Investment Rating - The investment rating for Suzhou Bank is "Buy" and is maintained [5]. Core Views - Suzhou Bank's revenue growth accelerated in the fourth quarter, with a full-year revenue growth rate of 3.0%, up from 1.1% in the first three quarters, and a notable 9.6% growth in the fourth quarter alone. The net profit attributable to shareholders increased by 10.2% year-on-year, with a fourth-quarter growth of 6.0% [3][8]. - The asset quality remains strong, with a year-end non-performing loan (NPL) ratio decreasing by 1 basis point to 0.83%, and the provision coverage ratio increasing by 10 percentage points to 483% [3][8]. - The first major shareholder, Suzhou Guofa Group, has been increasing its stake, having accumulated 104 million shares since September 2024, raising its holding by 2.18 percentage points to 14%. This reflects the support from the Suzhou municipal government for the long-term value of Suzhou Bank [3][8]. Summary by Sections Revenue and Profitability - The full-year revenue growth was 3.0%, with a quarterly growth of 9.6% in Q4. The net profit attributable to shareholders grew by 10.2% year-on-year, with Q4 showing a 6.0% increase [3][8]. Asset Quality - The year-end NPL ratio was 0.83%, down 1 basis point, while the provision coverage ratio rose to 483%, indicating strong asset quality management [3][8]. Shareholder Activity - Suzhou Guofa Group has increased its stake in Suzhou Bank, reflecting confidence from the local government. The group plans to continue its share purchases, which is expected to support the bank's long-term growth [3][8]. Valuation - The current valuation stands at 0.64 times the 2025 price-to-book ratio (PB), with a projected dividend yield of 5.2% for 2025 [3][8].

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-018 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第九次提示性公告 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。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 4. 赎回日：2025 年 3 月 7 日 5. 停止交易日：2025 年 3 月 4 日 6. 停止转股日：2025 年 3 月 7 日 7. 发行人资金到账日（到达中登公司账户）：2025 年 3 月 12 日 8. 投资者赎回款到账日：2025 年 3 月 14 日 9. 赎回类别：全部赎回 10. 最后一个交易日可转债简称：Z 苏转债 11. 根据安排，截至 ...

Investment Rating - The investment rating for Suzhou Bank is "Strongly Recommended" [1][15]. Core Views - Suzhou Bank reported a 3.01% year-on-year increase in operating revenue and a 10.2% increase in net profit attributable to shareholders for the year 2024 [4][9]. - The bank's total assets grew by 15.3% year-on-year, with loans increasing by 13.6% and deposits by 14.6% as of the end of 2024 [4][9]. - The asset quality is improving, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio rising to 483% by the end of 2024 [9][11]. Summary by Sections Financial Performance - Operating net income for 2024 is projected at 12,068 million yuan, with a year-on-year growth of 2.2% [6]. - Net profit attributable to shareholders is expected to reach 5,080 million yuan in 2024, reflecting a growth of 10.4% [6][13]. - The bank's return on equity (ROE) is forecasted to be 12.6% in 2024, increasing to 13.2% by 2026 [6][13]. Asset Quality - The NPL ratio is expected to improve slightly from 0.84% in 2023 to 0.81% in 2025 [13]. - The provision coverage ratio is projected to decrease from 523% in 2023 to 432% in 2025, indicating a solid buffer against potential loan losses [13]. Growth Projections - The bank's total assets are expected to grow from 698,907 million yuan in 2024 to 805,568 million yuan in 2025 [13]. - Loan growth is anticipated to be robust, with projections of 17% growth rates for the coming years [13]. - The bank's earnings per share (EPS) are forecasted to be 1.28 yuan in 2024, increasing to 1.57 yuan by 2026 [6][9]. Market Position - Suzhou Bank benefits from a favorable regional environment that supports strong credit demand, alongside ongoing expansion in personnel and branches to enhance its competitive edge in wealth management [9].

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [2][7]. Core Insights - Suzhou Bank reported a revenue of 12.2 billion yuan for 2024, reflecting a year-on-year growth of 3.0%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.2% year-on-year. The asset quality is better than expected, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio increasing to 483% [5][7][8]. Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 12.2 billion yuan, with a year-on-year growth rate of 3.0%. The net profit for 2024 is expected to be 5.1 billion yuan, with a growth rate of 10.2% [6][10]. - The forecast for net profit growth from 2024 to 2026 is 10.2%, 8.4%, and 9.2% respectively [7][10]. - The bank's total loans are expected to reach approximately 333.4 billion yuan in 2024, with a growth rate of 13.6% [10]. Asset Quality and Capital Position - Suzhou Bank's NPL ratio is at 0.83%, with a provision coverage ratio of 483%, indicating strong asset quality and risk management [7][8]. - The bank's loan-to-deposit ratio (LDR) is projected to be 79.95% in 2025, reflecting a stable capital position [10]. Market Comparison - As of February 10, 2025, Suzhou Bank's closing price is 7.60 yuan, with a market capitalization of approximately 30.2 billion yuan. The price-to-earnings (P/E) ratio for 2024 is 6.02, and the price-to-book (P/B) ratio is 0.69 [2][12].

Investment Rating - The investment rating for Suzhou Bank is maintained as "Buy" with a target price of RMB 9.40 [8][11]. Core Views - Suzhou Bank's revenue and net profit for 2024 are expected to grow by 3.0% and 10.2% year-on-year, respectively, with a return on equity (ROE) of 11.68% [1][5]. - The bank's total assets, loans, and deposits are projected to increase by 15.3%, 13.6%, and 14.6% year-on-year by the end of 2024, indicating stable credit expansion [2]. - The non-performing loan (NPL) ratio is expected to improve slightly, with a coverage ratio of 483% as of the end of 2024, reflecting a solid asset quality [3]. - The bank has a notable dividend yield of 5.21% for 2024, positioning it among the top ten listed banks in terms of dividend advantage [4]. - The target price is based on a price-to-book (PB) ratio of 0.80 for 2025, reflecting the bank's strong regional presence and clear strategic goals [5]. Summary by Sections Financial Performance - For 2024, Suzhou Bank's revenue is projected at RMB 12,223 million, with a net profit of RMB 5,068 million, reflecting a growth rate of 10.16% [19]. - The bank's NPL ratio is expected to decrease to 0.83% by 2024, with a core tier 1 capital adequacy ratio of 8.65% [19]. Asset Quality - The NPL ratio is forecasted to improve to 0.82% by 2025, with a further decline to 0.81% by 2026, indicating a positive trend in asset quality [19]. - The bank's provisioning coverage is expected to remain robust, supporting its asset quality management [3]. Capital and Dividends - The bank's dividend policy remains stable, with a projected dividend yield of 5.74% for 2025, enhancing its attractiveness to investors [4]. - The completion of the convertible bond conversion is expected to strengthen the bank's capital base, supporting future growth [2]. Valuation - The estimated book value per share (BVPS) for 2025 is projected at RMB 11.75, with a corresponding PB ratio of 0.65 [5]. - The average PB ratio for comparable banks is 0.62, indicating that Suzhou Bank may enjoy a valuation premium due to its strategic positioning [5].

Investment Rating - The report maintains a "Recommended" rating for Suzhou Bank, with a target price of 8.46 CNY, compared to the current price of 7.60 CNY [4][8]. Core Insights - Suzhou Bank reported a revenue of 12.223 billion CNY for 2024, reflecting a year-on-year growth of 3.01%, and a net profit attributable to shareholders of 5.068 billion CNY, up 10.15% year-on-year. The non-performing loan ratio decreased by 1 basis point to 0.83%, while the provision coverage ratio increased by 9.8 percentage points to 483.46% [2][8]. - The revenue growth accelerated in Q4 2024 to 9.6%, significantly higher than the less than 2.5% growth in the previous three quarters, supported by a low base effect and strong growth in non-interest income [8]. - The bank's asset quality improved, with a decrease in the non-performing loan ratio and an increase in the provision coverage ratio, indicating a solid safety cushion [8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue (million CNY): 2023: 11,866; 2024E: 12,225; 2025E: 12,629; 2026E: 13,300 [2]. - Net profit (million CNY): 2023: 4,601; 2024E: 5,073; 2025E: 5,624; 2026E: 6,242 [2]. - **Growth Rates**: - Revenue growth rates: 2024E: 3.02%; 2025E: 3.31%; 2026E: 5.31% [2]. - Net profit growth rates: 2024E: 10.25%; 2025E: 10.87%; 2026E: 10.97% [2]. - **Valuation Ratios**: - Price-to-earnings (PE) ratio: 2025E: 6.04; Price-to-book (PB) ratio: 2025E: 0.72 [10][11]. Asset Quality - The non-performing loan ratio is projected to remain stable at 0.83% for 2025 and 2026, while the provision coverage ratio is expected to decrease to 430% by 2025 and 394% by 2026 [10][11]. - The bank's capital adequacy ratio is forecasted to decline from 14.03% in 2023 to 11.78% by 2026, indicating a potential tightening of capital [10].

Core Viewpoint - Suzhou Bank reported a revenue of 12.223 billion yuan for 2024, reflecting a year-on-year growth of 3.01%, and a net profit of 5.068 billion yuan, which is a 10.15% increase compared to the previous year [1] Financial Performance - The bank achieved an operating income of 12.223 billion yuan in 2024, marking a 3.01% increase year-on-year [1] - The net profit for the year reached 5.068 billion yuan, representing a year-on-year growth of 10.15% [1] - Basic earnings per share stood at 1.31 yuan [1] Asset Quality - As of the end of 2024, the non-performing loan ratio was 0.83%, a decrease of 0.01 percentage points from the end of the previous year [1] - The provision coverage ratio was reported at 483.46% [1]

Financial Performance - In 2024, Suzhou Bank achieved operating income of RMB 12.223 billion, a 3.01% increase compared to RMB 11.866 billion in 2023[5] - The net profit attributable to shareholders of the listed company reached RMB 5.068 billion, reflecting a growth of 10.15% from RMB 4.601 billion in the previous year[5] - Basic earnings per share rose to RMB 1.31, a 7.38% increase from RMB 1.22 in 2023[5] - The weighted average return on equity was 11.68%, down by 0.32 percentage points from 12.00% in the previous year[5] Asset and Deposit Growth - Total assets as of December 31, 2024, amounted to RMB 693.804 billion, representing a 15.28% increase from RMB 601.841 billion at the end of 2023[7] - The total deposits reached RMB 416.965 billion, marking a 14.61% increase from the previous year[7] - The total loans increased to RMB 333.359 billion, reflecting a growth of 13.62% compared to the previous year[7] - Shareholder equity attributable to the listed company increased to RMB 52.911 billion, a growth of 16.34% from RMB 45.480 billion in 2023[5] Loan Quality - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points from 0.84% in the previous year[5] - The provision coverage ratio stood at 483.46%, indicating a decrease of 39.31 percentage points from the previous year's 522.77%[5]

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-016 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第八次提示性公告 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。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 9. 赎回类别：全部赎回 10. 最后一个交易日可转债简称：Z 苏转债 11. 根据安排，截至 2025 年 3 月 6 日收市后仍未转股的"苏行转债"将被 强制赎回。本次赎回完成后，"苏行转债"将在深圳证券交易所摘牌。投资者持 有的"苏行转债"存在被质押或冻结情形的，建议在停止转股日前解除质押或冻 结，以免出现因无法转股而被强制赎回的情形。 1 12. 风险提示： ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第七次提示性公告 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。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 4. 赎回日：2025 年 3 月 7 日 5. 停止交易日：2025 年 3 月 4 日 6. 停止转股日：2025 年 3 月 7 日 12. 风险提示：本次"苏行转债"赎回价格可能与其停止交易和停止转股前 的市场价格存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转 股，可能面临损失，敬请投资者注意投资风险。 一、赎回情况概述 7. 发行人资金到账日 ...