详解苏州银行2023年报&2024一季报：开门红成色较好，净利润保持稳健增长

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.13 [1]. Core Insights - The company has shown steady growth in net profit, achieving a 12.3% year-on-year increase in Q1 2024, supported by a favorable bond market that boosted non-interest income [2][7]. - The asset quality remains excellent, with a non-performing loan ratio of 0.84% in Q1 2024, indicating stability and low future pressure on asset quality [23]. - The company has increased its focus on corporate loans, particularly in the real estate sector, which has contributed to a significant rise in loan issuance [15][17]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (in million CNY): 2022A: 11,697; 2023A: 11,811; 2024E: 12,045; 2025E: 12,645; 2026E: 13,280 - Year-on-year growth rates: 2022A: 8.7%; 2023A: 1.0%; 2024E: 2.0%; 2025E: 5.0%; 2026E: 5.0% [1]. - Net profit (in million CNY): 2022A: 3,918; 2023A: 4,601; 2024E: 5,153; 2025E: 5,668; 2026E: 6,238 - Year-on-year growth rates: 2022A: 26.1%; 2023A: 17.4%; 2024E: 12.0%; 2025E: 10.0%; 2026E: 10.0% [1]. - Earnings Per Share (EPS): - EPS forecast: 2022A: 1.07; 2023A: 1.25; 2024E: 1.41; 2025E: 1.55; 2026E: 1.70 [1]. - Return on Equity (ROE): - ROE forecast: 2022A: 11.49%; 2023A: 12.27%; 2024E: 12.49%; 2025E: 12.54%; 2026E: 11.65% [1]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio: 2022A: 6.67; 2023A: 5.68; 2024E: 5.07; 2025E: 4.61; 2026E: 4.19 [1]. - Price-to-Book (P/B) ratio: 2022A: 0.74; 2023A: 0.66; 2024E: 0.61; 2025E: 0.55; 2026E: 0.44 [1]. Asset Quality and Loan Performance - The company has maintained a low non-performing loan ratio of 0.84% in Q1 2024, with a stable asset quality outlook [23]. - Loan issuance has significantly increased, with a 58.2% year-on-year growth in Q1 2024, primarily driven by corporate loans [15][17]. - The company has focused on increasing its corporate loan portfolio, particularly in the real estate sector, which has seen a 15.8% increase in loan issuance compared to 2022 [17]. Deposit and Funding Structure - The company has experienced a high growth in deposits, with a total of 472.6 billion CNY added in Q1 2024, representing a 28.7% increase year-on-year [15]. - The trend towards term deposits continues, with a 25.2% year-on-year increase in term deposits, raising their proportion to 70.4% of total deposits [20].