: 13,415.66, 2027E: 14,377.10 [6] - Net profit attributable to shareholders (in million RMB): 2023: 4,600.65, 2024: 5,068.21, 2025E: 5,440.45, 2026E: 5,867.74, 2027E: 6,353.92 [6] - The forecasted year-on-year growth rates for net profit are 17.41% for 2023, 10.16% for 2024, and 7.34% for 2025 [6] Market Data - As of October 30, 2025, Suzhou Bank's closing price was 8.13 RMB, with a market capitalization of 35,741 million RMB and a price-to-book ratio of 0.7 [2][5] - The bank's dividend yield is reported at 4.92% based on the most recent dividend announcements [2]