Changshu Bank(601128) 国盛证券·2025-04-26 10:23Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6]. Core Views - Changshu Bank reported a revenue of 3 billion yuan in Q1 2025, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 1.1 billion yuan, up 13.81% year-on-year. The non-performing loan ratio and provision coverage ratio were 0.76% and 489.56%, respectively, showing slight improvements from the previous quarter [1][2][3]. Performance Summary - Revenue and Profit Growth: In Q1 2025, the growth rates for operating revenue and net profit attributable to shareholders were 10.04% and 13.81%, respectively, with non-interest income contributing positively to performance. Net interest income grew by 0.91% year-on-year, while fee and commission income surged by 495.23% due to a low comparative base from the previous year [2]. - Asset Quality: The non-performing loan ratio decreased by 1 basis point to 0.76%, with a provision coverage ratio of 489.56%, indicating a stable asset quality. The credit cost was 0.96%, reflecting a year-on-year increase of 5 basis points [3]. - Balance Sheet Strength: As of Q1 2025, total assets and loans reached 389 billion yuan and 249.6 billion yuan, respectively, with year-on-year growth of 6.67% and 6.12%. The bank's deposit total was 309 billion yuan, up 9.00% year-on-year, with a notable increase in the proportion of demand deposits [4]. Financial Projections - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.3 billion yuan, 4.78 billion yuan, and 5.27 billion yuan, respectively, with year-on-year growth rates of 12.22%, 11.70%, and 10.17% [4].