Changshu Bank(SH:601128) Orient Securities·2025-11-14 01:56Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company's net profit growth is projected to be 12.1% in 2025, 10.5% in 2026, and 10.1% in 2027, with a corresponding book value per share (BVPS) of 9.62, 10.85, and 12.21 yuan respectively [3]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.75X for 2025, 0.67X for 2026, and 0.59X for 2027, indicating a valuation premium due to the company's strong return on equity (ROE) [3]. - The reasonable value per share is estimated at 8.12 yuan, reflecting a 10% premium over comparable companies [3]. Financial Performance Summary - For 2023, the company reported total revenue of 9,870 million yuan, with a year-on-year growth of 12.1% [4]. - Operating profit for 2023 was 4,053 million yuan, showing a significant year-on-year increase of 49.8% [4]. - The net profit attributable to the parent company for 2023 was 3,282 million yuan, representing a year-on-year growth of 19.6% [4]. - The earnings per share (EPS) for 2023 is reported at 0.99 yuan [4]. - The company’s total assets and loan amounts grew by 10.9% and 7.1% year-on-year respectively as of Q3 2025 [9]. - The net interest margin showed a minimal contraction of 1 basis point, the smallest decline since the second half of 2023 [9]. Dividend Policy - The company has implemented a mid-term dividend for the first time, increasing the payout ratio to 25.27% of net profit attributable to the parent company, up by 5.5 percentage points from the previous year [9].