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, representing 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, with 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): - 2023A: 11,866 - 2024A: 12,224 (3.01% YoY) - 2025E: 12,987 (6.24% YoY) - 2026E: 14,192 (9.28% YoY) - 2027E: 15,832 (11.56% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2023A: 4,600 - 2024A: 5,068 (10.16% YoY) - 2025E: 5,444 (7.41% YoY) - 2026E: 5,323 (-2.22% YoY) - 2027E: 5,910 (11.02% YoY) [1] - Latest diluted EPS (in yuan/share): - 2023A: 1.00 - 2024A: 1.08 - 2025E: 1.15 - 2026E: 1.12 - 2027E: 1.25 [1] - P/B (current price & latest diluted): - 2023A: 0.92 - 2024A: 0.83 - 2025E: 0.70 - 2026E: 0.66 - 2027E: 0.62 [1] Asset Quality and Risk Management - The non-performing loan (NPL) ratio for Q1 2025 remains stable at 0.83% [1] - The provision coverage ratio for Q1 2025 decreased to 447% due to a rapid increase in non-performing loan balances [1] - The report indicates a slight increase in the non-performing loan generation rate to 0.20% in Q1 2025 [1] Market Data - Closing price: 8.11 yuan - Market capitalization: 36.257 billion yuan [5] - Price-to-book ratio: 0.74 [5] Conclusion - The report maintains a positive outlook on Suzhou Bank, emphasizing its robust performance and asset quality, while also noting the potential for further growth in the coming years [1]

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [6] Core Views - The company maintains good growth in performance, with operating income for 2024 and Q1 2025 reaching 12.22 billion and 3.25 billion respectively, representing year-on-year growth of 3.0% and 0.8% [1] - The net profit attributable to shareholders for 2024 and Q1 2025 is 5.07 billion and 1.55 billion respectively, with year-on-year growth of 10.2% and 6.8% [1] - Non-interest income significantly contributed to revenue growth, with a 27.6% increase in 2024, while Q1 2025 saw a decline in non-interest income growth to 3.3% [1][2] - The net interest margin decline has narrowed, with average net interest margins for 2024 and Q1 2025 at 1.38% and 1.34%, down 30bps and 18bps year-on-year [2] - The company shows strong asset quality with a non-performing loan ratio of 0.83% as of March 2025, remaining stable compared to the beginning of the year [3] Summary by Sections Financial Performance - Operating income for 2024 is projected at 12.22 billion, with a growth rate of 3.0% [5] - Net profit for 2024 is estimated at 5.07 billion, reflecting a 10.2% increase [5] - The company expects net profits for 2025-2027 to be 5.42 billion, 5.96 billion, and 6.59 billion respectively, with growth rates of 6.9%, 10.0%, and 10.7% [4][5] Asset Quality - The company maintains a high provision coverage ratio, which decreased to 484% at the end of 2024 and further to 447% by March 2025 [3] - The non-performing loan generation rate for 2024 is 0.60%, which is still below the industry average [3] Market Position - The company benefits from a clear geographical advantage and has shown a gradual stabilization in net interest margins [4] - The current stock price corresponds to a price-to-book ratio of 0.76x for 2025, with a dividend yield of 4.93% [4]

Core Viewpoint - Suzhou Bank demonstrates robust growth and strong financial performance, with key operational indicators maintaining regional leadership and a focus on serving the real economy [1][2][3][6]. Financial Performance - As of the end of 2024, Suzhou Bank's total assets reached 6937.14 billion, an increase of 918.73 billion, representing a growth rate of 15.27% [2]. - The bank's total deposits amounted to 4169.65 billion, up by 531.44 billion, with a growth rate of 14.61% [2]. - Total loans reached 3333.59 billion, increasing by 399.58 billion, reflecting a growth rate of 13.62% [2]. - For Q1 2025, total assets surpassed 7000 billion, reaching 7271.54 billion, with a quarterly increase of 334.40 billion, or 4.82% [3]. - The bank achieved a net profit of 16.10 billion in Q1 2025, marking a year-on-year increase of 6.95% [3]. Asset Quality - Suzhou Bank's non-performing loan (NPL) ratio fell to 0.83% by the end of 2024, the lowest since its listing, achieving six consecutive years of decline [5]. - The bank's provision coverage ratio stood at 483.50%, indicating strong risk mitigation capabilities [5]. - As of Q1 2025, the NPL ratio remained stable at 0.83%, with a provision coverage ratio of 447.20% [5]. Service to the Real Economy - The bank has significantly increased its support for the real economy, with corporate loans reaching 2414.83 billion by the end of 2024, up by 454.82 billion, a growth of 23.21% [6]. - Suzhou Bank has issued over 1200 billion in credit to more than 12000 technology enterprises [7]. - In cross-border finance, the bank's international settlement volume reached 168 billion, doubling year-on-year [7]. Technological Innovation - Suzhou Bank is leveraging digital transformation to enhance financial services, including the implementation of a new comprehensive credit system and the development of a knowledge graph platform [8][9]. - The bank has promoted online trade financing services, significantly improving operational efficiency [8]. - The "Su Xin Ke Chuang Li" evaluation model has been developed to better assess the value and risks of technology enterprises, showcasing the integration of technology and finance [9].

2025 年 04 月 29 日 苏州银行 (002966) ——稳业绩、提分红，更稳定可期的成长回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 8.11 | | 一年内最高/最低（元） | 8.87/6.60 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 7.27 | | 流通 A 股市值（百万元） | 35,594 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.90 | | 资产负债率% | 91.73 | | 总股本/流通 A 股(百万) | 4,471/4,389 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 银行 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 ...

1）利息净收入：同比下降0.57%，较24A 降幅收窄6.2pc，25Q1 净息差为1.34%，较24A 下降4bps （24Q1 下降16bps），息差同比降幅明显收窄，主要得益于负债端成本持续优化，其中25Q1 生息资产 收益率、计息负债成本率分别下降33bps、下降21bps。 2）手续费及佣金净收入：同比增长22.48%，较24A 增速提升37pc，或主要源于上年同期低基数以及保 险基金代理费率政策调整的影响逐渐减退。 3）其他非息收入：同比下降7.76%，较24A 增速下降60pc，其中投资净收益同比增长47.11%，而受一 季度债市明显波动影响，公允价值变动损益浮亏2.3 亿元。 事件：苏州银行披露2024 年报及2025 年一季报，2024 年实现营收122亿元，同比增长3.01%，归母净利 润51 亿元，同比增长10.16%。2025年一季度实现营收32 亿元，同比增长0.76%，归母净利润16 亿元， 同比增长6.80%。2025Q1 末不良率、拨备覆盖率分别为0.83%、447.20%，较上年末分别持平、下降 36pc。2024 年全年分红比例达32.50%，较2023年（31.08%）进 ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - **Fee Income**: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - **Asset Quality**: The NPL ratio for corporate loans was 0.51%, down 13 basis points from Q2 2024, primarily due to a significant decrease in the NPL ratio for the real estate sector [3] - **Loan Growth**: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, with year-on-year growth of 12.18% and 12.74% [4] Asset and Liability Management - **Deposits**: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, reflecting a year-on-year increase of 12.63% [9] - **Loan Composition**: The net increase in loans for Q1 2025 was 29.5 billion yuan, with corporate loans contributing significantly to this growth [4][9] Financial Metrics - **Earnings Per Share (EPS)**: EPS for 2024 is projected at 1.32 yuan, with a growth rate of 6.81% expected for 2025 [11][12] - **Dividend Payout**: The dividend payout ratio for 2024 reached 32.50%, an increase from 31.08% in 2023 [1]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、业务 成本节约等对业绩形成正向贡献，具体来看： 1）利息净收入：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

25Q1 末资产、贷款、存款同比+12.2%、+12.7%、+12.8%，增速较 24 年 末-3.1pct、-0.9pct、-2.0pct。24 年新增贷款 400 亿元，其中对公、零售、 票据分别为+412 亿元、-55 亿元、+43 亿元，零售有所缩表主要因公司主 动压降经营贷。一季度信贷延续较优增长，25Q1 新增贷款 295 亿元，对公 （含票据）、零售分别+281 亿元、+14 亿元，零售增长边际回暖。存款定期 化趋势延续，24 年末存款活期率较 24H1 末-2.9pct 至 26.9%。 负债成本改善，成本费用优化 证券研究报告 苏州银行 (002966 CH) 信贷稳步增长，分红比例提升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 区域性银行 | 25Q1 归母净利润、营收、PPOP 同比+6.8%、+0.8%、+5.6%；24 年增速 分别为+10.2%、+3.0%、+1.7%，与业绩快报一致。24 年拟现金分红总额 16.47 亿元，分红比例 34.1%（23 年：31.9%），股息 ...

苏州银行股份有限公司2024年度股东会会议材料 苏州银行股份有限公司 2024 年度股东会会议材料 （股票代码：002966） 苏州银行股份有限公司2024年度股东会会议材料 会议议程 召开时间：2025 年 5 月 23 日（星期五）下午 15:00 召开地点：苏州工业园区钟园路 728 号苏州银行大厦 4 楼会议室 召开方式：现场会议+网络投票 召集人：公司董事会 一、主持人宣布会议开始； 二、宣读股东会会议须知； 三、审议各项议案，听取相关报告； 四、股东发言或提问； 五、报告现场出席会议的股东及股东代理人人数及其代表的有表 决权股份数量； 六、推选本次会议计票人、监票人； 七、投票表决； 八、与会代表休息（工作人员统计投票结果）； 九、宣布现场表决结果； 十、见证律师宣读法律意见书； 二、根据本行章程规定，股东在本行授信逾期及股东质押本行股 份数量达到或超过其持有本行股权的 50%时，其在股东会的表决权将 被限制。 三、会议主持人宣布现场出席会议的股东或代理人人数及所持有 表决权的股份总数之前，会议登记终止。在会议登记终止时未在"出 席股东签名册"上签到的股东或代理人，其代表的股份不计入出席本 次会议 ...

1.股东会届次：2024年度股东会。 2.股东会召集人：本行董事会。本行第五届董事会第二十四次会议审议通过 了《关于召开苏州银行股份有限公司2024年度股东会的议案》。 苏州银行股份有限公司 关于召开 2024 年度股东会的通知 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州银行股份有限公司（以下简称"本行"）2024年度股东会定于2025年5 月23日下午召开，会议有关事项通知如下： 一、召开会议基本情况 证券代码：002966 证券简称：苏州银行 公告编号：2025-050 3.会议召开的合法、合规性：本次股东会的召开符合相关法律法规和本行章 程的规定。 4.会议召开的日期、时间： （1）现场会议召开时间：2025年5月23日下午15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025年5月23日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券交易 所互联网投票系统投票的时间为2025年5月23日上午9:15至2025年5月23日下午 15:00期间任意时间。 5.会议的召开方式： ...