2023年年报点评：规模营收稳步扩张，股东增持彰显信心

Investment Rating - The report maintains a "Buy" rating for Wuxi Bank (600908.SH) [11] Core Views - Wuxi Bank's revenue for 2023 reached 4.54 billion, a year-on-year increase of 1.3%, while net profit attributable to shareholders was 2.2 billion, up 10% year-on-year [1][2] - The bank's return on average equity (ROAE) was 11.48%, a decrease of 1.5 percentage points compared to the previous year [1] - The bank is focusing on digital transformation and retail business, with a strategic emphasis on supporting small and micro enterprises and technological innovation [5] Revenue and Profitability - Revenue growth accelerated, but profit growth slightly slowed, with year-on-year growth rates for revenue, pre-provision profit, and net profit at 1.3%, -0.6%, and 10%, respectively [2] - Net interest income decreased by 0.8%, while non-interest income increased by 8.5% [2] - The bank's net interest margin (NIM) narrowed to 1.64%, down 2 basis points from the first half of the year [3] Asset and Loan Growth - Total assets, interest-earning assets, and loans grew by 11%, 10.9%, and 11.2% year-on-year, respectively [3] - In Q4, new loans amounted to 1.9 billion, with corporate loans showing strong growth while retail loans declined [3] - The bank's loan structure highlighted a significant increase in corporate loans, particularly in manufacturing and leasing services [3] Deposit Trends - Deposit growth slowed, with total liabilities and deposits increasing by 11.3% and 12.4% year-on-year, respectively [3] - The trend towards term deposits continued, with average balances for term deposits increasing by 16% year-on-year [3] Non-Interest Income - Non-interest income for the year was 1.08 billion, representing an 8.5% increase year-on-year, with investment income contributing significantly [4] - Fee and commission income decreased by 42%, while net other non-interest income increased by 23.4% [4] Capital Adequacy and Shareholder Confidence - The bank's capital adequacy ratios improved, with core tier 1, tier 1, and total capital adequacy ratios at 11.3%, 12.5%, and 14.4%, respectively [16] - Shareholder confidence was demonstrated by significant share purchases by major shareholders, indicating recognition of the bank's value [16] Earnings Forecast and Valuation - EPS forecasts for 2024-2026 have been adjusted to 1.08, 1.16, and 1.26 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 4.77, 4.43, and 4.07 [5][17] - The current stock price corresponds to a price-to-book (P/B) ratio of 0.54, 0.49, and 0.45 for the respective years [5][17]