Changshu Bank(601128) 新浪财经·2025-04-07 11:04Core Viewpoint - Changshu Bank's 2024 financial performance shows strong growth in revenue and net profit, with a stable asset quality and a favorable net interest margin, leading to a "buy" rating for the company [2][5]. Financial Performance - In 2024, Changshu Bank achieved a revenue of 10.909 billion yuan, representing a year-on-year growth of 10.53%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.20% year-on-year [2]. - The return on equity (ROE) reached 14.15%, and the net interest margin stood at 2.71%, maintaining a good level within the industry [2][5]. - The revenue growth rate in Q4 2024 increased by 0.84 percentage points to 10.75% compared to Q1-Q3, while the net profit growth rate slightly decreased by 0.08 percentage points to 16.18% [2]. Asset Quality and Growth - As of the end of Q4 2024, total assets reached 366.582 billion yuan, a year-on-year increase of 9.61%, although the growth rate decreased by 0.83 percentage points compared to Q3 [3]. - Total deposits grew by 15.57% year-on-year, while total loans increased by 8.28%, with a notable rise in the number of small and micro loans [3]. - The non-performing loan (NPL) ratio was 0.77%, stable compared to Q3, with corporate loans showing an NPL ratio of just 0.65% [4]. Future Outlook - The bank's asset quality remains strong, with a provision coverage ratio of 500.51%, despite a year-on-year decrease of 37.37 percentage points [4]. - The bank's strategy of focusing on small and scattered loans continues to deepen, with a 10.28% year-on-year increase in the number of loans under 10 million yuan [3]. - Future revenue projections for 2025-2027 are 11.578 billion yuan, 13.078 billion yuan, and 14.842 billion yuan, with corresponding growth rates of 6.13%, 12.96%, and 13.49% [5].