Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [5][9]. Core Views - Jiangsu Bank demonstrated strong performance in Q1 2025 with revenue and net profit growth of +6.2% and +8.2% year-on-year, respectively, while the annualized weighted average ROE increased to 16.5% [1][2]. - The bank's net interest income grew significantly by +21.9% year-on-year, supported by a stable net interest margin and a substantial increase in loan issuance [2][3]. - Asset quality remains robust, with a non-performing loan (NPL) ratio of 0.86%, down 3 basis points from the previous quarter, and a provision coverage ratio of 343.5% [4][5]. Summary by Sections Financial Performance - In Q1 2025, Jiangsu Bank's total assets and loans increased by +12.8% and +8% year-on-year, respectively, with new loan issuance reaching 166.8 billion, accounting for over 80% of last year's total increase [2][5]. - The bank's net interest margin for Q1 2025 was estimated at 1.58%, reflecting a 12 basis point increase from Q4 2024, primarily due to a significant reduction in funding costs [3][5]. Asset Quality - The overall asset quality improved, with the NPL ratio at 0.86% and a decrease in overdue loans, indicating a cautious approach to bad debt recognition [4][5]. - The bank increased its provision for credit losses by +28.2% year-on-year, maintaining a high provision coverage ratio [4][5]. Investment Outlook - The report forecasts net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, with corresponding BVPS of 14.68, 16.86, and 19.28 CNY per share [5][10]. - The current share price of 10.13 CNY corresponds to a PB ratio of 0.69 for 2025, indicating a favorable valuation given the bank's strong fundamentals and market position [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.417 billion, up 5.8% year-on-year [4][5]. - The annualized weighted average return on equity (ROE) was 14.18%, a decrease of 1.33 percentage points year-on-year [4]. Financial Performance - Q1 revenue and profit growth rates were both above 5%, indicating strong resilience in the fundamentals. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 5.6%, 10%, and 5.8%, respectively [5]. - The net interest income and non-interest income growth rates were 11.6% and -5.8%, respectively, compared to the previous year [5]. - The loan growth rate was over 20%, with a significant increase in loans to corporate clients, which accounted for nearly 86% of new loans in Q1 [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a coverage ratio of 370.5% [10]. - The company increased its credit impairment losses in Q1 to 4.94 billion, up 10.3% year-on-year [10]. Capital Adequacy - The core Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio were 9.32%, 10.44%, and 14.94%, respectively, all showing a decline compared to the previous year [10]. Earnings Forecast and Valuation - The company aims to maintain stable profitability, with EPS forecasts for 2025, 2026, and 2027 at 4.44, 4.82, and 5.27 yuan, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71, 0.64, and 0.58 for the respective years [11][12].

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - The report highlights steady growth in performance and continued excellent asset quality for Suzhou Bank [1] - The bank's total operating income for 2024 is projected to be 12.224 billion yuan, representing a year-on-year increase of 3.01% [1] - The net profit attributable to shareholders for 2024 is expected to reach 5.068 billion yuan, with a year-on-year growth of 10.16% [1] - The report anticipates a slight adjustment in net profit forecasts for 2025-2027, now projected at 5.444 billion yuan, 5.323 billion yuan, and 5.910 billion yuan respectively [1] Financial Performance Summary - Total operating income (in million yuan): - 2023A: 11,866 - 2024A: 12,224 (3.01% YoY) - 2025E: 12,987 (6.24% YoY) - 2026E: 14,192 (9.28% YoY) - 2027E: 15,832 (11.56% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2023A: 4,600 - 2024A: 5,068 (10.16% YoY) - 2025E: 5,444 (7.41% YoY) - 2026E: 5,323 (-2.22% YoY) - 2027E: 5,910 (11.02% YoY) [1] - Latest diluted EPS (in yuan/share): - 2023A: 1.00 - 2024A: 1.08 - 2025E: 1.15 - 2026E: 1.12 - 2027E: 1.25 [1] - P/B (current price & latest diluted): - 2023A: 0.92 - 2024A: 0.83 - 2025E: 0.70 - 2026E: 0.66 - 2027E: 0.62 [1] Asset Quality and Risk Management - The non-performing loan (NPL) ratio for Q1 2025 remains stable at 0.83% [1] - The provision coverage ratio for Q1 2025 decreased to 447% due to a rapid increase in non-performing loan balances [1] - The report indicates a slight increase in the non-performing loan generation rate to 0.20% in Q1 2025 [1] Market Data - Closing price: 8.11 yuan - Market capitalization: 36.257 billion yuan [5] - Price-to-book ratio: 0.74 [5] Conclusion - The report maintains a positive outlook on Suzhou Bank, emphasizing its robust performance and asset quality, while also noting the potential for further growth in the coming years [1]

Investment Rating - The report maintains a "Recommended" rating for Ruifeng Bank with a target price of 6.86 CNY [2][7]. Core Views - Ruifeng Bank's Q1 2025 results show stable asset quality and a recovery in net interest margin, with a year-on-year revenue growth of 5.12% and a net profit increase of 6.69% [2][7]. - The bank's non-performing loan ratio remains stable at 0.97%, while the provision coverage ratio has increased to 326% [2][7]. - The report highlights the bank's solid growth in retail loans and an improved loan structure, despite a slight slowdown in overall loan growth [7]. Financial Performance Summary - Q1 2025 revenue reached 1.109 billion CNY, with a year-on-year increase of 5.12% [2][7]. - Operating profit for the same period was 396 million CNY, up 4.04% year-on-year [2][7]. - Net profit attributable to shareholders was 424 million CNY, reflecting a 6.69% increase year-on-year [2][7]. - The bank's interest income grew by 2.68% year-on-year, indicating a recovery in net interest income [7]. Asset Quality and Loan Growth - The bank's total interest-earning assets grew by 11.4% year-on-year, with loans increasing by 11.7% [7]. - The report notes a decrease in corporate loan growth, while retail loans continue to show strong performance [7]. - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the net generation rate of non-performing loans [10][12]. Cost and Efficiency Metrics - The cost-to-income ratio improved to 27.27%, down 3.2 percentage points year-on-year [7]. - The bank successfully reduced the cost of liabilities, with the interest-bearing liability cost rate decreasing to 1.97% [7]. Future Outlook - The report projects revenue growth rates of 5.4%, 8.1%, and 11.9% for 2025, 2026, and 2027 respectively [7]. - Net profit growth is expected to be 8.4%, 10.7%, and 11.1% for the same years [7]. - The bank's valuation is currently at 0.51 times the 2025 price-to-book ratio, with a target price set at 0.67 times [7].

Core Viewpoint - Suzhou Bank reported its 2024 annual results and 2025 Q1 results, showing steady growth in revenue and net profit, with improvements in asset quality and a higher dividend payout ratio compared to the previous year [1][6]. Group 1: Performance - In 2024, Suzhou Bank achieved revenue of 12.2 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% [1]. - For Q1 2025, the bank reported revenue of 3.2 billion yuan, a 0.76% increase year-on-year, and a net profit of 1.6 billion yuan, reflecting a 6.80% growth [1]. - The net interest income decreased by 0.57% year-on-year, but the decline was less severe than in 2024, with a net interest margin of 1.34%, down 4 basis points [2]. Group 2: Asset Quality - As of Q1 2025, the non-performing loan (NPL) ratio stood at 0.83%, unchanged from the end of the previous year, while the provision coverage ratio was 447.20%, down 36% [3][4]. - The NPL ratio for corporate loans was 0.51%, a decrease of 13 basis points, primarily due to a significant drop in the real estate sector's NPL ratio to 0.09%, down 1.55 percentage points [3]. - The bank's credit cost for Q1 2025 was 0.32%, a decrease of 5 basis points year-on-year [4]. Group 3: Asset and Liability - As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, representing year-on-year growth of 12.18% and 12.74% [5]. - The bank's total deposits amounted to 463.0 billion yuan, a year-on-year increase of 12.63%, with a net increase of 46.0 billion yuan in Q1 2025 [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has demonstrated robust growth in net interest income, with a year-on-year increase of 6.8% in Q1 2025, despite a slowdown in overall revenue growth due to a decline in other non-interest income [1][2] - The asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530%, indicating a solid risk mitigation capacity [1][3] - The company is expected to maintain high growth in net profit, with projections of 20.3%, 19.6%, and 17.0% for the years 2025, 2026, and 2027 respectively [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 9.978 billion yuan, a year-on-year growth of 2.22%, and a net profit of 6.021 billion yuan, reflecting a 17.3% increase [1] - The total assets at the end of the period reached 2.22 trillion yuan, with total loans of 1 trillion yuan and total deposits of 1.35 trillion yuan, marking growth rates of 5.2%, 6.2%, and 6.0% respectively [2] - The core Tier 1 capital adequacy ratio stood at 9.01%, highlighting the need for attention to future capital replenishment [2] Earnings Forecast and Financial Indicators - The projected earnings for the company are as follows: - Revenue (in million yuan): 41,446 in 2025, 45,559 in 2026, and 51,414 in 2027 [4] - Net profit (in million yuan): 20,425 in 2025, 24,437 in 2026, and 28,595 in 2027 [4] - The price-to-book (PB) ratio is expected to decrease from 0.75x in 2025 to 0.56x in 2027 [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability remains high, with Q1 2025 revenue of 22.3 billion yuan, a year-on-year increase of 6.21%, and net profit attributable to shareholders of 9.78 billion yuan, up 8.16% year-on-year [1][3] - The net interest income saw a significant increase of 21.9% year-on-year, while non-interest income decreased by 22.7%, primarily due to net losses from other fair value changes [1][2] - The company maintains a strong asset quality with a non-performing loan ratio of 0.86%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 344% [2][3] Summary by Sections Financial Performance - Q1 2025 net interest income increased by 21.9%, while non-interest income decreased by 22.7% due to market volatility [1][2] - The total assets reached 4.46 trillion yuan, with loans and deposits growing by 12.8% and 13.8% respectively [2] Profitability Metrics - The annualized weighted average ROE was 16.5%, up 1.12 percentage points year-on-year, indicating strong profitability [1][2] - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.2%, 13.5%, and 13.2% [3][4] Valuation Metrics - The current stock price corresponds to a PB ratio of 0.72x for 2025, with a dividend yield of 5.14% [3][4] - The forecasted PE ratios for 2025, 2026, and 2027 are 5.2, 4.6, and 4.1 respectively, indicating attractive valuation levels [4][9]

Core Viewpoint - The company maintains strong profit growth and stable asset quality, with a recommendation to increase holdings based on positive financial performance and operational efficiency [1][4][5]. Financial Performance - In Q1 2025, the company's net profit attributable to shareholders and operating income increased by 17.3% and 2.2% year-on-year, respectively, consistent with preliminary performance reports [1]. - The annualized ROE and ROA improved by 0.64 percentage points and 0.02 percentage points to 20.60% and 1.11%, indicating robust profitability [1]. Credit and Asset Quality - As of the end of March, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% year-on-year, respectively, showing a strong lending environment [2]. - The non-performing loan ratio and provision coverage ratio remained stable at 0.76% and 530%, respectively, reflecting sound asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, primarily due to a slowdown in other non-interest income, while fee-based income rose by 22.2%, accounting for 14.1% of total revenue [3]. - The cost-to-income ratio improved by 0.4 percentage points to 23.7%, indicating effective cost management [3]. Capital Adequacy and Valuation - As of March, the capital adequacy ratio and core tier 1 capital ratio were 14.05% and 9.01%, respectively, showing a slight increase from the end of 2024 [4]. - The company is projected to achieve net profits of 195 million, 227 million, and 264 million yuan for 2025-2027, with a target price of 17.66 yuan, reflecting a price-to-book ratio of 0.91 for 2025 [5].

Investment Rating - The investment rating for Suzhou Bank is "Buy (Maintain)" [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - **Fee Income**: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - **Non-Interest Income**: Other non-interest income decreased by 7.76% year-on-year, with investment net income rising by 47.11% [2] Asset Quality - **NPL and Coverage Ratios**: The NPL ratio remained stable at 0.83%, while the provision coverage ratio decreased to 447.20%. The corporate loan NPL ratio improved to 0.51%, primarily due to a significant drop in the real estate sector's NPL ratio [3] - **Credit Costs**: The credit cost for Q1 2025 was 0.32%, a decrease of 5 basis points year-on-year [3] Asset and Liability Management - **Asset Growth**: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, reflecting year-on-year growth of 12.18% and 12.74% [4] - **Deposit Growth**: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, a year-on-year increase of 12.63% [9] Investment Recommendation - Suzhou Bank is positioned as a high-quality regional city commercial bank with strong asset quality and growth potential. The bank is expected to continue its rapid and high-quality development in the medium to long term, justifying the "Buy" rating [9]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's Q1 2025 earnings show resilience, with a slight recovery in net interest margin, while other non-interest income has been a drag [1] - Revenue for Q1 2025 increased by 5.1% year-on-year, but the growth rate slowed by 10.2 percentage points compared to 2024 [2][3] - Net profit attributable to shareholders grew by 6.7% year-on-year, with a slowdown of 4.6 percentage points compared to 2024 [2][3] - The non-performing loan ratio remained stable at 0.97% at the end of Q1 2025, while the provision coverage ratio increased to 326%, up by 5.2 percentage points from the end of 2024 [2][5] Revenue Overview - Revenue growth has slowed due to a deceleration in asset expansion and fluctuations in other non-interest income [3] - Total assets grew by 11.1% year-on-year, with loans increasing by 11.7%, although the growth rates have decreased compared to the end of 2024 [3] - The net interest margin for Q1 2025 was 1.45%, up by 5 basis points from the previous quarter, supported by improved funding costs [4] Asset Quality - The non-performing loan ratio remained unchanged at 0.97%, while the attention loan ratio increased slightly to 1.54% [5] - The true non-performing loan generation rate for Q1 2025 was 0.98%, showing a slight increase [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is expected to grow by 6.2% in 2025, 7.1% in 2026, and 8.2% in 2027, with corresponding book values per share of 10.24, 11.14, and 12.11 yuan [6] - The target price is set at 6.48 yuan per share, indicating a potential upside of 23% based on a price-to-book ratio of 0.63 for 2025 [6]