营收保持双位数增长，利润增速接近20%

Investment Rating - The investment rating for Changshu Bank (601128) is not explicitly stated in the provided content, but the report indicates a positive outlook based on strong financial performance and growth metrics [1]. Core Insights - Changshu Bank reported a year-on-year net profit growth of 19.80% in Q1 2024, slightly up from 19.60% in the same period of 2023, with operating revenue growth at 12.01% [1]. - The bank's annualized weighted ROE reached 14.74%, an increase of 91 basis points year-on-year, while the annualized ROA was 1.17%, up by 4 basis points [1]. - The bank has maintained double-digit growth in revenue for 12 consecutive quarters, indicating strong operational performance [1]. - The net interest margin (NIM) slightly narrowed to 2.83%, down 19 basis points year-on-year, primarily due to a decline in loan rates affecting interest-earning asset yields [1]. - Non-performing loan ratio increased slightly to 0.76%, but remains low compared to peers, with a provision coverage ratio of 539.18% [1]. Financial Performance Summary - For Q1 2024, Changshu Bank's operating revenue was CNY 110 billion, with a growth rate of 12.01% [2]. - The net profit attributable to shareholders was CNY 39 billion, reflecting an 18.40% growth rate [2]. - The bank's earnings per share (EPS) is projected to grow from CNY 1.42 in 2024 to CNY 2.03 by 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 5.61 in 2024 to 3.91 by 2026, indicating potential undervaluation [2]. - The price-to-book (P/B) ratio is projected to decline from 0.79 in 2024 to 0.61 by 2026, suggesting a favorable investment opportunity [2]. Growth Drivers - The bank's growth is attributed to its focus on micro and small enterprises, maintaining a strong asset quality while expanding its scale [1]. - The bank's total assets, liabilities, loans, and deposits showed year-on-year growth rates of 15.05%, 15.24%, 15.01%, and 18.02% respectively [1]. - The bank's capital adequacy remains robust, with a core Tier 1 capital ratio of 10.15% as of Q1 2024, supporting its expansion plans [1].