县域金融和零售金融成效明显，业绩保持较好增长

Investment Rating - The report assigns an "Accumulate" rating to Changsha Bank (601577.SH) [2][5][32] Core Views - The bank has shown significant growth in county and retail finance, with total assets reaching 1.06 trillion yuan by the end of March 2024 [2][6] - The bank's net interest margin is well-managed, with a reported net interest margin of 2.31% in 2023, only slightly narrowing by 10 basis points year-on-year [20][21] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.15% as of the end of 2023 [21][22] Summary by Relevant Sections Financial Performance - In 2023, the bank achieved a revenue of 24.8 billion yuan, representing an 8.5% year-on-year increase, and a net profit of 7.5 billion yuan, up 9.6% year-on-year [3][19] - For the first quarter of 2024, revenue was 6.6 billion yuan, reflecting a 7.9% year-on-year growth, with a net profit of 2.1 billion yuan, a 5.8% increase year-on-year [19] Asset Management - As of March 2024, total assets grew by 11.2% year-on-year, with total loans increasing by 14.3% [2][19] - The bank's loan structure shows a strong growth in corporate loans, which increased by 20.5% year-on-year, while personal loans saw a modest growth of 7.4% [2][19] Non-Interest Income - Non-interest income for the first quarter of 2024 grew by 22.9% year-on-year, with other non-interest income surging by 60% [2][19] Investment Valuation - The report estimates the reasonable stock price for 2024 to be between 10.1 and 11.7 yuan, corresponding to a price-to-book ratio of 0.61 to 0.70 [32][27] - The valuation reflects a potential upside of approximately 24% to 43% compared to the current stock price of 8.16 yuan [32]