[Table_Reportdate] 2025年04月09日 公 司 简 评 买入（维持） 报告原因：业绩点评 [常熟银行（ Table_NewTitle] 601128）：负债成本管控强 化，资产质量管理审慎 ——公司简评报告 王鸿行 S0630522050001 [table_main] 投资要点 事件：常熟银行公布2024年度报告。2024年公司实现营业收109.09亿元（+10.53%，YoY） 归属于上市公司股东净利润38.13亿元（+16.20%，YoY）。Q4末，公司总资产规模为3665.82 亿元（+9.61%，YoY），不良贷款率为0.77%（持平，QoQ），不良贷款拨备覆盖率为500.51% （-27.89PCT，QoQ）。全年净息差为2.71%，同比下降15BPs。 ➢ 总体资产质量稳定，前瞻性指标释放风险放缓信号。 2024年Q4末，公司不良率为0.77%，较Q3末持平。其中零售贷款和对公贷款不良率分别 为0.94%与0.65%，分别较Q2末上升3BPs与下降1BP。 分行业来看，信用卡贷款、个人经营贷、批发零售业贷款风险继续释放，不良率均较Q2末 不同程度上升，反映宏观环境影响下市场 ...

Core Viewpoint - Changshu Bank's 2024 financial performance shows strong growth in revenue and net profit, with a stable asset quality and a favorable net interest margin, leading to a "buy" rating for the company [2][5]. Financial Performance - In 2024, Changshu Bank achieved a revenue of 10.909 billion yuan, representing a year-on-year growth of 10.53%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.20% year-on-year [2]. - The return on equity (ROE) reached 14.15%, and the net interest margin stood at 2.71%, maintaining a good level within the industry [2][5]. - The revenue growth rate in Q4 2024 increased by 0.84 percentage points to 10.75% compared to Q1-Q3, while the net profit growth rate slightly decreased by 0.08 percentage points to 16.18% [2]. Asset Quality and Growth - As of the end of Q4 2024, total assets reached 366.582 billion yuan, a year-on-year increase of 9.61%, although the growth rate decreased by 0.83 percentage points compared to Q3 [3]. - Total deposits grew by 15.57% year-on-year, while total loans increased by 8.28%, with a notable rise in the number of small and micro loans [3]. - The non-performing loan (NPL) ratio was 0.77%, stable compared to Q3, with corporate loans showing an NPL ratio of just 0.65% [4]. Future Outlook - The bank's asset quality remains strong, with a provision coverage ratio of 500.51%, despite a year-on-year decrease of 37.37 percentage points [4]. - The bank's strategy of focusing on small and scattered loans continues to deepen, with a 10.28% year-on-year increase in the number of loans under 10 million yuan [3]. - Future revenue projections for 2025-2027 are 11.578 billion yuan, 13.078 billion yuan, and 14.842 billion yuan, with corresponding growth rates of 6.13%, 12.96%, and 13.49% [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][26]. Core Views - The company achieved a revenue growth of 10.6% year-on-year in 2024, with net profit increasing by 16.2% [5][10]. - The growth in net interest income was 7.55% year-on-year, while non-interest income saw a significant increase of 29.31% [5][19]. - The asset quality remains stable, with a non-performing loan ratio of 0.77% [22][24]. Summary by Relevant Sections Financial Performance - Revenue for 2023 was 9,869 million, projected to grow to 10,912 million in 2024, and further to 11,554 million in 2025, reflecting a growth rate of 12.0% in 2023 and 10.6% in 2024 [3][10]. - Net profit for 2023 was 3,280 million, expected to rise to 3,813 million in 2024 and 4,291 million in 2025, with growth rates of 19.6% and 16.3% respectively [3][10]. Income Sources - Net interest income is projected to be 9,143 million in 2024, with a slight decrease in net interest margin to 2.61% [27]. - Non-interest income is expected to contribute significantly, with net non-interest income accounting for 16.2% of total revenue in 2024 [19][21]. Asset Quality - The company reported a non-performing loan generation rate of 1.43% for the year, with a stable non-performing loan ratio of 0.77% [22][24]. - The provision coverage ratio stands at 500.38%, indicating a strong buffer against potential loan losses [24]. Market Position and Strategy - The company focuses on personal operating loans, maintaining a strong risk control framework and expanding its market reach [26]. - The business model emphasizes a diversified customer base, contributing to sustained asset quality [26]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 42.9 billion and 47.5 billion respectively, with an increase in the 2027 forecast to 52 billion [26][27]. - Price-to-Book (P/B) ratios are projected to decrease from 0.76 in 2024 to 0.53 by 2027, indicating potential undervaluation [3][26].

证券代码：601128 证券简称：常熟银行 公告编号：2025-014 转债代码：113062 转债简称：常银转债 可转债转股结果暨股份变动的公告 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。 重要内容提示： 累计转股情况：截至 2025 年 3 月 31 日，累计已有人民币 321,000 元常 银转债转为本行 A 股普通股，累计转股股数为 40,957 股，占常银转债转股前本 行已发行普通股股份总额的 0.0015%。 2025 年第一季度转股情况：2025 年 1 月 1 日至 2025 年 3 月 31 日，累 计有人民币 10,000 元常银转债转为本行 A 股普通股，累计转股股数为 1,450 股。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的常银转债金额 为人民币 5,999,679,000 元，占常银转债发行总量的比例为 99.9947%。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可〔2022〕1688 号"文核准，本 ...

Core Viewpoint - Changshu Bank reported a revenue of 10.909 billion yuan for 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.2% year-on-year [1] Group 1: Financial Performance - The narrowing of interest margin drag contributed positively to performance, with the net interest margin drag on performance at 5.7 percentage points, a reduction of 2.3 percentage points compared to the first three quarters of 2024 [1] - Other non-interest income contributed 2.4 percentage points to performance, primarily due to a 56.0% year-on-year increase in investment income [1] - Cost and expense contribution to performance weakened, with a contribution of only 0.3 percentage points, a decrease of 7.2 percentage points compared to the first three quarters of 2024, mainly due to a 10.8% year-on-year increase in employee expenses to 2.536 billion yuan [1] - Provisioning significantly contributed to performance, with a contribution of 9.1 percentage points, an increase of 10.5 percentage points compared to the first three quarters of 2024, mainly due to a reduction in impairment losses on debt investments [1] Group 2: Loan and Deposit Trends - Retail loan demand showed a marginal decline, with personal operating loans, consumer loans, and credit card balances decreasing by 600 million yuan, 200 million yuan, and 700 million yuan respectively compared to the end of the first half of 2024 [2] - Corporate loan balance reached 89.9 billion yuan at the end of 2024, a year-on-year increase of 16.1%, with notable growth in the construction and leasing services sector and wholesale and retail sector, increasing by 23.5% and 25.7% respectively [2] Group 3: Interest Rate and Cost Management - The net interest margin for 2024 was 2.71%, a decrease of 4 basis points compared to the first three quarters of 2024 [3] - The yield on interest-earning assets was under pressure, with a return of 4.77% in 2024, down 12 basis points from the first half of 2024, and the estimated loan and advance yield for the second half of 2024 was 5.50%, a decrease of 25 basis points [3] - The cost of interest-bearing liabilities was 2.23% in 2024, down 3 basis points from the first half of 2024, with a slight increase in the proportion of time deposits leading to limited improvement in deposit costs [3] Group 4: Future Outlook - The company is expected to achieve a year-on-year growth in net profit attributable to shareholders of 14.2%, 12.0%, and 11.0% for 2025-2027, with corresponding price-to-book ratios of 0.67, 0.59, and 0.53 [4]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [9]. Core Views - Changshu Bank focuses on long-termism with a strategic core in micro and small enterprise finance, maintaining a leading growth rate in performance compared to listed banks. The bank is expanding through village and town banks to create a second growth curve, opening up long-term growth potential for asset scale. Short-term macroeconomic fluctuations have impacted credit demand and asset quality indicators, with a recommendation to monitor the pace of macroeconomic recovery and expectations for improvement in retail credit asset quality in 2025. Currently, Changshu Bank's valuation stands at 0.65x 2025 PB, indicating a significant discount compared to historical average valuation levels and other quality regional bank stocks [2][6]. Summary by Sections Financial Performance - In 2024, Changshu Bank reported a revenue growth rate of 10.5% (11.3% in the first three quarters, 8.1% in the fourth quarter), and a net profit growth rate of 16.2% (18.2% in the first three quarters, 9.7% in the fourth quarter). The year-end non-performing loan ratio remained stable at 0.77%, up 2 basis points from the beginning of the year, while the provision coverage ratio decreased by 28 percentage points to 501% [6][9]. Credit and Loan Growth - The total loan amount grew by 8.3% compared to the beginning of the year, marking the first time in recent years that growth fell below 10%. This slowdown is primarily due to insufficient effective demand from micro and small customers in the current macroeconomic environment. Retail loans increased by only 2.2%, with personal operating loans growing by 4.0% and consumer loans by 5.5%. Corporate loans, primarily to micro customers, grew by 16.1%, supporting the overall loan scale [6][11]. Interest Income and Asset Quality - The net interest margin for 2024 decreased by 15 basis points to 2.71%, yet remains significantly higher than the industry average, leading to a 7.5% year-on-year increase in net interest income. Non-interest income surged by 29.1%, driven by favorable bond market conditions. The bank's ability to extract high-yield assets and manage risk pricing remains strong, with personal loan yields only declining by 10 basis points to 6.80% [6][11]. Future Outlook - The report suggests that while short-term macroeconomic fluctuations may impact credit demand and asset quality, Changshu Bank is expected to enhance credit issuance through value extraction from existing customers. The bank's valuation is currently at a significant discount, indicating potential for recovery and growth in the coming years [2][6].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (stock code: 601128) [1] Core Views - Changshu Bank demonstrated excellent performance in 2024, with revenue of 10.909 billion yuan (+10.53%) and net profit attributable to shareholders of 3.813 billion yuan (+16.20%). The return on equity (ROE) reached 14.15% (+0.46 percentage points) [4] - The bank's net interest income was 9.142 billion yuan (+7.54%), with a net interest margin (NIM) of 2.71%, showing a slight decline of 15 basis points year-on-year, but the downward pressure is narrowing [4] - Non-interest income grew significantly, reaching 1.767 billion yuan (+29.07%), driven by strong performance in intermediary business and investment income [4] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% (+0.02 percentage points) and a provision coverage ratio of 500.51%, indicating robust risk mitigation capabilities [4] Summary by Sections Financial Performance - In 2024, the bank's total revenue was 10.909 billion yuan, with a year-on-year growth of 10.53%. The net profit attributable to shareholders was 3.813 billion yuan, reflecting a growth of 16.20% [4][32] - The bank's interest income was 9.142 billion yuan, with a net interest margin of 2.71%, showing a decline of 15 basis points year-on-year [4][33] Loan and Deposit Growth - Total loans increased by 8.28% year-on-year, with corporate loans growing by 16.11% and personal loans by 2.17% [4] - Total deposits grew by 15.57%, with personal time deposits increasing by 19.76%, indicating effective cost optimization [4] Non-Interest Income - Non-interest income reached 1.767 billion yuan, a significant increase of 29.07%, with fees and commissions growing by 158.54% [4][33] Asset Quality - The bank's NPL ratio stood at 0.77%, with a provision coverage ratio of 500.51%, indicating strong asset quality management [4][32] Future Outlook - The bank's strategy focuses on small and micro enterprises, with a strong competitive edge in personal operating loans. The integration of village and town banks is accelerating, suggesting promising growth potential in the future [4]

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 6.96 CNY [5]. Core Views - Changshu Bank reported a revenue growth of 10.53% for 2024, with a pre-provision profit growth of 10.59% and a net profit growth of 16.20%, indicating strong performance [1][10]. - The bank's asset scale increased by 9.61% year-on-year, with total loans growing by 8.28% [1]. - Retail loan growth was modest at 2.17% year-on-year, reflecting a slowdown in consumer demand and increased competition in the market [2]. - Corporate loans and bill discounts saw stronger growth, with increases of 16.11% and 23.81% respectively, as the bank focuses on supporting technology startups and small enterprises [2]. - The net interest margin for Q4 2024 was 2.59%, showing resilience despite a slight decline [3][9]. - Non-interest income decreased by 14.63% year-on-year, impacting overall profit growth [9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 500.51% [10]. Summary by Sections Financial Performance - Revenue for 2024 was 10,909 million CNY, with a growth rate of 10.53% [12]. - Net profit for 2024 reached 3,813 million CNY, reflecting a growth of 16.20% [12]. - The cost-to-income ratio increased to 41.37%, up 12.28 percentage points year-on-year [9]. Asset and Liability Management - Total assets grew by 9.61% year-on-year, with loans making up 64.85% of the earning assets [1]. - Retail deposits increased by 15.57% year-on-year, with a retail deposit ratio of 71.19% [2]. Risk and Quality Indicators - The non-performing loan generation rate for 2024 was estimated at 1.37%, indicating some pressure in retail credit [10]. - The bank's focus on risk management has led to improvements in the attention and overdue rates [10]. Future Outlook - For 2025, revenue is expected to grow by 9.71%, with net profit growth projected at 13.39% [10]. - The bank aims to enhance customer service and deepen its engagement with existing clients to drive growth [10].

Core Viewpoint - Changshu Bank reported strong financial performance for 2024, with revenue, pre-provision profit, and net profit reaching 10.91 billion, 6.85 billion, and 3.81 billion respectively, showing year-on-year growth of 10.5%, 10.9%, and 16.2% [1] Revenue and Profitability - The bank's revenue maintained resilience with a total of 10.91 billion, reflecting a year-on-year increase of 10.5%, although the growth rate slowed by 0.8 percentage points compared to the previous three quarters [1] - Net interest income grew by 7.5% year-on-year, with a quarter-on-quarter increase of 1.4%, primarily due to a narrowing decline in net interest margin [1] - Other non-interest income increased by 25.9% year-on-year but saw a quarter-on-quarter decline of 14.3%, which slightly dragged down overall revenue growth [1] - The net profit attributable to shareholders rose by 16.2% year-on-year, positioning the bank's performance among the top tier of listed banks [1] Asset Quality and Loan Performance - Total assets and loans grew by 9.6% and 8.3% year-on-year, respectively, but the growth rates slowed by 0.8 percentage points and 1.4 percentage points quarter-on-quarter [2] - Corporate and retail loans increased by 16.1% and 2.2% year-on-year, with bill discounting up by 23.8%, indicating weak retail demand [2] - Retail loan categories such as operating loans, consumer loans, and credit card loans saw reductions, while mortgage loans experienced a slight increase [2] - The bank maintained a proactive approach to managing small and micro business loans, focusing on risk-reward balance while increasing the proportion of credit guarantee loans [2] Liability and Deposit Trends - Deposits grew by 15.6% year-on-year, but the proportion of demand deposits decreased to 18.1%, down by 0.6 percentage points [3] - The interest rate on deposits fell by 8 basis points to 2.2% as high-cost deposits matured and were repriced [3] - The net interest margin decreased by 15 basis points to 2.71%, yet remained at a leading level within the industry [3] Risk Exposure and Asset Quality - The non-performing loan (NPL) ratio stood at 0.77%, unchanged from the previous quarter, indicating overall strong asset quality [4] - However, retail loan risks are still a concern, with the NPL ratio for retail loans rising to 0.94% [4] - The bank's strict NPL recognition standards and sufficient provision coverage, which remains above 500%, mitigate the impact of asset quality pressures on profitability [4] Investment Outlook - Due to weak effective credit demand and ongoing asset quality pressures in small micro loans, the bank slightly adjusted its profit forecasts for 2025-2028 to 15.1%, 14.7%, and 14.7% respectively [5] - The closing price on March 26 was 6.96 yuan per share, corresponding to a 0.65 times price-to-book (PB) ratio for 2025 [5] - The bank's core advantages in small micro business, regional economic strength, and robust provision buffer support a "strong buy" rating [5]

Core Viewpoint - Changshu Bank reported a strong performance in its 2024 annual report, achieving double-digit growth in both revenue and net profit despite a declining net interest margin, largely driven by a significant increase in investment income, particularly from debt investments, which rose by 843% [1][3][4]. Financial Performance - In 2024, Changshu Bank achieved operating income of 10.909 billion yuan, a year-on-year increase of 10.53% [3]. - The bank's net profit attributable to shareholders reached 3.813 billion yuan, reflecting a year-on-year growth of 16.2% [3]. - Net interest income was reported at 9.142 billion yuan, up 7.54% year-on-year, while non-interest income reached 1.767 billion yuan, increasing by 29.07% [4]. Investment Income - Investment income for the bank was 1.494 billion yuan, marking a 56.03% increase year-on-year, with debt investment income soaring by 843.66% [4]. - The bank's strategy involved proactive market analysis and profit-taking operations to capitalize on current market conditions [4]. Asset Quality - As of the end of 2024, the non-performing loan ratio stood at 0.77%, a slight increase of 0.02 percentage points from the previous year [6]. - The provision coverage ratio was reported at 500.51%, down 37.37 percentage points year-on-year [6]. - The bank's focus on loans categorized as "concerned," "substandard," and "loss" has shown an upward trend, indicating potential future asset quality pressures [6]. Stock Performance and Dividends - Following the release of the annual report, Changshu Bank's stock price fell by 2.93%, closing at 6.96 yuan per share [2]. - The bank's cash dividend ratio has been below 30% for three consecutive years, with the 2024 cash dividend accounting for less than 20% of the net profit attributable to shareholders [7][8]. - The bank has announced plans to enhance its investment value through improved operational efficiency, active cash dividends, and better investor relations management [8].