Changshu Bank(601128) 平安证券·2024-10-25 02:09Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][12] Core Views - The company's revenue resilience is highlighted, with a year-on-year revenue growth of 11.3% in the first three quarters of 2024, reaching 8.37 billion yuan [4][7] - The net profit attributable to shareholders increased by 18.2% year-on-year, amounting to 2.98 billion yuan, supported by stable net interest income growth of 6.2% [4][5] - The bank's asset quality remains overall stable, with a slight increase in the non-performing loan (NPL) ratio to 0.77% [7][10] Financial Performance Summary - For the first three quarters of 2024, total assets reached 362.7 billion yuan, with total loans at 239.7 billion yuan and total deposits at 284.6 billion yuan [4][5] - The weighted average return on equity (ROE) for the first three quarters was 14.96% [4] - The net interest margin (NIM) for the third quarter was 2.75%, slightly down from 2.79% in the first half of 2024 [5][10] Revenue and Profitability - The company's non-interest income grew significantly by 44.2% year-on-year, although bond investment-related income saw a decline [4][5] - The forecast for net profit attributable to shareholders for 2024 is 3.28 billion yuan, with an expected growth rate of 19.6% [6][10] Asset Quality and Risk Management - The NPL ratio increased slightly by 1 basis point to 0.77%, while the coverage ratio remains robust at 528% [7][10] - The bank's proactive approach in retail and small micro-business sectors is expected to benefit from a recovery in demand [7][10]