Suzhou Rural Commercial Bank(SH:603323) Guoxin Securities·2024-04-28 09:00Investment Rating - The investment rating for the company is "Accumulate" [16] Core Views - The company has shown stable growth in revenue and asset quality, with total assets increasing by 12.4% year-on-year in 2023 and 11.2% in Q1 2024 [17] - The net profit attributable to shareholders for 2023 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.0% [17] - The company's return on equity (ROE) for 2023 is 11.7%, an increase of 0.8 percentage points compared to the previous year [17] - The company has maintained a high provision coverage ratio of 453% as of the end of 2023, indicating stable asset quality [17] Financial Forecasts and Valuation - The projected earnings per share (EPS) for 2024 is 1.10 yuan, with a year-on-year growth of 13.6% [15] - The company's net profit for 2024 is expected to reach 19.8 billion yuan, with a growth rate of 13.6% [17] - The price-to-earnings (PE) ratio for the current stock price is estimated at 4.3 for 2024, indicating a favorable valuation [15][17] - The company’s total assets are expected to reach 225 billion yuan by 2024, with loans growing by 15.0% year-on-year [3][15] Asset Quality Indicators - The non-performing loan (NPL) ratio is projected to remain stable at 0.91% for 2024, reflecting the company's strong asset management [3][17] - The credit cost ratio is expected to decrease to 0.47% by 2024, indicating improved credit quality [3][17] - The company has a robust capital adequacy ratio, with the core tier one capital adequacy ratio at 11.10% as of Q1 2024 [17]