Investment Rating - The investment rating for the company is "Add" [4][9]. Core Insights - The company reported a robust revenue growth of 12% year-on-year for the first half of 2024, with net profit increasing by 19.6% [2]. - Total assets grew by 15.6% year-on-year, with loans increasing by 11.3% and financial investments rising by 25.8% [2]. - The net interest margin decreased by 7 basis points to 2.79% compared to the beginning of the year [2]. - The asset quality remains stable, with a non-performing loan ratio of 0.76%, slightly up by 1 basis point [2]. - The forecast for net profit from 2024 to 2026 is set at 3.773 billion, 4.294 billion, and 4.748 billion respectively, maintaining the profit predictions unchanged [2]. Summary by Sections Revenue and Profit Growth - Revenue for the first half of 2024 reached 9.87 billion, with a growth rate of 12.05% projected for the following years [3]. - Net profit for the same period was 3.282 billion, with a forecasted growth rate of 19.60% for 2024 [3]. Asset and Loan Growth - Total assets are projected to reach 334.456 billion in 2024, with a growth rate of 15.6% [8]. - The total loan amount is expected to grow to 222.439 billion by 2024 [8]. Profitability Metrics - The earnings per share (EPS) is projected to be 1.20 in 2024, with a price-to-earnings (P/E) ratio of 5.76 [3]. - The price-to-book (P/B) ratio is expected to be 0.75 in 2024 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to 0.7 times the 2024 PB based on the closing price on August 20, 2024 [1]. Core Views - The company has demonstrated stable revenue growth with a 12% year-over-year increase in revenue for the first half of 2024, and a 19.6% increase in net profit attributable to shareholders [1]. - The bank's non-performing loan ratio remains stable at 0.76%, with a provision coverage ratio of 539%, indicating strong risk management capabilities [1]. - The bank's net interest margin is resilient at 2.79%, with a slight decrease of 4 basis points from the previous quarter, reflecting effective cost management and competitive loan pricing [1]. Summary by Relevant Sections Revenue and Profitability - In H1 2024, the bank's revenue reached 5.5 billion, with a year-over-year growth of 12% [1]. - Net interest income grew by 6.1%, while non-interest income surged by 56.6%, primarily driven by investment income from trading financial assets [1]. - The bank's net profit attributable to shareholders was 1.7 billion, reflecting a 19.6% year-over-year increase [1]. Asset Quality - The non-performing loan ratio stood at 0.76%, unchanged from the previous quarter, with a provision coverage ratio of 539% [1]. - Forward-looking indicators such as the attention rate and overdue rate have shown slight increases compared to the end of 2023 [1]. Loan and Deposit Trends - Total assets, total loans, and total deposits increased by 15.6%, 11.3%, and 16.7% year-over-year, respectively [1]. - The bank's loan growth was driven by corporate loans, which increased by 14%, while personal loans grew by 6.9% [1]. - The proportion of time deposits rose to 72%, indicating a trend towards more stable funding sources [1]. Financial Projections - The bank's earnings per share (EPS) are projected to be 1.41, 1.65, and 1.91 yuan for 2024, 2025, and 2026, respectively [2]. - The price-to-earnings (PE) ratio is expected to decrease from 6 in 2024 to 4 by 2026, indicating potential undervaluation [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][7] Core Views - The company has shown continuous high growth, with revenue of 5.505 billion yuan in the first half of 2024, representing a year-on-year increase of 12.0%, and a net profit of 1.734 billion yuan, up 19.6% year-on-year [1] - The company is deepening its strategy of focusing on small and scattered loans, which has led to a slight narrowing of the net interest margin [1] - Retail loan growth has slowed, prompting the company to increase its allocation to corporate loans and non-credit assets [1] - The asset quality remains strong, with a non-performing loan ratio of 0.76% as of June, unchanged from March [1] Financial Performance Summary - Revenue and net profit forecasts for 2024-2026 are 10.949 billion yuan, 3.904 billion yuan, 12.389 billion yuan, 4.589 billion yuan, and 14.296 billion yuan, 5.602 billion yuan respectively, with corresponding year-on-year growth rates of 10.9%, 19.0%, 13.2%, 17.5%, and 15.4% [2][5] - The annualized weighted average ROE for the first half of 2024 is 13.28% [1] - The total assets as of June 2024 are 367.3 billion yuan, an increase of 9.8% from the beginning of the year [1] Loan and Asset Quality - The total loan amount reached 238.9 billion yuan, growing 7.4% year-to-date, with corporate loans increasing by 14.6% and retail loans by 3.1% [1] - The company has a strict non-performing loan recognition policy, with a coverage ratio of 539% as of June [1][5]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (601128.SH) [1] Core Views - Changshu Bank demonstrates strong resilience in revenue growth, with a 12% year-on-year increase in revenue and a 19.6% increase in net profit attributable to shareholders in the first half of 2024 [1][2] - The bank's net interest margin (NIM) is under pressure, narrowing to 2.79%, but effective cost control on deposits is being implemented [2] - Non-interest income has surged by 57%, contributing significantly to overall revenue [2] - The bank maintains a low non-performing loan (NPL) ratio of 0.76% and a strong risk coverage capability [3] - Capital adequacy ratios remain robust, with a core Tier 1 capital ratio of 9.92% [3] Summary by Sections Financial Performance - In H1 2024, Changshu Bank achieved revenue of 55 billion, a 12% increase year-on-year, and a net profit of 17.3 billion, up 19.6% [1] - The bank's return on average equity (ROAE) improved to 13.3%, an increase of 0.9 percentage points year-on-year [1] Revenue Composition - The growth in revenue is driven by net interest income and non-interest income, which increased by 6.1% and 56.6% respectively [1] - Non-interest income accounted for 16.4% of total revenue, with significant contributions from investment income [2] Asset Quality - As of Q2 2024, the NPL ratio stood at 0.76%, with a slight increase in overdue loans [3] - The bank's credit impairment losses for Q2 were 8.4 billion, reflecting a year-on-year decrease [3] Capital Adequacy - The capital adequacy ratios as of Q2 2024 are as follows: core Tier 1 capital ratio at 9.92%, Tier 1 capital ratio at 9.97%, and total capital ratio at 13.22% [3][9] - The bank has a strong internal capital generation capacity, supported by a projected increase in net profit for 2024-2026 [4] Earnings Forecast - The report revises the net profit forecast for 2024-2026 to 38.9 billion, 45 billion, and 50.8 billion respectively, with corresponding EPS estimates of 1.29, 1.49, and 1.68 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue growth of 12.0%, PPOP growth of 22.8%, and net profit growth of 19.6% for the first half of 2024, with performance driven by scale growth, non-interest income, and a decrease in the cost-to-income ratio [2]. - The net interest margin for the first half of 2024 was 2.79%, a decrease of 4 basis points from the previous quarter, primarily due to a decline in the yield on interest-earning assets [2]. - Non-interest income saw a significant increase of 52.9%, largely driven by investment gains from trading clients, which rose by 95.96% year-on-year [2]. - The cost-to-income ratio improved to 35.18%, down 5.85 percentage points year-on-year, mainly due to a reduction in employee expenses [2]. Performance Metrics - The company’s loan growth rate was 11.3% year-on-year, showing a decline compared to previous periods, with retail loan growth being particularly weak [2]. - The non-performing loan (NPL) ratio remained stable at 0.76% as of the end of Q2 2024, while the overdue loan ratio increased to 1.54%, up 32 basis points from the previous year [2]. - The provision coverage ratio was 538.81%, slightly down from the previous quarter, indicating a solid overall asset quality and risk absorption capacity [2]. Earnings Forecast and Valuation - The company is expected to achieve net profit growth rates of 17.36% and 13.36% for 2024 and 2025, respectively, with EPS projected at 1.41 and 1.59 CNY per share [2]. - The current stock price corresponds to a PE ratio of 4.91X for 2024 and 4.33X for 2025, with a PB ratio of 0.68X for 2024 and 0.59X for 2025 [2]. - The report sets a reasonable value of 10.91 CNY per share for the company, suggesting a PB valuation of approximately 1.1X for 2024 [2].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [2][8][12] Core Views - Changshu Bank's performance in the first half of 2024 exceeded expectations, with a revenue growth of 12% year-on-year and a net profit growth of 19.6% [2][3][8] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.76% in Q2 2024, and a provision coverage ratio of approximately 539% [2][3][8] Summary by Sections Market Data - As of August 20, 2024, the closing price is CNY 6.90, with a one-year high/low of CNY 9.05/CNY 6.24 [1] - The bank's market capitalization is CNY 20,063 million, with a price-to-book (PB) ratio of 0.73 [1][8] Financial Performance - Total revenue for 2024E is projected at CNY 10,776.46 million, with a year-on-year growth rate of 9.18% [2] - Net profit attributable to shareholders is expected to reach CNY 3,849.39 million in 2024E, reflecting a growth rate of 17.31% [2] - The bank's return on equity (ROE) is forecasted to be 14.29% in 2024E [2] Revenue Drivers - Interest income increased by 6% in 1H24, contributing 5.4 percentage points to revenue growth, despite a narrowing interest margin [3][9] - Non-interest income surged by 57%, driven by nearly doubling investment income, contributing 6.6 percentage points to revenue growth [3][9] Loan and Deposit Trends - Loan growth slowed to 11.3% in Q2 2024, with corporate loans accounting for nearly 70% of new loans [4][7] - Deposit growth was robust at 16.7% in Q2 2024, with a focus on optimizing deposit structure to reduce funding costs [4][7] Asset Quality - The bank's NPL generation rate is estimated at 0.9% for 1H24, reflecting a slight increase from 0.6% in 2023, but remains manageable [8][12] - The bank has effectively managed asset quality without utilizing existing provisions, relying on incremental provisions for risk mitigation [8][12] Investment Outlook - The report expresses confidence in Changshu Bank's ability to maintain strong revenue and profit growth, supporting a valuation premium recovery [8][12] - The forecast for net profit growth is maintained at 17.3% for 2024, with slight adjustments for 2025-2026 due to revised margin and credit cost assumptions [8][12]

Investment Rating - The investment rating for Changshu Bank is "Buy - A" with a target price of 9.32 CNY, which corresponds to a 0.90X price-to-book ratio for 2024 [3][8]. Core Views - Changshu Bank's performance in the first half of 2024 showed a revenue growth rate of 12.03%, with a pre-provision profit growth rate of 22.76% and a net profit growth rate of 19.58%, indicating strong growth that aligns with expectations [1][8]. - The growth in net profit for the second quarter of 2024 was primarily supported by scale expansion and cost reduction, while narrowing net interest margins and increased provisioning pressures negatively impacted performance [1][6]. Financial Performance Summary - **Revenue and Profitability**: - Revenue for the first half of 2024 increased by 12.03% year-on-year, with a net profit growth of 19.58% [1][9]. - The second quarter saw a net profit growth of 19.31%, driven by asset growth and cost management [1]. - **Asset and Loan Growth**: - Total assets grew by 15.57% year-on-year by the end of the second quarter of 2024, with a notable increase in interest-earning assets [2]. - Corporate loans (excluding discounts) increased by 14.01% year-on-year, while retail loan growth was below expectations [2][9]. - **Interest Margin and Non-Interest Income**: - The net interest margin for the second quarter of 2024 was 2.75%, reflecting a year-on-year decline of 23 basis points [6]. - Non-interest income grew by 46.70% year-on-year in the second quarter, significantly contributing to revenue growth [6][9]. - **Cost Management**: - The cost-to-income ratio decreased to 35.10%, down 6.77 percentage points year-on-year, positively impacting net profit growth [6][9]. - **Asset Quality**: - The non-performing loan ratio stood at 0.76% at the end of the first half of 2024, remaining stable compared to the previous quarter [7]. - The provision coverage ratio was 538.81%, indicating strong risk resistance capabilities [7][9]. Future Outlook - The bank is expected to maintain robust growth in the second half of 2024, supported by the gradual easing of interest income pressures and strong asset quality [7][8].

Financial Performance - Total operating income for the first half of 2024 reached RMB 5,505,688 thousand, an increase of 12.03% compared to RMB 4,914,337 thousand in the same period of 2023[16]. - Net profit attributable to shareholders of the listed company was RMB 1,734,471 thousand, reflecting a growth of 19.58% from RMB 1,450,469 thousand in the first half of 2023[16]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,738,217 thousand, up 20.22% from RMB 1,445,837 thousand in the same period last year[16]. - Net cash flow from operating activities surged to RMB 16,745,436 thousand, a significant increase of 1,417.65% compared to RMB 1,103,378 thousand in the first half of 2023[16]. - Non-interest income surged to 904.149 million yuan, marking a significant increase of 56.59% compared to the previous year[35]. - Interest income for the first half of 2024 was 8.212 billion yuan, an increase of 8.60% from 7.562 billion yuan in the same period of 2023[37]. - The total comprehensive income for the first half of 2024 was RMB 1,559,263 thousand, slightly up from RMB 1,513,870 thousand in the same period of 2023[139]. Asset and Liability Management - Total assets increased to CNY 367.30 billion, up from CNY 334.46 billion, representing a growth of 9.25% year-over-year[17]. - Total liabilities rose to CNY 338.91 billion, compared to CNY 307.33 billion, marking an increase of 10.33% year-over-year[17]. - The bank's total assets amounted to CNY 2,959,003 thousand as of the reporting date[81]. - The bank's total liabilities amounted to RMB 338,911,527 thousand, up from RMB 307,325,494 thousand, indicating a growth of about 10.3%[133]. - Customer deposits increased to RMB 289,467,349 thousand, compared to RMB 254,452,879 thousand at the end of 2023, reflecting a rise of approximately 13.7%[133]. Loan and Credit Quality - Total loans increased to CNY 238.93 billion, up from CNY 222.44 billion, indicating a growth of 7.67% year-over-year[17]. - The non-performing loan ratio stood at 0.76%, slightly up from 0.75%[18]. - The loan non-performing ratio stood at 0.76%, an increase of 0.01 percentage points from the beginning of the year[33]. - The credit card segment saw a significant increase in NPL ratio to 2.74% from 1.40%, with total credit card loans at CNY 3,604,894 thousand[64]. - The total amount of loans classified as normal loans was 233.86 billion RMB, accounting for 97.88% of total loans[63]. Capital and Equity - The total equity attributable to shareholders of the parent company was 26.41 billion RMB, reflecting a growth of 4.16%[60]. - The bank's equity attributable to shareholders reached RMB 26,410,698 thousand, up from RMB 25,356,407 thousand, marking an increase of approximately 4.2%[133]. - The total number of ordinary shares increased to 3,014,980,074, with a capital reserve increase of 274,088,992 shares, representing a 10% increase in total shares[115]. - The diluted earnings per share remained at CNY 0.47, indicating stable performance despite share increases[116]. Risk Management - Non-performing loan ratio stood at 0.76%, which is an increase of 0.01 percentage points compared to the end of the previous year[62]. - The bank has established a risk management framework that includes a unified risk control team and a digital risk control system covering five major business lines[29]. - The bank has strengthened credit risk management by optimizing the risk preference limit system and implementing differentiated credit policies for various industries and regions[91]. - The bank's liquidity risk management aims to meet regulatory requirements and ensure timely fulfillment of payment obligations[92]. Digital Transformation and Innovation - The company has initiated a digital transformation plan (2023-2025) with goals of "four enhancements and two reductions," establishing core technologies in micro-loan integration, risk control, and data analysis[30]. - The company is focused on digital transformation and enhancing service quality through the development of a diverse product system and smart scene construction[104]. - The company launched the "Changyi Rong" online product to provide simplified funding support for clients, enhancing digital operational capabilities[106]. - The company completed the migration of nearly 2,000 application environments to the Yangu Data Center, enhancing its digital infrastructure[107]. Corporate Governance and Compliance - The company is focused on maintaining a high level of transparency and governance, as evidenced by the revisions to its articles of association and board meeting rules[125]. - The compliance management framework includes a multi-tiered structure involving the board, supervisory committee, and all employees, ensuring accountability and effective risk management[99]. - The company has implemented a robust anti-money laundering and counter-terrorism financing internal control system, including a monitoring system to mitigate associated risks[100]. Strategic Initiatives - The company is actively pursuing mergers and acquisitions in village and town banking to enhance its operational capacity and market reach[28]. - The company is committed to supporting rural revitalization, increasing credit support in key areas, and implementing grid management for comprehensive coverage[112]. - The bank plans to expand its digital banking services to enhance customer experience and operational efficiency in the coming year[133].

证券代码：601128 证券简称：常熟银行 公告编号：2024-030 江苏常熟农村商业银行股份有限公司 第八届董事会第六次会议决议公告 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。 三、2024 年半年度第三支柱信息披露报告 同意 13 票，反对 0 票，弃权 0 票。 一、2024 年半年度报告及摘要 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 年半 年度报告》和《常熟银行 2024 年半年度报告摘要》。 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三次会议审 议通过。 二、修订《操作风险管理政策》 同意 13 票，反对 0 票，弃权 0 票。 本行第八届董事会第六次会议于 2024 年 8 月 20 日以现场会议的方式召开， 会议通知及会议文件已于 2024 年 8 月 9 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，全体监事和部分高管列席了会议。会议符合 ...

证券代码：601128 证券简称：常熟银行 公告编号：2024-031 江苏常熟农村商业银行股份有限公司 第八届监事会第五次会议决议公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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五次会议于 2024 年 8 月 20 日以现场会议方式召开，会 议通知及会议文件已于 2024 年 8 月 9 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 年半年度报告及摘要审核意见 监事会出具如下审核意见： 同意 6 票，反对 0 票，弃权 0 票。 同意 6 票，反对 0 票，弃权 0 票。 （1）本行《2024 年半年度报告及摘要》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 年半年度报告及摘要》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 ...