Financial Performance - In Q1 2025, the company achieved operating income of RMB 2,971 million, a year-on-year increase of 10.04%[3] - The net profit attributable to ordinary shareholders was RMB 1,084 million, reflecting a growth of 13.87% compared to the same period last year[6] - The total profit amounted to RMB 1,378 million, representing a year-on-year increase of 12.31%[3] - The basic earnings per share increased to RMB 0.36, up by 12.50% year-on-year[3] Asset Quality - The non-performing loan ratio decreased to 0.76%, down by 0.01 percentage points from the beginning of the year[6] - The provision coverage ratio was 489.56%, a decrease of 10.95 percentage points compared to the beginning of the year[6] Return Metrics - The return on total assets (annualized) rose to 1.23%, an increase of 0.06 percentage points[3] - The weighted average return on equity (annualized) improved to 14.89%, up by 0.15 percentage points[3] Shareholder Equity - Shareholders' equity attributable to ordinary shareholders reached RMB 29,564 million, a growth of 3.20% from the end of 2024[3] - The net asset value per share increased to RMB 9.81, reflecting a rise of 3.26% compared to the end of 2024[3]

Core Insights - Changshu Bank (601128) reported a revenue of 2.971 billion yuan for Q1 2025, representing a year-on-year growth of 10.04% [1] - The net profit attributable to ordinary shareholders was 1.084 billion yuan, reflecting a year-on-year increase of 13.87% [1] - Basic earnings per share reached 0.36 yuan, marking a year-on-year growth of 12.50% [1]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6] Core Views - Changshu Bank is expected to benefit from the reform of village banks, which will enhance its market share and expand its operational footprint in Jiangsu Province [20][22] - The bank's growth strategy includes replicating its successful micro and small enterprise lending model across Jiangsu, leveraging the strong demand for inclusive finance in the region [2][27] - The bank's financial outlook remains strong, with projected revenue and profit growth outpacing industry averages, supported by a robust net interest margin and stable asset quality [5][11] Summary by Sections 1. Growth Opportunities - The reform policies for village banks present significant expansion opportunities, with Changshu Bank planning to acquire and convert village banks into branches, thereby increasing its operational presence in underserved areas [20][22] - The bank has already announced the acquisition of several village banks, which will allow it to enhance its service offerings in regions where it currently lacks branches [21][22] 2. Market Expansion and Model Replication - Changshu Bank aims to replicate its successful micro-lending model in other areas of Jiangsu, capitalizing on the province's strong growth in inclusive finance, with a projected balance of inclusive micro loans reaching CNY 3.75 trillion by the end of 2024, growing at 15.6% year-on-year [2][27] - The bank's market share in regions where it has established branches has been increasing, with significant growth in asset size and market penetration observed in recent years [27] 3. Financial Performance Outlook - The bank's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders are projected to grow by 10.5%, 10.6%, and 16.2% year-on-year in 2024, respectively, indicating a strong growth trajectory compared to industry averages [5][10] - The net interest margin is expected to remain above industry levels, with a forecasted margin of 2.71% for 2024, reflecting effective cost management and a favorable asset mix [11][12] 4. Asset Quality and Risk Management - Changshu Bank maintains a strong asset quality profile, with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, which is among the lowest in the industry [14][13] - The bank has been proactive in managing its asset quality, with a high provision coverage ratio of 501%, ensuring robust risk mitigation [14][13] 5. Financial Projections - The bank's net profit is expected to reach CNY 4.28 billion in 2025, with a year-on-year growth rate of 12.22%, continuing a trend of strong profitability [15][16] - Key financial metrics such as return on equity (ROE) and return on assets (ROA) are projected to remain stable, supporting the bank's overall financial health [17][18]

Investment Rating - The report maintains a "Recommended" investment rating for the banking industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The report highlights a marginal improvement in performance growth, with core revenue contributions increasing. As of April 12, 2024, 25 out of 42 listed banks reported a year-on-year revenue growth of -0.4% and a net profit growth of 2.0%, both showing a 1 percentage point improvement compared to the previous three quarters [5][6]. - The report anticipates that the banking sector will benefit from strong fiscal policies implemented since October 2024, which are expected to boost economic confidence and stabilize asset quality. If these policies effectively stimulate the real estate and consumer sectors, there will be opportunities for cyclical strategies [5][6]. Summary by Sections Industry Basic Data - The banking sector consists of 42 listed companies with a total market capitalization of approximately 114,992 billion and a circulating market value of about 78,974 billion [2]. Relative Index Performance - The absolute performance of the banking sector over the past month is 5.0%, 17.3% over six months, and 17.7% over twelve months. The relative performance is 2.8%, 15.6%, and 24.4% respectively [3]. Market Review - For the week of April 7-13, 2025, the major indices saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 6.73%. The average daily trading volume in the A-share market was 10,349 billion, up 41.54% from the previous week [5]. Investment Recommendations - The report suggests focusing on banks with high dividend yields and strong asset quality, such as state-owned banks and regional banks with high provision coverage ratios. It also recommends banks with a high proportion of retail assets, which are expected to show greater resilience in the economic recovery [5][6]. Specific banks highlighted include: - Ningbo Bank, Jiangsu Bank, and China Merchants Bank, all rated as "Recommended" with projected EPS growth for 2025 [6].

证券代码：601128 证券简称：常熟银行 公告编号：2025-015 江苏常熟农村商业银行股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 投资者可于 2025 年 04 月 12 日(星期六)至 04 月 17 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本行投资者关系邮 箱：601128@csrcbank.com 进行提问。本行将在 2024 年度业绩说明会（以下简 称"业绩说明会"）上对投资者普遍关注的问题进行回答。 本行已于 2025 年 03 月 28 日在上海证券交易所网站（www.sse.com.cn）披 露 2024 年年度报告，为便于广大投资者更全面深入地了解本行 2024 年度经营成 果、财务状况，本行计划于 2025 年 04 月 18 日(星期五)下午 15:00-16:00 召开 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、业绩 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong control over liability costs and prudent asset quality management by the company [1] - The company reported a revenue of 10.909 billion yuan in 2024, representing a year-on-year increase of 10.53%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.20% year-on-year [2] - As of the end of Q4 2024, the total asset size reached 366.582 billion yuan, with a non-performing loan (NPL) ratio of 0.77%, remaining stable quarter-on-quarter [2][3] - The report indicates a significant increase in the company's efforts to write off non-performing loans, with 1.740 billion yuan written off in the second half of 2024 compared to 968 million yuan in the same period of 2023 [4] Summary by Sections Financial Performance - The company achieved a net interest margin (NIM) of 2.71% for the year, a decrease of 15 basis points year-on-year [2] - The NPL coverage ratio stood at 500.51%, down 27.89 percentage points quarter-on-quarter [2][7] - The projected revenues for 2025, 2026, and 2027 are 11.585 billion yuan, 12.609 billion yuan, and 13.857 billion yuan, respectively, with corresponding net profits of 4.320 billion yuan, 4.782 billion yuan, and 5.268 billion yuan [7][8] Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.77% as of Q4 2024, and the report notes a marginal improvement in forward-looking indicators, signaling a slowdown in risk [3][4] - The report emphasizes the company's proactive approach in managing asset quality, particularly in the retail loan segment, where the NPL ratio has shown signs of pressure due to macroeconomic conditions [3] Market Position and Strategy - The company is expected to benefit from a broad market space in the small and micro retail sector, leveraging its regional advantages and a combination of technology and support services [7] - The report suggests that the company's high proportion of regular deposits and strong cost control measures will allow it to better navigate the current market environment [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong control over liability costs and prudent asset quality management by the company [1] - The company reported a revenue of 10.909 billion yuan in 2024, representing a year-on-year increase of 10.53%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.20% year-on-year [2] - As of the end of Q4 2024, the total asset size was 366.582 billion yuan, an increase of 9.61% year-on-year, with a non-performing loan (NPL) ratio of 0.77%, remaining stable quarter-on-quarter [2][3] Summary by Relevant Sections Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.77% as of Q4 2024, unchanged from Q3 2024. Retail and corporate loan NPL ratios were 0.94% and 0.65%, respectively [3] - The report indicates that the company has increased its efforts in non-performing loan recovery and write-offs, with 1.740 billion yuan of non-performing loans written off in the second half of 2024, compared to 0.968 billion yuan in the same period of 2023 [4] Loan and Deposit Growth - Individual loan growth has been weak, consistent with industry trends, while deposit growth remains strong. The company’s deposit absorption continued to grow at a faster pace than the M2 growth rate [6] - The report notes that the company has adjusted its lending strategy to be more cautious in the face of rising retail loan risks, particularly in personal loans and credit cards [6] Interest Margin and Profitability - The net interest margin (NIM) has continued to narrow, with a quarterly NIM of 2.59% in Q4 2024, down from 2.67% in Q3 2024. The company has taken steps to manage deposit costs, including lowering deposit rates [6][7] - Investment income has performed well, driven by a bond bull market, with Q4 investment income and fair value changes amounting to 0.407 billion yuan, significantly higher than 0.149 billion yuan in the same period last year [6] Future Earnings Forecast - The company’s revenue is projected to reach 11.585 billion yuan in 2025, 12.609 billion yuan in 2026, and 13.857 billion yuan in 2027, with corresponding net profits of 4.320 billion yuan, 4.782 billion yuan, and 5.268 billion yuan [8] - The report anticipates a stable performance due to a solid provisioning base and the potential for continued growth in the small and micro retail market [7][8]

作 者丨曹媛 编 辑丨孙超逸 图 源丨图虫 上市银行2 0 2 4年度"成绩单"陆续披露，分红情况也"浮出水面"。 Wi n d数据显示，截至4月8日，已有2 3家A股上市银行公布2 0 2 4年年报，其中包括6家国有大 行、8家股份制银行、3家城商行及6家农商行。 记者统计发现，上述 2 3家上市银行累计派发现金分红5 6 8 8 . 6 2亿元，同比增加超百亿元 。其 中，国有六大行依旧是绝对的"现金奶牛"，2 0 2 4年拟现金分红金额合计超4 2 0 0亿元，且分红 比例均在3 0%及以上。 | | | 2024年银行业分红情况(已披露年报上市银行) | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 2024年度累计分 | 2023年度累计分 | 同比增减 | | | | 红总额(亿元) | 红总额(亿元) | (亿元) | | 601398.SH | 工商银行 | 1097.73 | 1092.03 | 5.70 | | 601939.SH | 建设银行 | 1007.54 | 1000.04 | 7.50 | | 601288.SH | 农 ...

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].