2023业绩快报：业绩稳定优异，利润增速接近20%

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [4]. Core Views - Changshu Bank's 2023 performance is strong, with a revenue increase of 12.04% year-on-year, reaching 9.87 billion, and a net profit growth of 19.61%, totaling 3.28 billion [1][2]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.75% and a provision coverage ratio of 538% [2][12]. - For 2024, the bank is expected to outperform the industry due to lower exposure to mortgage loans and a favorable deposit structure, which will support its net interest margin [1][2]. Financial Performance - In 2023, total assets reached 334.5 billion, a year-on-year increase of 16.2%, while total loans amounted to 222.4 billion, growing by 15.0% [1][12]. - The bank's deposits totaled 247.9 billion, reflecting a steady growth of 1.9% from the previous quarter [1][12]. - The projected net profit for 2024 and 2025 is estimated at 3.88 billion and 4.54 billion, respectively, indicating continued growth [2][3]. Business Outlook - The bank's loan growth in Q4 2023 was 3.9 billion, with a year-on-year increase of 1.8% [1][12]. - The bank's strategy focuses on benefiting from the reduction in deposit rates, which is expected to enhance its interest margin [1][2]. - The report highlights that if the economy stabilizes, there will be potential for further recovery in small and micro-enterprise demand, providing additional upside for the bank's performance [2].