业绩高增长，金市贡献较大

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6] Core Views - Changshu Bank reported strong performance in Q1 2024, with revenue of 2.7 billion yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 0.95 billion yuan, up 19.8% year-on-year [1][2] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18% as of March 2024 [3] - The bank's financial performance is supported by resilient net interest margins, increased investment income, and a declining cost-to-income ratio [2] Financial Performance - Revenue growth for Q1 2024 was driven by a 5.6% increase in net interest income, despite a 6.1 percentage point decline compared to the previous year [2] - Non-interest income surged by 70.9% in Q1 2024, primarily due to rising bond investment returns [2] - The cost-to-income ratio improved, decreasing by 4.9 percentage points year-on-year, reflecting enhanced operational efficiency [2] Asset Quality - As of Q1 2024, the non-performing loan balance increased to 1.79 billion yuan, with a slight rise in the non-performing loan ratio [3] - The provision coverage ratio improved by 1.3 percentage points compared to the end of the previous year, indicating stronger risk management [3] Asset and Liability Management - Total assets grew by 15.1% year-on-year, with loans increasing by 15.0% [4] - Deposits rose by 18.0%, with significant contributions from personal fixed deposits and corporate current deposits [4] Future Outlook - The bank aims for a revenue growth target of around 10% and a profit growth target of approximately 18% for 2024 [4] - Projected net profits for 2024-2026 are estimated at 3.91 billion yuan, 4.68 billion yuan, and 5.62 billion yuan, respectively [4]