Investment Rating - The report maintains a "Buy" rating for Changshu Bank [3][7][12] Core Views - Changshu Bank's Q1 2024 results demonstrate strong revenue growth and profitability, with a revenue of 2.7 billion yuan, up 12.0% year-on-year, and a net profit of 952 million yuan, up 19.8% year-on-year [3][6][12] - The bank's annualized ROE increased by 0.9 percentage points to 14.7%, indicating a solid growth trajectory [3][6] - The bank's asset quality remains strong, with a slight increase in the non-performing loan (NPL) ratio to 0.76% and a provision coverage ratio of 539% [3][7][12] Summary by Sections Market Data - Closing price: 7.5 yuan - Market capitalization: 19,825 million yuan - Price-to-book ratio: 0.8 [3] Financial Performance - Q1 2024 revenue: 2.7 billion yuan, up 12.0% YoY - Q1 2024 net profit: 952 million yuan, up 19.8% YoY - Q1 2024 NPL ratio: 0.76%, up 1 basis point from the beginning of the year - Provision coverage ratio: 539%, up 1.3 percentage points from the beginning of the year [3][6][12] Growth Drivers - Interest income increased by 5.6% YoY, with a net interest margin of 2.8% in Q1 2024, only slightly down from the previous year [3][7] - Non-interest income surged by 71% YoY, contributing significantly to revenue growth [3][6] - Loan growth maintained at approximately 15% YoY, with deposits growing at 18% YoY, indicating a balanced growth strategy [3][6][12] Future Outlook - The bank is expected to continue its strong performance with projected net profit growth rates of 17.3%, 17.6%, and 18.7% for 2024-2026 [7][12] - The current stock price corresponds to a 2024 price-to-book ratio of 0.72, supporting the "Buy" rating [7][12]

Investment Rating - The investment rating for Changshu Bank (601128) is not explicitly stated in the provided content, but the report indicates a positive outlook based on strong financial performance and growth metrics [1]. Core Insights - Changshu Bank reported a year-on-year net profit growth of 19.80% in Q1 2024, slightly up from 19.60% in the same period of 2023, with operating revenue growth at 12.01% [1]. - The bank's annualized weighted ROE reached 14.74%, an increase of 91 basis points year-on-year, while the annualized ROA was 1.17%, up by 4 basis points [1]. - The bank has maintained double-digit growth in revenue for 12 consecutive quarters, indicating strong operational performance [1]. - The net interest margin (NIM) slightly narrowed to 2.83%, down 19 basis points year-on-year, primarily due to a decline in loan rates affecting interest-earning asset yields [1]. - Non-performing loan ratio increased slightly to 0.76%, but remains low compared to peers, with a provision coverage ratio of 539.18% [1]. Financial Performance Summary - For Q1 2024, Changshu Bank's operating revenue was CNY 110 billion, with a growth rate of 12.01% [2]. - The net profit attributable to shareholders was CNY 39 billion, reflecting an 18.40% growth rate [2]. - The bank's earnings per share (EPS) is projected to grow from CNY 1.42 in 2024 to CNY 2.03 by 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 5.61 in 2024 to 3.91 by 2026, indicating potential undervaluation [2]. - The price-to-book (P/B) ratio is projected to decline from 0.79 in 2024 to 0.61 by 2026, suggesting a favorable investment opportunity [2]. Growth Drivers - The bank's growth is attributed to its focus on micro and small enterprises, maintaining a strong asset quality while expanding its scale [1]. - The bank's total assets, liabilities, loans, and deposits showed year-on-year growth rates of 15.05%, 15.24%, 15.01%, and 18.02% respectively [1]. - The bank's capital adequacy remains robust, with a core Tier 1 capital ratio of 10.15% as of Q1 2024, supporting its expansion plans [1].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6] Core Views - Changshu Bank reported strong performance in Q1 2024, with revenue of 2.7 billion yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 0.95 billion yuan, up 19.8% year-on-year [1][2] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18% as of March 2024 [3] - The bank's financial performance is supported by resilient net interest margins, increased investment income, and a declining cost-to-income ratio [2] Financial Performance - Revenue growth for Q1 2024 was driven by a 5.6% increase in net interest income, despite a 6.1 percentage point decline compared to the previous year [2] - Non-interest income surged by 70.9% in Q1 2024, primarily due to rising bond investment returns [2] - The cost-to-income ratio improved, decreasing by 4.9 percentage points year-on-year, reflecting enhanced operational efficiency [2] Asset Quality - As of Q1 2024, the non-performing loan balance increased to 1.79 billion yuan, with a slight rise in the non-performing loan ratio [3] - The provision coverage ratio improved by 1.3 percentage points compared to the end of the previous year, indicating stronger risk management [3] Asset and Liability Management - Total assets grew by 15.1% year-on-year, with loans increasing by 15.0% [4] - Deposits rose by 18.0%, with significant contributions from personal fixed deposits and corporate current deposits [4] Future Outlook - The bank aims for a revenue growth target of around 10% and a profit growth target of approximately 18% for 2024 [4] - Projected net profits for 2024-2026 are estimated at 3.91 billion yuan, 4.68 billion yuan, and 5.62 billion yuan, respectively [4]

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH) [8][9][10] Core Insights - Changshu Bank reported strong financial performance in Q1 2024, with revenue, pre-provision profit, and net profit reaching 2.7 billion, 1.73 billion, and 0.95 billion respectively, representing year-on-year growth of 12.0%, 21.1%, and 19.8% [2][3] - The bank's annualized weighted average ROE increased to 14.74%, up 0.91 percentage points year-on-year, indicating robust profitability [2][3] - Key growth drivers include high growth in scale, non-interest income support, and cost savings, with net interest margin slightly narrowing [3][5] Revenue and Profitability - Core revenue (net interest income + net fee income) grew by 6.1% year-on-year, while other non-interest income surged by 67%, primarily driven by investment income, which increased by 276.8% to 55.6 billion [3][4] - The bank's cost control measures led to a 1.6% reduction in management expenses, contributing positively to pre-provision profit growth of 21.1% [3][4] Asset and Liability Management - The bank maintained a high growth rate in loans and deposits, with loans and financial investments increasing by 15% and 16% year-on-year respectively [4][10] - The deposit growth rate was 18%, reflecting strong performance despite increased competition in the industry [4][10] Interest Margin and Asset Quality - The net interest margin for Q1 2024 was 2.83%, a slight decrease of 3 basis points from 2023, but better than the industry average [5][10] - The bank's non-performing loan ratio stood at 0.76%, with a robust provision coverage ratio of 539.2%, indicating strong asset quality [10][16] Future Outlook - The report forecasts net profit growth rates of 18.6%, 18.1%, and 20.8% for 2024, 2025, and 2026 respectively, with corresponding BVPS of 10.43, 12.14, and 14.18 [10][11] - The bank's strategy focuses on a differentiated approach to inclusive finance, leveraging its local market presence and expanding through branches and village banks [10][19]

Investment Rating - The report maintains a "Recommendation" rating for Changshu Bank (601128) with a target price of 8.60 CNY, while the current price is 7.50 CNY [1]. Core Views - Changshu Bank's Q1 2024 performance is strong, with operating income reaching 2.7 billion CNY, a year-on-year increase of 12.01%, and net profit attributable to shareholders of 950 million CNY, up 19.8% year-on-year [2]. - The bank's growth is attributed to rapid scale expansion and a rebound in net interest margin, with a measured net interest margin of 2.77%, up 25 basis points from the previous quarter [2]. - The bank's asset quality remains stable, with a slight increase in non-performing loan ratio to 0.76%, while the provision coverage ratio improved to 539% [2]. Financial Performance Summary - **Operating Income**: 2023A: 9,869 million CNY; 2024E: 10,993 million CNY; 2025E: 12,353 million CNY; 2026E: 14,047 million CNY [3]. - **Net Profit**: 2023A: 3,282 million CNY; 2024E: 3,848 million CNY; 2025E: 4,613 million CNY; 2026E: 5,508 million CNY [3]. - **Earnings Per Share (EPS)**: 2023: 1.20 CNY; 2024E: 1.40 CNY; 2025E: 1.68 CNY; 2026E: 2.01 CNY [3]. - **Price-to-Earnings Ratio (PE)**: 2024E: 5.36; 2025E: 4.46; 2026E: 3.73 [3]. - **Price-to-Book Ratio (PB)**: 2024E: 0.74; 2025E: 0.64; 2026E: 0.56 [3]. Loan and Asset Quality - **Total Loans**: 2023: 222,440 million CNY; 2024E: 255,806 million CNY; 2025E: 294,177 million CNY; 2026E: 338,304 million CNY [7]. - **Non-Performing Loan Ratio**: 2023: 0.75%; 2024E: 0.75% [7]. - **Provision Coverage Ratio**: 2023: 538.70%; 2024E: 510.70% [7]. Investment Outlook - The report emphasizes Changshu Bank's strong performance and its leading position in micro-lending, projecting revenue growth rates of 11.4%, 12.4%, and 13.7% for 2024-2026, respectively [2][3].

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank, with a closing price of 7.95 yuan as of April 30, 2024, corresponding to 0.8 times the 2024 PB [2][3]. Core Views - Changshu Bank has demonstrated high growth in performance, with a revenue of 2.7 billion yuan in Q1 2024, representing a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1 billion yuan, up 19.8% year-on-year [1]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539% as of Q1 2024, indicating robust risk mitigation capabilities [1]. - The bank's net interest margin (NIM) has shown a narrowing decline, decreasing by 3 basis points to 2.83% in Q1 2024, with expectations for continued stabilization in the future [1][2]. Summary by Sections Financial Performance - In Q1 2024, Changshu Bank's revenue and net profit growth rates are 12.0% and 19.8% respectively, maintaining a leading position among peers [1]. - The bank's total assets, total loans, and total deposits grew by 15.1%, 15.0%, and 18.0% year-on-year respectively [1]. Income Structure - Net interest income increased by 5.6% year-on-year, while non-interest income saw a significant rise of 635.4%, primarily due to low base effects [1]. - The bank's management fees are expected to continue decreasing, supporting overall performance [2]. Asset Quality - The non-performing loan ratio slightly increased by 1 basis point to 0.76%, while the attention ratio rose by 7 basis points to 1.24% [1]. - The provision coverage ratio increased by 1.3 percentage points to 539%, indicating strong risk absorption capacity [1]. Future Projections - Earnings per share (EPS) are projected to be 1.42, 1.69, and 2.02 yuan for the years 2024, 2025, and 2026 respectively [2]. - The bank's total assets are expected to reach 3,854 billion yuan in 2024, with a steady growth trajectory anticipated [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by over 20% within the next six months [2][14]. Core Insights - The company reported a 12.0% year-on-year increase in revenue for Q1 2024, reaching 2.7 billion yuan, and a 19.8% increase in net profit attributable to shareholders, totaling 952 million yuan [5][6]. - The annualized weighted average ROE for Q1 2024 was 14.74%, reflecting strong profitability [5]. - The company's asset scale grew by 9.04% year-to-date, with loan and deposit growth rates of 5.76% and 14.35%, respectively [5][6]. - The net interest margin for Q1 2024 was 2.83%, showing a controlled decline compared to the previous year, indicating a competitive position in the industry [6][9]. Financial Performance Summary - Revenue and profit growth: Q1 2024 revenue increased by 12.0% year-on-year, while net profit rose by 19.8% [5][6]. - Asset quality: The non-performing loan (NPL) ratio slightly increased to 0.76%, but the company maintains a strong position in asset quality compared to peers [9]. - Provisioning: The provision coverage ratio improved to 539%, enhancing the company's risk mitigation capabilities [9][12]. Future Projections - The company is expected to maintain strong growth, with projected EPS of 1.42, 1.69, and 2.01 yuan for 2024 to 2026, corresponding to profit growth rates of 18.6%, 19.1%, and 19.0% respectively [9][12]. - The stock is currently trading at a price-to-book (P/B) ratio of 0.77x for 2024, indicating potential undervaluation [9][12].

2024年4月30日 公司研究 息差韧性强，业绩增速高 ——常熟银行（601128.SH）2024 年一季报点评 买入（维持） 要点 当前价：7.50元 事件： 作者 4月29日，常熟银行发布2024年一季报，1Q24实现营收27亿，同比增长12%， 分析师：王一峰 归母净利润9.5亿，同比增长19.8%。加权平均净资产收益率（ROAE）为14.7%， 执业证书编号：S0930519050002 010-57378038 同比提升0.9pct。 wangyf@ebscn.com 联系人：赵晨阳 点评： zhaochenyang@ebscn.com 营收延续双位数增长，盈利保持近20%高增状态。常熟银行1Q24营收、拨备前利 润、归母净利润同比增速分别为12%、20.8%、19.8%，增速分别较2023年提升0、 市场数据 5.7、0.2pct，盈利增速维持高位。其中，净利息、非息收入增速分别为5.6%、70.9%， 总股本(亿股) 27.41 较2023年分别变动-6、57pct。拆分盈利增速结构：规模、非息为主要贡献分项， 总市值(亿元)： 205.57 分别拉动业绩增速 36.8、19.1pct；从边际变 ...

2024 年第一季度报告 证券代码：601128 证券简称：常熟银行 江苏常熟农村商业银行股份有限公司 2024 年第一季度报告 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。 重要提示 1.公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人薛文、主管会计工作负责人吴铁军及会计机构负责人（会计主管人员）范丽斌保证 季度报告中财务信息的真实、准确、完整。 3.第一季度财务报表未经审计 1 / 12 2024 年第一季度报告 一、主要财务数据 (一)主要会计数据和财务指标 | | | | 单位：千元 币种：人民币 | | | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | 本报告期比上年同期增减 | | | | | | | 变动幅度(%) | | | | 营业收入 | | 2,699,689 | | | 1 ...

2024年04月01日 公 司点评 公 买入 / 维持 司 常熟银行(601128) 研 究 目标价: 昨收盘:7.03 常熟银行 2023 年年报点评：异地扩张推进，息差韧性充足 事件：常熟银行发布2023年年度报告，报告期内公司实现营业收入 ◼ 走势比较 98.70亿元，同比+12.05%；实现归母净利润32.82亿元，同比+19.60%； ROE（加权）为13.69%，同比+0.63pct。截至报告期末，公司不良率0.75%， 10% 同比-6BP；拨备覆盖率537.88%，同比+1.11pct。 太 2% 业绩增速保持领先，经营计划彰显信心。2023 年公司营收、归母净 平 (6%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 利 银润 行同 中比 处分 于别 首位+12 ；. 其05 中%、 利+ 息19 净.6 收0% 入，均 、非实 息现 收两 入位 分数 别增 为长， 85增 .0速 1、在 1已 3.披 69露 亿年 元报 ， 洋 (14%) 同比分别+11.69%、+14.34%，利息净收入增长主要受规模扩张支撑，非息 证 (22%) 收入 ...