Core Viewpoint - The key feature of the recent quarterly report from Changshu Bank is a significant slowdown in growth rate, with total assets and loans growing at 6.7% and 6.6% respectively, marking the lowest growth rates since 2012 [2][3] Group 1: Performance Metrics - As of the end of Q1, the bank's total assets grew by 6.7%, and loans increased by 6.6%, both lower than the previous year's growth rates [2] - The deposit growth rate was 9.4%, which, while lower than previous rates, still exceeded the growth rates of assets and loans [2] - The bank has actively reduced its scale expansion demands and lowered interbank liabilities, reflecting a pragmatic choice in the current uncertain macroeconomic environment [2] Group 2: Strategic Positioning - Changshu Bank differentiates itself by focusing on "true small and micro loans," which emphasizes genuine small business needs and filling financial service gaps [2] - The bank's growth premium is derived from its commitment to "true small and micro," which is based on real operational demands [2] - The current macroeconomic conditions, including weak consumer confidence and real estate recovery, have led to a cautious approach in scaling up, aligning with the bank's strategic focus [2] Group 3: Future Outlook - The bank maintains excellent asset quality and a stable asset-liability structure, with room for deposit pricing adjustments [3] - Despite the low demand for small and micro loans and macroeconomic uncertainties, the bank's adherence to its "true small and micro" strategy positions it well for future demand recovery [3] - Ongoing fiscal policies are expected to eventually translate into increased demand for small and micro loans, potentially restoring the bank's growth premium [3]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6]. Core Views - Changshu Bank reported a revenue of 3 billion yuan in Q1 2025, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 1.1 billion yuan, up 13.81% year-on-year. The non-performing loan ratio and provision coverage ratio were 0.76% and 489.56%, respectively, showing slight improvements from the previous quarter [1][2][3]. Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the growth rates for operating revenue and net profit attributable to shareholders were 10.04% and 13.81%, respectively, with non-interest income contributing positively to performance. Net interest income grew by 0.91% year-on-year, while fee and commission income surged by 495.23% due to a low comparative base from the previous year [2]. - **Asset Quality**: The non-performing loan ratio decreased by 1 basis point to 0.76%, with a provision coverage ratio of 489.56%, indicating a stable asset quality. The credit cost was 0.96%, reflecting a year-on-year increase of 5 basis points [3]. - **Balance Sheet Strength**: As of Q1 2025, total assets and loans reached 389 billion yuan and 249.6 billion yuan, respectively, with year-on-year growth of 6.67% and 6.12%. The bank's deposit total was 309 billion yuan, up 9.00% year-on-year, with a notable increase in the proportion of demand deposits [4]. Financial Projections - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.3 billion yuan, 4.78 billion yuan, and 5.27 billion yuan, respectively, with year-on-year growth rates of 12.22%, 11.70%, and 10.17% [4].

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 常熟银行（601128.SH） 资产质量保持稳健，活期存款占比提升 事件：常熟银行披露 2025 年一季报，2025 年一季度实现营收 30 亿元， 同比增长 10.04%，归母净利润 11 亿元，同比增长 13.81%。2025Q1 末 不良率、拨备覆盖率分别为 0.76%、489.56%，较上季度末分别下降 1bp、 下降 11pc。 1、业绩表现：其他非息收入对营收形成支撑 25Q1 营业收入、归母净利润增速分别为 10.04%、13.81%，分别较 24A 下降 0.5pc、下降 2.4pc，其中非息收入增长、费用节约对业绩形成正向贡 献，具体来看： 1）利息净收入：同比增长 0.91%，较 24A 增速下降 6.6pc，25Q1 净息差 为 2.61%，较 24A 下降 10bps（24Q1 下降 3bps），或主要源于生息资产 收益率仍延续下降趋势，25Q1 生息资产、贷款收益率分别下降 25bps、 下降 21bps，计息负债、存款成本率分别下降 17bps、下降 19bps。 2）手续费及佣金净收入：同比增 ...

一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 证券代码：601128 证券简称：常熟银行 公告编号：2025-017 江苏常熟农村商业银行股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (二)股东大会召开的地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 585 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,168,894,619 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 38.7694 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本行董事会召集，采取现场和网络投票相结合的方式召开， 由薛文董事长主持。本次股东大会 ...

江苏常熟农村商业银行股份有限公司 第八届监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"）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。 一、监事会会议召开情况 本行第八届监事会第八次会议于 2025 年 4 月 25 日以现场会议方式召开，会 议通知及会议文件已于 2025 年 4 月 15 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。 二、监事会会议审议情况 （一）2025 年第一季度报告审核意见 同意 6 票，反对 0 票，弃权 0 票。 监事会出具如下审核意见： 证券代码：601128 证券简称：常熟银行 公告编号：2025-019 （1）本行《2025 年第一季度报告》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《2025 年第一季度报告》的内容和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、准确、完整反映本行 202 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-018 江苏常熟农村商业银行股份有限公司 第八届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 本行第八届董事会第十一次会议于 2025 年 4 月 25 日以现场和视频相结合的 方式召开，会议通知及会议文件已于 2025 年 4 月 15 日发出。会议由薛文董事长 主持，会议应到董事 12 人，实到董事 12 人。监事和部分高管列席了会议，会议 符合《公司法》等法律法规及本行《章程》的有关规定。 二、董事会会议审议情况 同意 12 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《常熟银行 2025 年第一 季度第三支柱信息披露报告》。 （三）聘任本行合规部门负责人 聘任朱桦女士为本行合规部门负责人。 （一）2025 年第一季度报告 同意 12 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 ...

江苏常熟农村商业银行股份有限公司2025 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 2025 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 (二) 非经常性损益项目和金额 单位:千元 币种:人民币 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、行长包剑、主管会计工作负责人包剑及会计机构负责人（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 / 11 江苏常熟农村商业银行股份有限公司2025 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 | | | ...

国浩律师（苏州）事务所 关于 江苏常熟农村商业银行股份有限公司 2024 年年度股东大会 之 见证法律意见书 苏州工业园区旺墩路 269 号圆融星座商务广场 1 幢 28 楼（215000） 电话：（+86）（512）62720177 传真：（+86）（512）62720199 www.grandall.com.cn 网址/Website：http：//www.grandall.com.cn 2025 年 4 月 国浩律师（苏州）事务所 本所律师按照有关法律法规的规定对公司2024年年度股东大会召集、召开程序是否合 法及是否符合《公司章程》、出席会议人员资格的合法有效性和股东大会表决程序的合法 有效性发表法律意见。法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意 承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律法规的规定而出具。 本所律师同意将本法律意见书作为公司2024年年度股东大会的必备文件公告，并依法 对本所出具的法律意见承担责任。 本所律师已经对与出具法律意见书有关的所有文件材料及证言进行审查判断，并据此 出具法律意见如下： 一、本次 ...

常熟银行（601128）公告，2025年第一季度营收为29.71亿元，同比增长10.04%；净利润为10.84亿元， 同比增长13.81%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 8.82 CNY per share based on a 20% valuation premium over the average PB of comparable companies [4][7]. Core Insights - The company is positioned as a leading small and micro enterprise bank, benefiting from a strong local economy and a well-established business model that emphasizes small loans and digital transformation [11][21]. - The bank's return on equity (ROE) is expected to maintain a leading position, with projections indicating a steady increase in profitability [11][4]. - The bank's asset quality is resilient across economic cycles, supported by favorable policies for small and micro enterprises, ensuring controllable credit costs [3][4]. Summary by Sections Company Overview - Established in 2001, the company has grown to a total asset size of 366.6 billion CNY by the end of 2024, marking a 9.6% year-on-year increase [26]. - The bank has a strong focus on small and micro enterprises, with a significant portion of its business dedicated to this segment [38]. Business Expansion - The bank has strategically expanded its presence beyond its home market, with 35.9% of its branches located outside its primary area, and it controls 34 village banks across multiple provinces [30][32]. - Revenue contributions from these branches and village banks have increased, with the share of revenue from outside the home region rising significantly [32]. Financial Performance - The bank's projected net profit growth rates for 2025, 2026, and 2027 are 12.8%, 11.2%, and 13.1%, respectively, with corresponding BVPS of 10.52, 11.92, and 13.51 CNY [4][6]. - The bank's net interest margin is expected to remain favorable due to a strategy focused on small loans and high-interest deposits maturing [3][4]. Risk Management - The bank's credit quality is expected to remain superior to its peers, with a non-performing loan ratio consistently below industry averages, supported by robust risk control measures [3][4]. - The bank maintains a provision coverage ratio above 500%, indicating strong preparedness for potential credit losses [3].