Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Views - The company has demonstrated stable high growth in its performance, with a year-on-year revenue increase of 11.3% and a net profit growth of 18.2% for the first three quarters of 2024 [2][3]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% as of September, showing a slight increase [2]. - The bank's management has successfully reduced the cost-to-income ratio, which improved by 4.1 percentage points to 35.2% compared to the previous year [2]. Financial Performance - Revenue and profit growth rates for the first three quarters of 2024 are 11.3% and 18.2%, respectively, indicating stability compared to the half-year report [2]. - Net interest income increased by 6.2% year-on-year, while non-interest income surged by 44.2%, driven by investment income and fair value changes [2]. - The bank's total assets reached 362.7 billion, with a year-on-year growth of 10.4%, and loans amounted to 239.7 billion, reflecting a growth rate of 9.7% [3]. Asset Quality - The non-performing loan ratio stood at 0.77% as of September, with a slight increase of 1 basis point from the previous quarter [2]. - The bank's provision coverage ratio was 528%, indicating a strong buffer against potential loan losses [2]. Deposit and Loan Trends - As of September, total deposits reached 284.6 billion, with a year-on-year growth rate of 17.0% [3]. - The proportion of time deposits was 71.7%, showing a slight decrease of 0.2 percentage points from the previous quarter [3]. Future Outlook - The company is expected to continue achieving steady growth in scale, with a projected annual revenue growth of 10% and net profit growth of 18% as per management's guidance [3]. - The bank's performance is anticipated to remain stable throughout the year, with expectations of maintaining a favorable net interest margin compared to peers [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6] Core Views - The company has maintained good growth in performance, with revenue of 8.37 billion and net profit of 2.98 billion for the first three quarters of 2024, representing year-on-year growth of 11.3% and 18.2% respectively [1] - Microloan demand is currently weak, but the company is expected to benefit from the recovery in microloans as steady growth policies are implemented and the economy improves [1] - The net interest margin has slightly narrowed to 2.75%, down 21 basis points year-on-year, primarily due to a decline in loan yields [1] - The non-performing loan ratio remains low at 0.77%, with a slight increase from the previous quarter, while the proportion of special mention loans has risen [1] - The company is expected to see a turning point in its microloan business as steady growth policies continue to take effect, with projected net profits of 3.9 billion, 4.6 billion, and 5.6 billion for 2024-2026, corresponding to year-on-year growth rates of 19.0%, 17.5%, and 22.1% [1][4] Financial Forecasts and Valuation - Revenue is projected to reach 10.95 billion in 2024, with a year-on-year growth of 10.9% [2][4] - Net profit is expected to be 3.9 billion in 2024, with a year-on-year growth of 19.0% [2][4] - The price-to-earnings (PE) ratio is projected to be 5.5x for 2024, 4.7x for 2025, and 3.9x for 2026, while the price-to-book (PB) ratio is expected to be 0.75x, 0.66x, and 0.58x respectively [1][4]

Investment 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]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank with a current price of 7.17 CNY [1]. Core Insights - Changshu Bank reported a revenue of 8.37 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 11.3%, while the net profit attributable to shareholders reached 2.98 billion CNY, up 18.2% year-on-year [1]. - The bank's net interest income and non-interest income grew by 44.2%, indicating strong resilience in revenue generation despite a slight decline in growth rates compared to the first half of 2024 [1][3]. - The bank's asset structure continues to optimize, with total assets, interest-earning assets, and loans growing by 10.4%, 11.6%, and 9.7% year-on-year, respectively [1][3]. Revenue Performance - For the first three quarters of 2024, Changshu Bank's revenue, pre-provision profit, and net profit grew by 11.3%, 18.5%, and 18.2% year-on-year, respectively, showing a decline in growth rates compared to the first half of 2024 [1]. - The bank's non-interest income for the first three quarters was 1.47 billion CNY, up 44% year-on-year, contributing to 17.5% of total revenue [3]. Asset Quality and Capital Adequacy - As of the end of the third quarter, the non-performing loan ratio and attention ratio were 0.77% and 1.52%, respectively, indicating a slight increase from the previous quarter [3]. - The bank's capital adequacy ratios improved, with the core Tier 1 capital ratio at 10.6%, and the total capital adequacy ratio at 14% [3]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.29 CNY, 1.49 CNY, and 1.68 CNY, respectively, with corresponding price-to-book (PB) ratios of 0.74, 0.66, and 0.58 [4][5]. - The bank's net interest margin (NIM) is projected to be 2.75% for the first three quarters of 2024, reflecting a slight contraction due to market conditions [1][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 7.17 yuan on October 24, 2024, corresponding to 0.7 times the 2024 PB [3][4]. Core Views - The company continues to achieve high growth in performance, with a robust provision level that supports a low non-performing loan ratio. The expected EPS for 2024-2026 is projected to be 1.41, 1.65, and 1.91 yuan respectively [3][4]. - The company has a strong risk compensation ability, which is crucial for maintaining low asset quality indicators despite some fluctuations in forward-looking metrics [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 8.4 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 3 billion yuan, up 18.2% year-on-year. The non-performing loan ratio stands at 0.77%, with a provision coverage ratio of 528% [2][3]. - The net interest income growth rate has rebounded, with a year-on-year increase of 6.2% and non-interest income rising by 44.2%. However, the growth rate of non-interest income has slowed due to market volatility affecting the valuation of financial assets [2][3]. Asset Quality and Loan Growth - Total assets and total loans increased by 10.4% and 9.7% year-on-year respectively, although the growth rates have decreased compared to the end of the first half of 2024. Corporate loans grew by 19.3%, while personal loans increased by 3.2% [2][3]. - The company has adjusted its credit issuance strategy, focusing on risk control, which has led to a decrease in the proportion of loans under 10 million yuan [2][3]. Interest Margin and Deposit Growth - The net interest margin for the first three quarters of 2024 is 2.75%, down 4 basis points from the end of the first half of 2024. The decline in the proportion of time deposits may have contributed to this trend [2][3]. - Deposit growth has slightly improved compared to the first half of 2024, likely due to adjustments in deposit rates attracting interest-sensitive customers [2][3]. Future Outlook - The company is expected to maintain a strong performance trajectory, with projected revenue growth rates of 12.1%, 11.9%, and 11.8% for the years 2024-2026. The net profit growth rates are forecasted at 19.6%, 18.0%, and 16.8% respectively [3][4].

Financial Performance - Operating income for Q3 2024 reached CNY 2,864,257 thousand, an increase of 9.91% year-on-year[3] - Net profit attributable to shareholders was CNY 1,241,377 thousand, reflecting a growth of 16.26% compared to the same period last year[3] - Total operating income for the first nine months of 2024 reached CNY 8,369,945 thousand, an increase from CNY 7,520,406 thousand in the same period of 2023, representing a growth of approximately 11.3%[17] - Net profit for the first nine months of 2024 was CNY 3,729,669 thousand, compared to CNY 3,172,942 thousand in the same period of 2023, reflecting a growth of about 17.6%[17] - The net profit for Q3 2024 was CNY 3,209,651, an increase from CNY 2,714,766 in Q3 2023, representing a growth of approximately 18.2%[18] - The total comprehensive income attributable to shareholders of the parent company for Q3 2024 was CNY 2,958,903, up from CNY 2,627,155 in Q3 2023, marking an increase of around 12.6%[18] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 362,742,642 thousand, representing an 8.46% increase from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 362,742,642 thousand, compared to CNY 334,456,430 thousand at the end of 2023, indicating a growth of approximately 8.4%[16] - The company's total liabilities increased to CNY 333,102,551 thousand as of September 30, 2024, from CNY 307,325,494 thousand at the end of 2023, marking an increase of about 8.4%[15] - The total equity attributable to shareholders reached CNY 27,633,618 thousand, up from CNY 25,356,407 thousand in 2023, representing an increase of approximately 9.0%[16] Capital and Ratios - The weighted average return on equity (ROE) was 18.38%, up by 0.60 percentage points year-on-year[3] - As of September 30, 2024, the core tier 1 capital net amount reached CNY 28,567,653, an increase from CNY 26,392,626 as of December 31, 2023, representing a growth of 8.26%[10] - The tier 1 capital adequacy ratio improved to 10.63% as of September 30, 2024, compared to 10.48% at the end of 2023, indicating a positive trend in capital strength[10] - The liquidity coverage ratio stood at 279.76% as of September 30, 2024, significantly above the regulatory requirement, showcasing strong liquidity management[11] - The bank's core tier 1 capital adequacy ratio was 10.58% as of September 30, 2024, compared to 10.42% at the end of 2023, reflecting a solid capital position[10] - The total capital net amount reached CNY 37,668,996 as of September 30, 2024, an increase from CNY 35,107,322 at the end of 2023, indicating robust capital growth[10] Loans and Deposits - Total deposits reached CNY 284,608,574 thousand, an increase from CNY 247,938,809 thousand at the end of 2023[6] - Total loans amounted to CNY 239,685,817 thousand, up from CNY 222,439,155 thousand at the end of 2023[6] - The total amount of loans and advances issued by the company reached CNY 230,738,266 thousand as of September 30, 2024, an increase from CNY 214,226,530 thousand at the end of 2023, indicating a growth of approximately 7.7%[15] - The net increase in customer deposits and interbank placements for the first nine months of 2024 was CNY 35,176,598, compared to CNY 29,417,070 in the same period of 2023, reflecting a growth of about 19.1%[19] Cash Flow - The company recorded a net cash flow from operating activities of CNY 15,398,738 thousand, a significant increase of 128.74% year-on-year[3] - The net cash flow from operating activities for Q3 2024 was CNY 15,398,738, significantly higher than CNY 6,731,888 in Q3 2023, indicating a year-over-year increase of approximately 128.5%[19] - The cash inflow from operating activities totaled CNY 50,090,971 in Q3 2024, compared to CNY 48,913,087 in Q3 2023, showing a growth of about 2.4%[19] - The net cash flow from investing activities for Q3 2024 was negative CNY 8,845,368, compared to negative CNY 4,390,820 in Q3 2023, indicating a decline in investment cash flow[19] Shareholder Information - The total number of common shareholders reached 39,958 by the end of the reporting period, indicating a stable shareholder base[12] - The top ten shareholders collectively hold 39.99% of the total shares, with the largest shareholder, Bank of Communications, owning 9.01%[12] Operational Efficiency - The cost-to-income ratio improved to 35.17%, down from 36.87% at the end of 2023[8] - The net interest margin was reported at 2.70%[8] - Net interest income for the first nine months of 2024 was CNY 6,903,070 thousand, up from CNY 6,502,912 thousand in 2023, reflecting a year-over-year increase of about 6.2%[17] Risk Management - The non-performing loan (NPL) ratio stood at 0.77%, slightly up from 0.75% at the end of the previous year[8] - The leverage ratio increased to 6.58% as of September 30, 2024, up from 6.51% at the end of 2023, reflecting enhanced capital management[11] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge in the financial sector[15] - The bank conducted multiple investor communication sessions, including a significant call with 45 institutions on August 21, 2024, enhancing transparency and engagement with stakeholders[13] Asset Management - The adjusted on-balance and off-balance sheet asset balance was CNY 436,253,675 as of September 30, 2024, compared to CNY 408,141,175 at the end of 2023, indicating growth in asset management[11] - The company has maintained a strong liquidity position with cash and deposits at central banks totaling CNY 21,114,605 thousand as of September 30, 2024, compared to CNY 19,345,642 thousand at the end of 2023, reflecting an increase of about 9.1%[15] - The total cash and cash equivalents at the end of Q3 2024 were CNY 14,703,637, an increase from CNY 12,489,336 at the end of Q3 2023, representing a growth of about 17.8%[20]

一、2024 年第三季度报告 同意 13 票，反对 0 票，弃权 0 票。 具体内容详见本行同日披露在上海证券交易所网站的《常熟银行 2024 年第 三季度报告》 证券代码：601128 证券简称：常熟银行 公告编号：2024-039 江苏常熟农村商业银行股份有限公司 第八届董事会第八次会议决议公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）董事会及全体董 事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 本行第八届董事会第八次会议于 2024 年 10 月 24 日以现场会议方式召开， 会议通知及会议文件已于 2024 年 10 月 14 日发出。会议由薛文董事长主持，会 议应到董事 13 人，实到董事 13 人，全体监事列席了会议。会议符合《公司法》 等法律法规及本行《章程》的有关规定。 会议审议并通过了如下议案： 本议案已经本行第八届董事会审计与消费者权益保护委员会第四次会议审 议通过。 二、2024 年第三季度第三支柱信息披露报告 同意 13 票，反对 0 票，弃权 0 票。 具体内容详见在本行官网投资者关系栏目中披露的《常 ...

江苏常熟农村商业银行股份有限公司 第八届监事会第六次会议决议公告 证券代码：601128 证券简称：常熟银行 公告编号：2024-040 二、2024 年反洗钱工作专项检查风险意见 江苏常熟农村商业银行股份有限公司（以下简称"本行"）监事会及全体监 事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 本行第八届监事会第六次会议于 2024 年 10 月 24 日以现场会议方式召开， 会议通知及会议文件已于 2024 年 10 月 14 日以电子邮件方式发出。会议由宋毅 监事长主持，会议应到监事 6 人，实到监事 6 人。会议符合《公司法》等法律法 规及本行《章程》的有关规定。 会议审议并通过了如下议案： 一、2024 年第三季度报告审核意见 同意 6 票，反对 0 票，弃权 0 票。 监事会出具如下审核意见： （1）本行《2024 年第三季度报告》的编制和审议程序符合《公司法》等法 律、法规以及本行《章程》和相关内部管理制度的规定； （2）本行《2024 年第三季度报告》的内容与格式符合中国证监会和上海证 券交易所的各项规定，所包含的信息真实、 ...

近日，本行董事会收到孙明先生的书面辞职报告。因工作调整，孙明先生向 本行董事会提出辞去本行董事会秘书的职务，辞任后孙明先生调本行控股子公司 兴福村镇银行股份有限公司任职。根据有关规定，辞职报告自送达本行董事会时 即生效。 证券代码：601128 证券简称：常熟银行 公告编号：2024-038 江苏常熟农村商业银行股份有限公司 关于董事会秘书孙明先生辞任的公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）董事会及全体董 事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 孙明先生在担任本行董事会秘书期间，恪尽职守、勤勉尽责，在完善公司治 理体系、服务董事会高效运作、提升信息披露质效、强化公司价值管理和投资者 关系维护等方面发挥了积极作用。本行董事会对孙明先生任职期间为本行持续稳 健发展做出的贡献表示衷心感谢，并祝愿其在村镇银行改革发展中展现更大作为。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2024年10月24日 孙明先生已确认其与本行董事会无不同意见，亦无任何其他事项需要通知本 行股东及债权人。 ...

2024 年第一次临时股东大会会议资料 江苏常熟农村商业银行股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 11 月 6 日 2024 年第一次临时股东大会会议资料 目 录 | 股东大会议程 2 | | --- | | 股东大会会议须知 3 | | 吸收合并江苏丹徒蒙银村镇银行股份有限公司并设立分支机构 4 | 1 2024 年第一次临时股东大会会议资料 股东大会议程 二、审议各项议案 1、吸收合并江苏丹徒蒙银村镇银行股份有限公司并设立分支机构 2 三、股东质询 四、投票表决、计票 五、宣布表决结果 六、律师宣读法律意见书 七、大会结束 2024 年第一次临时股东大会会议资料 江苏常熟农村商业银行股份有限公司 股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股 东大会的顺利召开，根据中国证监会《上市公司股东大会规则》、本行《章程》 和《股东大会议事规则》等规定，特制定本须知。 一、本行根据《公司法》、《证券法》、《上市公司股东大会规则》和本行 《章程》的规定，认真做好召开股东大会的各项工作。 会议时间：2024 年 11 月 6 日（星期三）上午 10: ...