点评报告：营收保持高增

Investment Rating - The investment rating for Changshu Bank is maintained as "Accumulate" [4] Core Views - Revenue and profit continue to grow at a high rate: In 2023, operating income increased by 12.1% year-on-year, while net profit attributable to shareholders grew by 19.6% year-on-year. The growth in scale is the main contributor to revenue growth [2] - Scale remains high: In 2023, total loans increased by 15% year-on-year, with new personal loans amounting to 16.073 billion yuan, a decrease of 0.597 billion yuan year-on-year, accounting for 55.4% of new loans, slightly down. Total assets grew by 16.2%, and risk-weighted assets increased by 13.54% [2] - Net interest margin decreased by 9 basis points: The cumulative net interest margin for 2023 was 2.86%, down 9 basis points from the third quarter. The narrowing of the net interest margin is expected to be affected by the decline in asset-side yields [2] - Asset quality remains stable, with slight fluctuations in attention rates: The non-performing loan ratio at the end of 2023 was 0.75%, unchanged from the third quarter, while the attention rate rose by 12 basis points to 1.17% [2] - Earnings forecast and investment suggestion: Revenue and net profit attributable to shareholders are expected to maintain steady growth in 2023. The profit forecasts for 2024, 2025, and 2026 are adjusted to 3.773 billion yuan, 4.294 billion yuan, and 4.748 billion yuan respectively, with a price-to-book ratio of 0.66 and 0.58 for 2024 and 2025 [2][3] Summary by Sections Revenue and Profit - Operating income for 2023 is projected at 9,870 million yuan, with a growth rate of 12.05% [3] - Net profit attributable to shareholders for 2023 is projected at 3,282 million yuan, with a growth rate of 19.60% [3] Asset and Liability - Total loans are projected to reach 222,439 million yuan in 2024, with a growth rate of 15% [7] - Total assets are projected to reach 334,456 million yuan in 2024, with a growth rate of 16.2% [7] - Deposits are projected to reach 254,453 million yuan in 2024, with a growth rate of 16.2% [7] Profitability Metrics - Earnings per share for 2024 is projected at 1.20 yuan, with a price-to-earnings ratio of 5.65 [3] - The price-to-book ratio for 2024 is projected at 0.73 [3]