BANK OF SUZHOU(002966) 东北证券·2025-04-29 11:21Investment Rating - The report assigns a "Buy" rating for Suzhou Bank, indicating a positive outlook for the stock over the next six months [14]. Core Insights - Suzhou Bank's 2024 annual report shows steady performance with total operating income of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.068 billion yuan, up 10.16% year-on-year [1][2]. - The bank's investment business significantly supported its performance, with investment income and fair value changes rising by 50.12% to 3.049 billion yuan, accounting for 24.95% of total income [2]. - The loan portfolio expanded, with total loans reaching 333.36 billion yuan, a 13.62% increase year-on-year, and corporate loans growing by 23.21% to 241.48 billion yuan, representing 72.44% of total loans [3]. Financial Performance Summary - The bank's net interest margin decreased to 1.38%, down 0.30 percentage points year-on-year, while the net interest spread was 1.45%, down 0.28 percentage points [4]. - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points year-on-year, with corporate loans showing a non-performing rate of 0.51% [4][19]. - Total deposits increased by 14.61% year-on-year to 416.97 billion yuan, with corporate deposits growing by 8.57% and personal deposits by 20.41% [3]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 5.355 billion yuan, 5.843 billion yuan, and 6.388 billion yuan, respectively, reflecting year-on-year growth rates of 5.66%, 9.12%, and 9.33% [4][25].