Changshu Bank(SH:601128) Haitong Securities·2024-03-05 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][4] Core Views - The company is expected to achieve a revenue growth of 12.04% year-on-year for 2023, with a net profit growth of 19.61%, indicating strong performance in a competitive environment [3][4] - The company's total assets are projected to grow by 16.2% year-on-year, with loans and deposits increasing by 15.0% and 16.2% respectively [4][8] - The non-performing loan ratio is maintained at 0.75%, and the provision coverage ratio has slightly increased to 537.88% [4][8] Summary by Sections Investment Rating - The company maintains an "Outperform the Market" rating based on its strong performance and risk management [2][4] Financial Performance - Revenue for 2023 is projected at 8,809 million yuan, with a year-on-year growth of 9.43% [5] - Net profit is expected to reach 2,744 million yuan, reflecting a year-on-year increase of 19.48% [5] - The average return on equity (ROE) is forecasted to improve to 13.94% in 2023 [8] Asset Quality - The non-performing loan ratio remains stable at 0.75%, positioning the company among the top tier of listed banks [4][8] - The provision coverage ratio has increased slightly, indicating a solid buffer against potential loan losses [4][8] Valuation - The estimated reasonable value of the stock ranges from 8.92 to 11.03 yuan, with a projected price-to-earnings (PE) ratio of 7.46 to 9.22 times for 2023 [4][8] - The company is valued at a price-to-book (PB) ratio of 1.00 times based on the projected earnings [4][8]