BANK OF SUZHOU(002966) 申万宏源·2025-02-11 07:06Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [2][7]. Core Insights - Suzhou Bank reported a revenue of 12.2 billion yuan for 2024, reflecting a year-on-year growth of 3.0%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.2% year-on-year. The asset quality is better than expected, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio increasing to 483% [5][7][8]. Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 12.2 billion yuan, with a year-on-year growth rate of 3.0%. The net profit for 2024 is expected to be 5.1 billion yuan, with a growth rate of 10.2% [6][10]. - The forecast for net profit growth from 2024 to 2026 is 10.2%, 8.4%, and 9.2% respectively [7][10]. - The bank's total loans are expected to reach approximately 333.4 billion yuan in 2024, with a growth rate of 13.6% [10]. Asset Quality and Capital Position - Suzhou Bank's NPL ratio is at 0.83%, with a provision coverage ratio of 483%, indicating strong asset quality and risk management [7][8]. - The bank's loan-to-deposit ratio (LDR) is projected to be 79.95% in 2025, reflecting a stable capital position [10]. Market Comparison - As of February 10, 2025, Suzhou Bank's closing price is 7.60 yuan, with a market capitalization of approximately 30.2 billion yuan. The price-to-earnings (P/E) ratio for 2024 is 6.02, and the price-to-book (P/B) ratio is 0.69 [2][12].