Wuxi Rural Commercial Bank(SH:600908) Minsheng Securities·2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][25]. Core Insights - The company is expected to see a steady growth in inclusive loans, supported by a strong local economic foundation [1]. - The net interest margin shows resilience, with proactive adjustments in the deposit structure likely to further reduce costs [1]. - The company has solid financial investment capabilities, with other non-interest income maintaining a high growth rate [1]. - Asset quality remains excellent, with a low non-performing loan ratio and a robust provision cushion [1]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 1.10 yuan, 1.19 yuan, and 1.29 yuan respectively, with a price-to-book (PB) ratio of 0.5 for 2024 [1]. Financial Performance Summary - Revenue for 2023 is reported at 4.54 billion yuan, with a year-on-year growth of 1.3% [50]. - Net profit attributable to shareholders for 2023 is 2.20 billion yuan, reflecting a year-on-year increase of 10.0% [50]. - The non-performing loan ratio stands at 0.79%, with a provision coverage ratio of 523% [50]. - The company’s total assets, loan amounts, and deposits have shown year-on-year increases of 11.0%, 11.2%, and 11.4% respectively [50]. - The net interest margin at the end of 2023 is reported at 1.64%, with a slight decrease from the previous year [50]. Growth Projections - Forecasted operating income for 2024 is 4.54 billion yuan, with a growth rate of 1.3% [10]. - The projected net profit for 2024 is 2.20 billion yuan, with a growth rate of 10.0% [10]. - The company anticipates a steady increase in inclusive loans, with a year-on-year growth of 25% in 2023 [50].