业绩亮眼优势突出，村镇银行提速前进

Investment Rating - The investment rating for Changshu Bank is not explicitly stated in the report, but the overall performance and future outlook suggest a positive sentiment towards the bank's stock [1]. Core Views - Changshu Bank reported a year-on-year increase in net profit attributable to shareholders of 19.60% for 2023, outperforming the average growth rates of commercial banks and rural commercial banks [1][2]. - The bank's operating income grew by 12.05% year-on-year, indicating robust financial health and a strong competitive position in the market [1]. - The bank's return on equity (ROE) for the year was 13.69%, reflecting a slight increase of 0.63 percentage points compared to the previous year [1]. Financial Performance Summary - Revenue and Profit Growth: The bank's revenue growth rate slightly decreased by 50 basis points to 12.05% in 2023, while net profit growth decreased by 1.50 percentage points to 19.60%, both remaining significantly above industry averages [1][2]. - Asset and Liability Growth: Total assets and total liabilities grew by 16.18% and 16.51% year-on-year, respectively, reaching new highs [1]. - Net Interest Margin: The net interest margin for 2023 was 2.86%, down 9 basis points from the previous quarter and 16 basis points year-on-year, but still significantly higher than peers [1][2]. - Asset Quality: The non-performing loan ratio remained stable at 0.75%, with a provision coverage ratio of 537.88%, indicating strong risk management capabilities [1][2]. - Village and Town Bank Performance: The village and town banking segment showed impressive growth, with total assets, loans, and deposits increasing by 18.87%, 17.19%, and 23.61% year-on-year, respectively [1]. - Capital Adequacy: The core tier one capital adequacy ratio was reported at a healthy level, with a recent upgrade in credit rating from AA+ to AAA, enhancing investor confidence [1][2]. Earnings Forecast - The forecast for net profit growth for Changshu Bank is projected at 19.55%, 18.39%, and 17.52% for the years 2024 to 2026, respectively, indicating a positive growth trajectory [1][2].