Group 1: Investor Relations Activities - A total of 15 investor relations activities were conducted from February 20 to April 11, 2024, including specific research and broker strategy meetings [1][2][3]. - The activities involved 11 different institutions on February 27, with a total of 16 participants [1]. - The largest broker strategy meeting occurred on March 7, with 30 institutions and 35 participants [2]. Group 2: Financial Performance - In 2023, the bank achieved a revenue growth of 16.16% in deposits and 15% in loans [3]. - The net interest margin slightly decreased due to competitive pressures and economic conditions, but the bank managed to control deposit costs effectively [3]. - As of the end of 2023, the non-performing loan ratio was 0.75%, a decrease of 0.06 percentage points from the beginning of the year, and the provision coverage ratio was 537.88%, an increase of 1.11 percentage points [3]. Group 3: Risk Management and Outlook - The bank employs a comprehensive risk management model to maintain asset quality, focusing on preemptive, ongoing, and post-event risk controls [3]. - For 2024, the bank aims to maintain stable asset quality and provision coverage, with expectations of a slight narrowing in the net interest margin [3].

Group 1: Financial Performance - The bank's revenue and net profit attributable to shareholders showed significant growth in Q1 2024, driven by a deposit growth rate of 14.35% and a loan growth rate of 5.76% [3] - The growth logic is attributed to five main factors: increased volume, stable pricing, diversification of non-interest income, cost control through technology, and effective risk management [3] Group 2: Interest Margin Outlook - The bank's net interest margin is expected to remain relatively stable with a slight narrowing due to competitive pressures and economic conditions affecting credit demand [4] - The bank plans to optimize its loan structure by focusing on smaller, credit-based loans while enhancing the proportion of high-interest loans [4] Group 3: Asset Quality and Risk Management - As of March 2024, the bank reported a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 539.18%, indicating strong asset quality [4] - The bank will continue to enhance its risk management framework to maintain stable levels of NPL and provision coverage in 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.33 CNY and a projected PB of 0.7 times for 2024 [2][3]. Core Views - The report highlights the resilience of the company's ROE, projecting it to reach 14.3% in 2024, supported by strong net interest income and a favorable cost-to-income ratio [1][2][6]. - The company has a robust growth outlook, with expected EPS of 1.41, 1.65, and 1.91 CNY for 2024-2026, indicating significant valuation upside potential [2][3]. Summary by Sections 1. ROE Resilience Factors - The company has achieved a ROE of 13.7% in 2023, ranking sixth among listed banks, with expectations for continued upward momentum [1][6]. - Key factors supporting ROE growth include: - Extensive branch coverage in Jiangsu province, facilitating credit expansion [18][19]. - Stabilization of net interest margin due to a focus on small and micro enterprises, leading to high loan yield [24][25]. - Significant improvement potential in the cost-to-income ratio, with a current ratio of 37% compared to over 55% for newly consolidated village banks [28][29]. - Low credit costs, with a projected credit cost below 1% due to strong asset quality and high provisioning coverage [35][36]. 2. Revenue and Profitability Forecast - The company anticipates steady revenue growth, with operating income projected to reach 13,847 million CNY by 2026, reflecting a growth rate of 12.1% [3]. - Net profit attributable to shareholders is expected to grow to 5,246 million CNY by 2026, with a growth rate of 16.1% [3]. 3. Valuation Analysis - The report indicates that the company's current PB is at historical lows, suggesting room for valuation improvement as earnings remain strong [1][2]. - The projected PB for 2024 is 0.7, with expectations for continued upward valuation support from robust earnings performance [2][3]. 4. Risk Management and Asset Quality - The company maintains a high provisioning coverage ratio of 539%, indicating strong risk management capabilities [35]. - The asset quality remains stable, with non-performing loan ratios well controlled, particularly in the context of expanding credit operations [31][33].

Group 1: Financial Performance - The bank's revenue and net profit attributable to shareholders showed significant growth in Q1 2024, driven by five key factors: deposit growth of 14.35% and loan growth of 5.76% as of March 2024 [3] - The bank aims for a revenue growth of around 10% and a net profit growth of 18% for the full year of 2024 [3] Group 2: Interest Margin and Cost Control - The decline in net interest margin in 2023 was primarily due to competition and insufficient credit demand, alongside adjustments in mortgage rates [3] - The bank plans to maintain a stable interest margin in 2024 by optimizing loan structures and controlling deposit costs [3] Group 3: Asset Quality and Risk Management - As of March 2024, the bank reported a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18%, indicating strong asset quality [3] - The bank will continue to enhance its risk management system to maintain stable levels of non-performing loans and provision coverage [3] Group 4: Investor Relations Activities - The bank conducted multiple investor relations activities, including 13 institutions participating in a conference call on May 7, 2024, with a total of 17 participants [1] - A total of 30 institutions were involved in a follow-up call on the same day, indicating strong interest from investors [1]

证券代码：601128 证券简称：常熟银行 公告编号：2024-023 江苏常熟农村商业银行股份有限公司 第八届监事会第四次会议决议公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）监事会及全体监 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。 本行第八届监事会第四次会议于 2024 年 5 月 30 日以现场会议方式召开，会 议通知及会议文件已于 2024 年 5 月 23 日以电子邮件方式发出。会议由宋毅监事 长主持，会议应到监事 6 人，实到监事 5 人，高志玲监事因公务原因未能亲自出 席会议，委托陈德翔监事代为出席并表决。会议符合《公司法》等法律法规及本 行《章程》的有关规定。 会议审议并通过了如下议案： 一、监事会 2024 年调研方案 同意 6 票，反对 0 票，弃权 0 票。 特此公告。 江苏常熟农村商业银行股份有限公司监事会 2024 年 5 月 30 日 ...

江苏常熟农村商业银行股份有限公司 第八届董事会第四次会议决议公告 证券代码：601128 证券简称：常熟银行 公告编号：2024-022 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。 本行第八届董事会第四次会议于 2024 年 5 月 30 日以现场会议方式召开，会 议通知及会议文件已于 2024 年 5 月 20 日发出。会议由薛文先生主持，会议应到 董事 13 人，实到董事 13 人。部分监事列席了会议，会议符合《公司法》等法律 法规及本行《章程》的有关规定。 会议审议并通过了如下议案： 一、对外投资方案 同意 13 票，反对 0 票，弃权 0 票。 二、董事会 2024 年调研方案 同意 13 票，反对 0 票，弃权 0 票。 三、合规银行建设工作规划（2024-2026 年） 同意 13 票，反对 0 票，弃权 0 票。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2024 年 5 月 30 日 ...

证券代码：601128 证券简称：常熟银行 可转债代码：113062 可转债简称：常银转债 江苏常熟农村商业银行股份有限公司 Jiangsu Changshu Rural Commercial Bank Co., Ltd. （注册地址：江苏省常熟市新世纪大道 58 号） 公开发行 A 股可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人 二〇二四年五月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《江 苏常熟农村商业银行股份有限公司 2021 年公开发行 A 股可转换公司债券之受托 管理协议》（以下简称"《受托管理协议》"）《江苏常熟农村商业银行股份有限公 司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"）《江 苏常熟农村商业银行股份有限公司 2023 年年度报告》等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期债券受托管理人中信证券股份有限公 司（以下简称"中信证券"）编制。中信证券对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性 和完整性做出任何保证或承担任何责 ...

调整 A 股可转换公司债券转股价格的公告 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： 因实施 2023 年度权益分派,本行的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113062 | 常银转债 | 可转债转股复牌 | | | 2024/5/28 | 2024/5/29 | | 证券简称：常熟银行 | 公告编号：2024-021 | | --- | --- | | 证券代码：601128 | | 转债代码：113062 转债简称：常银转债 江苏常熟农村商业银行股份有限公司 关于根据 2023 年度利润分配方案 调整前转股价格：7.83 元/股 调整后转股价格：6.89 元/股 转股价格调整实施日期：2024 年 5 月 29 日 证券停复牌情况：适用 体股东每10股转增1股。 本 ...

差异化分红送转：否 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经 2024 年 4 月 29 日的 2023 年年度股东大会审议通 过。 二、 分配、转增股本方案 证券代码：601128 证券简称：常熟银行 公告编号：2024-020 江苏常熟农村商业银行股份有限公司 2023 年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售条件 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | 流通股份上市日 | 放日 | | Ａ股 | 2024/5/28 | － | 2024/5/29 | 2024/5/29 | 2024/5/29 | 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report indicates that the company continues to show strong revenue and profit growth, with Q1 2024 revenue increasing by 12.01% year-on-year and net profit rising by 19.80% [3][4] - The asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18% [3][4] - The company is experiencing a shift in corporate deposits from fixed to demand, with demand deposits increasing to 34.9 billion yuan in Q1 2024 from 28.3 billion yuan at the end of 2023 [3] Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 9,870 million yuan, with a year-on-year growth of 12.05% [5] - The net profit for 2024 is projected to be 3,709 million yuan, reflecting a growth rate of 13.02% [5] - The average return on equity (ROE) is expected to be 14.18% in 2024 [5] Valuation Metrics - The report estimates the EPS for 2024-2026 to be 1.35, 1.52, and 1.72 yuan respectively, with corresponding P/E ratios of 7.47-8.18 times [4][5] - The reasonable value range for the company is set between 10.09 and 11.04 yuan based on DDM and PB-ROE models [4] Market Comparison - The company is compared with peers, showing a PB ratio of 1.00 times for 2024E, while comparable companies have an average PB of 0.51 times [6] - The report highlights that the company's performance is expected to outperform the market benchmark by over 10% [17]