Changshu Bank(601128) 国泰君安·2024-08-21 13:13Investment Rating - The report maintains a "Buy" rating for Changshu Bank with a target price of 8.09 CNY, unchanged from the previous rating [4][2]. Core Insights - Changshu Bank's revenue and profit growth lead the sector, with a robust asset quality indicator. The bank's strategy focuses on expanding its customer base and promoting its micro-loan model, which is now mature and replicable [2][5]. - The bank's net profit growth forecasts for 2024-2026 have been adjusted to 19.6%, 17.0%, and 17.2%, respectively, with corresponding BVPS of 9.49, 10.71, and 12.19 CNY per share [5][6]. - The bank's revenue for Q2 2024 increased by 12.1% year-on-year, with net interest income rising by 6.6%, indicating strong performance [5][6]. - The bank's asset quality remains stable despite a slight increase in non-performing loan generation, with a non-performing loan ratio of 1.22% for H1 2024 [5][7]. Financial Summary - For 2024, the bank's projected operating income is 11,068 million CNY, reflecting a growth rate of 12.1% [6]. - The net profit attributable to the parent company is expected to reach 3,924 million CNY in 2024, with a growth rate of 19.6% [6]. - The total assets of the bank are projected to be 374,646 million CNY by the end of 2024, with a core Tier 1 capital adequacy ratio of 10.48% [7][6].