Workflow
2023年报&2024年一季报点评：净息差下降，拨备覆盖率仍然较高
002966BANK OF SUZHOU(002966) 国信证券·2024-04-28 08:00

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank (002966 SZ) [1][3] Core Views - Revenue growth remains stable, with 2023 revenue reaching 11 87 billion yuan, up 0 9% YoY, and Q1 2024 revenue at 3 23 billion yuan, up 2 1% YoY [1] - Net profit growth slows down, with 2023 net profit at 4 60 billion yuan, up 17 4% YoY, and Q1 2024 net profit at 1 46 billion yuan, up 12 3% YoY [1] - Asset growth remains stable, with total assets reaching 648 2 billion yuan by Q1 2024, up 16 8% YoY [1] - Net interest margin continues to decline, with 2023 daily average NIM at 1 68%, down 19bps YoY, and Q1 2024 NIM at 1 52%, down 7bps QoQ [1] - Asset quality fluctuates at a good level, with NPL ratio at 0 88% by Q1 2024, up 0 04 percentage points from end-2023 [1] Financial Performance Revenue and Profit - 2023 revenue: 11 87 billion yuan, up 0 9% YoY [1] - 2024E revenue: 12 18 billion yuan, up 2 6% YoY [2] - 2023 net profit: 4 60 billion yuan, up 17 4% YoY [1] - 2024E net profit: 5 07 billion yuan, up 10 2% YoY [2] Asset and Liability - 2023 total assets: 601 8 billion yuan, up 14 7% YoY [1] - 2024E total assets: 692 1 billion yuan, up 15 0% YoY [4] - 2023 total loans: 281 1 billion yuan, up 17 4% YoY [4] - 2024E total loans: 337 4 billion yuan, up 20 0% YoY [4] Asset Quality - 2023 NPL ratio: 0 84%, down 0 04 percentage points YoY [4] - 2024E NPL ratio: 0 84%, flat YoY [4] - 2023 provision coverage ratio: 523%, down 8 percentage points YoY [4] - 2024E provision coverage ratio: 468%, down 55 percentage points YoY [4] Profitability - 2023 ROE: 12 8%, up 0 8 percentage points YoY [2] - 2024E ROE: 12 8%, flat YoY [2] - 2023 ROA: 0 84%, up 0 01 percentage points YoY [2] - 2024E ROA: 0 82%, down 0 02 percentage points YoY [2] Capital Adequacy - 2023 core tier 1 capital adequacy ratio: 9 38%, down 0 25 percentage points YoY [4] - 2024E core tier 1 capital adequacy ratio: 8 91%, down 0 47 percentage points YoY [4] Valuation - 2024E PE: 5 2x [2] - 2024E PB: 0 61x [2] - 2024E dividend yield: 6 0% [2]