分红率提升 ——苏州银行 2024 年年报和 2025 年一季报点评 投资要点 苏州银行业绩维持正增，存贷增速放缓，息差降幅收窄，不良生成改善。 数据概览 25Q1 营收同比增长 0.8%，增速较 24A 放缓 2.3pc；归母净利润同比增长 6.8%， 增速较 24A 放缓 3.4pc。25Q1 末不良率较 24Q4 持平于 0.83%；25Q1 末拨备覆盖 率较 24Q4 末下降 36pc 至 447%。 业绩维持正增 苏州银行业绩基本符合预期，25Q1营收同比增长 0.8%，增速较 24A放缓 2.3pc； 归母净利润同比增长 6.8%，增速较 24A 放缓 3.4pc。苏州银行业绩放缓，主要受 其他非息收入波动影响，25Q1 其他非息收入同比负增 8%，增速较 24A 下降 60pc。值得注意的是，苏州银行核心营收有所改善，25Q1 利息净收入、中收分 别同比-0.6%、22.5%，增速分别较 24A 提升 6pc、37pc。 展望 2025 年，苏州银行营收有望维持正增，利润增有望实现中高个位数增长。 主要考虑：苏州银行信贷投放维持中高速增长，存款付息率改善有望带动息差降 幅收窄，同时苏州银行拨备底 ...

银行/城商行Ⅱ 苏州银行（002966.SZ） 对公优势彰显，资产质量优异 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 8.24 | | 一年最高最低(元) | 8.87/6.60 | | 总市值(亿元) | 368.38 | | 流通市值(亿元) | 361.65 | | 总股本(亿股) | 44.71 | | 流通股本(亿股) | 43.89 | | 近 3 个月换手率(%) | 65.3 | 股价走势图 数据来源：聚源 -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 苏州银行 沪深300 相关研究报告 《盈利能力稳健，资产较快扩张—苏 州银行 2024 年三季报点评》 -2024.10.31 《盈利平稳增长，资产质量持续优异 — 苏州银行 2024 年中报点评》 -2024.9.1 对公优势持续彰显，中收和投资收益均高增 2025Q1 末苏州银行总资产为 7271.54 亿元（YoY+12.18%），保持较高增长，其 中贷款同比增速为 12.74%。由于一 ...

银行/城商行Ⅱ 苏州银行（002966.SZ） 对公优势彰显，资产质量优异 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 8.24 | | 一年最高最低(元) | 8.87/6.60 | | 总市值(亿元) | 368.38 | | 流通市值(亿元) | 361.65 | | 总股本(亿股) | 44.71 | | 流通股本(亿股) | 43.89 | | 近 3 个月换手率(%) | 65.3 | 《盈利能力稳健，资产较快扩张—苏 州银行 2024 年三季报点评》 -2024.10.31 《盈利平稳增长，资产质量持续优异 — 苏州银行 2024 年中报点评》 -2024.9.1 ——苏州银行 2024 年报&2025 年一季报点评 股价走势图 数据来源：聚源 -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 苏州银行 沪深300 相关研究报告 刘呈祥（分析师） 吴文鑫（分析师） liuchengxiang@kysec.cn wuwenxin@kysec.cn 证书 ...

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Bank [4] Core Views - The bank's overall performance remains stable with revenue, PPOP, and net profit growth rates of 3.01%, 1.59%, and 10.16% year-on-year for 2024, and 0.76%, 5.93%, and 6.80% year-on-year for Q1 2025 respectively [1][2] - The bank's asset quality is solid, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 447.2% as of Q1 2025 [2][3] - The bank's capital adequacy ratio has improved following the conversion of convertible bonds, providing a stronger capital buffer for future growth [2][3] Summary by Sections 1. Performance Metrics - For 2024, the bank reported total revenue of 12,224 million yuan, with a year-on-year growth of 3.01% [1][13] - The net profit attributable to shareholders for 2024 was 5,068 million yuan, reflecting a growth of 10.2% year-on-year [8][14] 2. Non-Interest Income - The bank's net fee income turned positive in Q1 2025, with a year-on-year increase of 22.48%, recovering from a decline of 14.48% in 2024 [2][31] - Other non-interest income saw a decline of 7.8% in Q1 2025, primarily due to high base effects from the previous year [3][31] 3. Interest Margin and Asset-Liability Management - The net interest margin for 2024 and Q1 2025 was 1.38% and 1.34% respectively, with a slight decline but manageable [3][14] - The bank's interest-earning assets grew by 12.30% year-on-year in 2024, with loans increasing by 13.62% [2][3] 4. Asset Quality - The non-performing loan ratio remained stable at 0.83% as of Q1 2025, with a new generation rate of 0.36% [2][3] - The provision coverage ratio was reported at 447.2%, indicating a strong buffer against potential loan losses [2][3] 5. Capital and Shareholder Returns - The core Tier 1 capital adequacy ratio improved to 9.80% in Q1 2025, up from 9.77% in the previous quarter [2][3] - The bank's dividend payout ratio for 2024 was 34.07%, positioning it among the top listed banks [2][3]

Core Viewpoint - Suzhou Bank has approved various reports and plans for 2024 and 2025, including sustainability, environmental information disclosure, and risk management policies, indicating a focus on transparency and governance [1][2][3][4][5][8][9][11][12][13][14][16][26][29][32]. Group 1: Reports and Approvals - The bank approved the 2024 Sustainable Development Report, which is available for investor review [1]. - The 2024 Environmental Information Disclosure Report was also approved, with unanimous support [2]. - The 2024 Third Pillar Information Disclosure Report received approval [3]. - The bank's 2025 First Quarter Third Pillar Information Disclosure Report was approved [4]. - The board's special opinion on the independence assessment of independent directors was approved [5]. - The 2024 Financial Settlement Report and 2025 Financial Budget Plan were approved by the Supervisory Board, pending shareholder meeting approval [63][66]. Group 2: Risk Management and Governance - The bank approved adjustments to the 2025 market risk limit indicators [11]. - A new risk preference statement for 2025 was established [12]. - The bank revised its Information Technology Risk Management Policy [12]. - The bank's Risk Charter was also updated [13]. - The bank's valuation enhancement plan was approved, focusing on improving service quality and governance [93][95][105]. Group 3: Shareholder Engagement and Returns - The bank plans to hold the 2024 Annual Shareholders' Meeting on May 23, 2025, with details provided for participation [32][34]. - A profit distribution plan for 2024 was proposed, with a total cash dividend of CNY 1.647 billion, representing 32.50% of the net profit attributable to shareholders [102]. - The bank's major shareholder has increased their stake, reflecting confidence in the bank's long-term value [103]. Group 4: External Audit and Compliance - The bank has proposed to reappoint Ernst & Young Hua Ming as the external auditor for 2025, with an audit fee of CNY 3.35 million [26][108][113]. - The bank has maintained a high standard of compliance and governance, receiving an A rating for information disclosure for four consecutive years [100].

Group 1 - The core point of the announcement is the approval of the 2024 profit distribution plan by the board of directors, which includes a cash dividend of 2.0 yuan per share, totaling approximately 89.41 million yuan, and a total cash dividend for the year of 164.71 million yuan, accounting for 32.50% of the net profit attributable to shareholders [12][14][19] - The company reported a net profit of 481.37 million yuan for 2024, with an undistributed profit at the beginning of the year of 1,262.95 million yuan [12][13] - The board meeting held on April 25, 2025, was attended by all 12 directors, and the profit distribution plan will be submitted for approval at the 2024 annual shareholders' meeting [12][22] Group 2 - The company will allocate 10% of the net profit to statutory surplus reserves, amounting to 8.32 million yuan, which meets the requirement of reaching 50% of the registered capital [14][26] - The general risk reserve will be increased by 82.69 million yuan, ensuring compliance with regulatory requirements [14][26] - The total cash dividends for 2024, including interim dividends already distributed, will be 164.71 million yuan, which is in line with the company's shareholder return policy [19][27] Group 3 - The company has confirmed that the financial data in the annual report is accurate and complete, audited by Ernst & Young Huaming [2][6] - The report includes a detailed description of the company's main business activities, which encompass a wide range of banking services [4] - The company has no major events to disclose other than those already reported [11]

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [1] Core Views - Suzhou Bank achieved a revenue of 12.2 billion in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 5.1 billion, up 10.2% year-on-year [3] - The bank's credit maintains double-digit growth, with loans increasing by 12.7% year-on-year as of Q1 2025, and a steady expansion of its asset scale [5] - The bank's non-interest income growth has slowed but remains stable at around 35% of total revenue [9] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.83% at the end of 2024 [10] Summary by Sections Financial Performance - In 2024, Suzhou Bank's operating income was 12.2 billion, with a net profit of 5.1 billion, reflecting a 3% and 10.2% increase year-on-year respectively [3] - For Q1 2025, the bank reported operating income of 3.25 billion, a 0.8% increase year-on-year, and a net profit of 1.55 billion, up 6.8% year-on-year [3] Revenue and Profitability - The bank's net interest income decreased by 6.8% in 2024, while non-interest income grew by 27.6% [4] - The bank's cost-to-income ratio was 36.4% in 2024, with credit impairment losses at 9.2% of revenue [4] Asset Quality - The non-performing loan ratio was 0.83% at the end of 2024, with a coverage ratio of 447% [10][11] - The bank's credit risk management remains robust, with a significant reduction in new non-performing loans [10] Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 9.8%, indicating a solid capital base for future growth [11] - The bank's capital adequacy ratios are well above regulatory requirements, providing a strong buffer for potential risks [11] Future Outlook - The bank is expected to continue its expansion in both corporate and retail lending, with a focus on manufacturing and small micro-enterprises [5] - The report anticipates stable growth in non-interest income and improvements in asset quality, supporting sustainable development [12][13]

Investment Rating - The report assigns a "Buy" rating for Suzhou Bank, indicating a positive outlook for the stock over the next six months [14]. Core Insights - Suzhou Bank's 2024 annual report shows steady performance with total operating income of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.068 billion yuan, up 10.16% year-on-year [1][2]. - The bank's investment business significantly supported its performance, with investment income and fair value changes rising by 50.12% to 3.049 billion yuan, accounting for 24.95% of total income [2]. - The loan portfolio expanded, with total loans reaching 333.36 billion yuan, a 13.62% increase year-on-year, and corporate loans growing by 23.21% to 241.48 billion yuan, representing 72.44% of total loans [3]. Financial Performance Summary - The bank's net interest margin decreased to 1.38%, down 0.30 percentage points year-on-year, while the net interest spread was 1.45%, down 0.28 percentage points [4]. - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points year-on-year, with corporate loans showing a non-performing rate of 0.51% [4][19]. - Total deposits increased by 14.61% year-on-year to 416.97 billion yuan, with corporate deposits growing by 8.57% and personal deposits by 20.41% [3]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 5.355 billion yuan, 5.843 billion yuan, and 6.388 billion yuan, respectively, reflecting year-on-year growth rates of 5.66%, 9.12%, and 9.33% [4][25].

Investment Rating - The report maintains a "Recommend" rating for Suzhou Bank, with a target price of 9.07 CNY, compared to the current price of 8.11 CNY [1]. Core Views - Suzhou Bank has achieved balanced growth in both volume and price, with stable asset quality. The bank reported a revenue of 12.224 billion CNY for 2024, reflecting a year-on-year increase of 3.01%, and a net profit of 5.068 billion CNY, up 10.16% year-on-year. The non-performing loan (NPL) ratio remained stable at 0.83% in Q1 2025, while the provision coverage ratio decreased by 36 percentage points to 447% [1][6]. Financial Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the bank's revenue was 3.25 billion CNY, a 0.76% increase year-on-year. The net profit for the same period was 1.554 billion CNY, up 6.8% year-on-year. The annual revenue growth for 2025-2027 is projected at 1.6%, 8.2%, and 9.4% respectively, while net profit growth is expected to be 7.4%, 10.4%, and 10.8% [1][7]. - **Asset Quality**: The NPL ratio remained stable at 0.83% in Q1 2025, with a slight increase in the annualized NPL generation rate to 0.84%. The bank's provision coverage ratio, although decreased, remains high at 447% [6][9]. - **Loan and Deposit Growth**: Loan growth in Q1 2025 was 12.7%, while deposit growth was 12.6%. The bank is focusing on maintaining a balance between price and volume, with a slight slowdown in growth rates [6][8]. Financial Indicators - **Key Financial Metrics**: For 2024, the total revenue is projected at 12.224 billion CNY, with a net profit of 5.068 billion CNY. The bank's price-to-earnings (P/E) ratio is 6.13, and the price-to-book (P/B) ratio is 0.71 [7][11]. - **Capital Adequacy**: The core capital adequacy ratio is expected to be 9.77% in 2024, increasing to 10.45% in 2025. The bank's leverage ratio is projected to be 12.55 in 2024 [10][11].

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - The report highlights steady growth in performance and continued excellent asset quality for Suzhou Bank [1] - The bank's total operating income for 2024 is projected to be 12.224 billion yuan, reflecting a year-on-year increase of 3.01% [1] - The net profit attributable to shareholders for 2024 is expected to reach 5.068 billion yuan, a year-on-year growth of 10.16% [1] - The report anticipates a slight adjustment in net profit forecasts for 2025-2027, now projected at 5.444 billion yuan, 5.323 billion yuan, and 5.910 billion yuan respectively [1] Financial Performance Summary - Total operating income (in million yuan) for 2023A, 2024A, 2025E, 2026E, and 2027E is 11,866, 12,224, 12,987, 14,192, and 15,832 respectively, with year-on-year growth rates of 0.88%, 3.01%, 6.24%, 9.28%, and 11.56% [1] - Net profit attributable to shareholders (in million yuan) for the same years is 4,600, 5,068, 5,444, 5,323, and 5,910, with year-on-year growth rates of 17.41%, 10.16%, 7.41%, -2.22%, and 11.02% [1] - The latest diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E is 1.00, 1.08, 1.15, 1.12, and 1.25 respectively [1] - The P/B ratio for the current price and latest diluted EPS is 0.92, 0.83, 0.70, 0.66, and 0.62 for the respective years [1] Asset Quality and Income Sources - The report notes that the non-interest income for 2024 is expected to grow significantly, with a year-on-year increase of 27.6% [8] - The bank's non-performing loan ratio remains stable at 0.83% as of Q1 2025 [8] - The report indicates that the bank's loan growth rates for 2024 and Q1 2025 are 13.6% and 8.9% respectively, with a loan-to-total asset ratio of 49.9% [8]