江苏常熟农村商业银行股份有限公司 2024 年度跟踪评级报告 编号：信评委函字[2024]跟踪 0214 号 江苏常熟农村商业银行股份有限公司 2024 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2024 年 5 月 15 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融 ...

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： 根据本次评级结果，本行A股可转换公司债券（以下简称"常银转债"， 代码"113062"）仍可作为债券质押式回购交易的质押券 根据《上市公司证券发行管理办法》等有关规定，本行委托信用评级机构中 诚信国际信用评级有限责任公司（以下简称"中诚信"）对本行2022年9月公开 发行的"常银转债"进行了跟踪信用评级。 本行前次主体信用评级结果为"AAA"；"常银转债"前次信用评级结果为 "AAA"；前次评级展望为"稳定"；评级机构为中诚信，评级时间为2023年12 月18日。 | 证券代码：601128 | 证券简称：常熟银行 公告编号：2024-019 | | --- | --- | | 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 公开发行 A 股可转换公司债券 2024 年度跟踪评级结果的公告 评级机构中诚信在对本行经营状况、行业情况进行综合分析与评估的基础上， 于2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's revenue growth remains strong, with a year-on-year increase of 12.0% in Q1 2024, driven by a 5.6% increase in net interest income and a significant 70% increase in non-interest income. The net profit attributable to shareholders grew by 19.8% year-on-year [3][4]. Summary by Sections Revenue and Profitability - In Q1 2024, the company's revenue reached 9,869 million yuan, reflecting a year-on-year growth rate of 12.0%. The net profit was 3,280 million yuan, with a year-on-year growth of 19.6% [2][3]. - The annualized net interest margin improved by 25 basis points to 2.77%, with the asset yield rising by 24 basis points to 4.92% [6][8]. Asset and Liability Growth - The company experienced a significant increase in loans, with a total of 12.8 billion yuan added in Q1 2024, primarily from corporate loans, which accounted for 7.9 billion yuan. Retail loans added 3.06 billion yuan [8][9]. - Deposits grew by 14.4% quarter-on-quarter, with a total increase of 35.58 billion yuan in Q1 2024, indicating a strong deposit base [8][10]. Asset Quality - The non-performing loan (NPL) ratio slightly increased to 0.76%, while the annualized NPL generation rate improved significantly to -0.08%, indicating better asset quality management [11][12]. - The provision coverage ratio stood at 539.17%, reflecting a strong capacity to cover potential losses [11][12]. Capital Adequacy - The core Tier 1 capital adequacy ratio decreased slightly to 10.15%, while the total capital adequacy ratio was 13.51% [13]. Shareholder Structure - The top ten shareholders include major institutional investors, with notable changes such as the entry of the CSI 500 ETF and reductions by some existing shareholders [14]. Investment Recommendation - The company is projected to have price-to-book ratios of 0.82X, 0.69X, and 0.61X for 2024E, 2025E, and 2026E respectively, indicating a favorable investment outlook [14].

Investment Rating - The report provides a positive investment outlook for Changshu Bank, suggesting to pay attention to the bank's performance and growth potential [2][12]. Core Views - Changshu Bank's revenue growth remains strong, with a year-on-year increase of 12.0% in Q1 2024, driven by a 5.6% increase in net interest income and a significant 70% increase in non-interest income [3][6]. - The bank's net profit attributable to shareholders grew by 19.8% year-on-year, indicating robust performance resilience [3][10]. - The bank's asset quality remains strong, with a slight increase in non-performing loan (NPL) ratio to 0.76%, but a notable improvement in the NPL generation rate [10][11]. Revenue and Profitability - Revenue for 2024 is projected to reach 10,797 million yuan, with a growth rate of 9.4% [2]. - Net profit is expected to be 3,915 million yuan in 2024, reflecting a year-on-year growth of 19.4% [2]. - Earnings per share (EPS) is forecasted to be 1.43 yuan for 2024, up from 1.20 yuan in 2023 [2]. Interest Income and Margin - The bank's net interest income increased by 14.9% quarter-on-quarter in Q1 2024, with the annualized net interest margin rising by 25 basis points to 2.77% [6][7]. - The yield on assets increased by 24 basis points to 4.92%, while the cost of liabilities decreased by 1 basis point to 2.35% [6]. Asset and Liability Growth - In Q1 2024, the bank's loan growth was primarily supported by corporate loans, with total new loans of 128 billion yuan, an increase of 17 billion yuan year-on-year [7][8]. - Deposits grew significantly, with a quarter-on-quarter increase of 14.4%, totaling 355.8 billion yuan in new deposits [7][9]. Asset Quality - The NPL ratio slightly increased to 0.76%, but the NPL generation rate improved significantly, indicating better asset quality management [10][11]. - The bank's provision coverage ratio stood at 539.17%, reflecting strong risk mitigation capabilities [10][11]. Capital Adequacy - As of Q1 2024, the core Tier 1 capital adequacy ratio was 10.15%, showing a slight decrease from the previous quarter [12]. Shareholder Structure - The report notes changes in the top ten shareholders, with the introduction of new investors and some reductions in holdings by existing shareholders [13]. Investment Recommendation - The bank's business model focuses on personal loans, with strong risk control and market expansion strategies, suggesting a favorable investment outlook [12].

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2024-018 | | --- | --- | --- | | 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 实施 2023 年度权益分派时"常银转债"停止转股的提示性公告 二、本次权益分派方案实施时停止转股的安排 本行将于 2024 年 5 月 22 日在上海证券交易所网站（www.sse.com.cn）和《中 国证券报》《上海证券报》《证券时报》披露本行 2023 年度权益分派实施公告和"常 银转债"转股价格调整公告。 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： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 日 | 期间 | | | | 113062 | 常银转债 | 可转债转股停牌 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a nearly 20% growth in net profit for Q1 2024, driven by effective cost control and significant improvement in non-interest income [2]. - The bank's interest margin showed resilience despite slight narrowing, with a net interest margin of 2.83% [2]. - Asset quality remains stable, with non-performing loan ratio at 0.76% and provision coverage ratio at 539.18% [2]. Financial Performance Summary - For Q1 2024, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 12.01% [2]. - The net profit attributable to shareholders was 952 million yuan, reflecting a year-on-year growth of 19.80% [2]. - Non-interest income saw remarkable growth, with commission income and other non-interest income increasing by 635.41% and 67.00% respectively [2]. Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 10.95 billion, 12.15 billion, and 13.60 billion yuan, with respective growth rates of 10.98%, 10.89%, and 11.95% [3][7]. - Expected net profits for the same period are 3.82 billion, 4.52 billion, and 5.24 billion yuan, with growth rates of 16.42%, 18.19%, and 16.08% [3][7]. - The target price is set at 10.14 yuan, based on a price-to-book ratio of 1x for 2024 [2][4].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [4][5]. Core Insights - Changshu Bank achieved a 12.0% year-on-year increase in operating income for Q1 2024, with net interest income growing by 5.6% and net profit attributable to shareholders increasing by 19.8% [5][6]. - The bank's non-performing loan (NPL) ratio slightly increased by 1 basis point to 0.76%, while the provision coverage ratio rose to 539%, indicating strong asset quality [5][6]. - The report highlights a significant reduction in the cost-to-income ratio, which decreased by 4.9 percentage points to 35.3%, contributing to a high growth in Pre-Provision Operating Profit (PPOP) of 21% [5][6]. Summary by Sections Financial Performance - In Q1 2024, Changshu Bank's loans grew by 5.8% compared to the beginning of the year, with corporate loans increasing by 10.2% and personal loans by 2.3% [5][6]. - Deposits saw a high growth of 14.4%, marking the highest growth rate in recent years, with the proportion of time deposits slightly increasing to 79.7% [5][6]. Interest Margin and Cost Management - The net interest margin decreased by 3 basis points to 2.83%, which remains competitive within the industry [5][6]. - The bank's management has focused on enhancing asset quality and reducing costs, leading to a significant improvement in profitability metrics [5][6]. Asset Quality and Risk Management - The NPL ratio remains stable, with expectations for asset quality to hold steady despite slight fluctuations in the macroeconomic environment [5][6]. - The bank's robust risk management practices have allowed it to maintain a high provision coverage ratio, which is rare among peers [5][6]. Investment Outlook - The report projects a revenue growth of 11.1% and a net profit growth of 18.3% for 2024, indicating a strong performance relative to the industry [5][6]. - Based on the closing price on April 30, 2024, the bank is considered undervalued with a projected valuation of 0.76 times price-to-book ratio [5][6].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 9.32 CNY, maintaining the rating [4]. Core Views - The company has demonstrated rapid growth in its financial performance, with a year-on-year increase in operating income of 12.01%, pre-provision profit growth of 20.76%, and net profit attributable to shareholders rising by 19.80% in Q1 2024 [1][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18%, indicating robust risk mitigation capabilities [7][8]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit growth accelerated by 4.91 percentage points compared to the previous quarter, driven by the expansion of interest-earning assets, increased non-interest income, and a decrease in the cost-to-income ratio [1][8]. - The total assets of the bank grew by 15.05% year-on-year, with a net increase of 302 billion CNY in the quarter [2]. Asset and Liability Management - The bank's loan portfolio increased by 15.01% year-on-year, with corporate loans growing by 18.66% [2][3]. - Deposits rose by 18.02% year-on-year, with retail deposits increasing by 22.37% [2][7]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2024 was 2.83%, ranking first among listed banks, despite a year-on-year decline of 19 basis points [3][7]. - Non-interest income surged by 70.90% year-on-year, primarily driven by a significant increase in commission income [7][8]. Future Outlook - The bank is expected to maintain a revenue growth rate of 11.00% and a profit growth rate of 19.09% for 2024, supported by its strong asset quality and leading net interest margin [8][9].

Investment Rating - The investment rating for Changshu Bank is "Buy - A" with a target price of 9.32 CNY, indicating a potential upside from the current price of 7.93 CNY [4][8]. Core Views - Changshu Bank reported a strong performance in Q1 2024, with a year-on-year increase in operating income of 12.01%, pre-provision profit growth of 20.76%, and net profit attributable to shareholders rising by 19.80% [1][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18%, indicating robust risk mitigation capabilities [7][8]. Summary by Sections Financial Performance - In Q1 2024, Changshu Bank's net profit growth accelerated by 4.91 percentage points year-on-year, driven by the expansion of interest-earning assets, increased non-interest income, and a decrease in the cost-to-income ratio [1]. - The bank's total assets grew by 15.05% year-on-year, with a net increase of 30.2 billion CNY in the quarter, primarily from financial investments [2]. - The total loan amount accounted for 64.51% of total assets, with corporate loans showing a year-on-year growth of 18.66% [2]. Income and Expenses - Non-interest income surged by 70.90% year-on-year, with significant contributions from commission income and investment gains [7]. - The cost-to-income ratio improved to 35.27%, reflecting better operational efficiency [7][12]. Interest Margin - The net interest margin for Q1 2024 was 2.83%, ranking first among listed banks, despite a year-on-year decline of 19 basis points [3][7]. - The bank's interest-earning asset yield was 5.03%, showing a slight improvement from the previous quarter [3]. Future Outlook - The bank is expected to maintain its focus on reducing deposit costs and optimizing the deposit structure, which should stabilize the interest margin throughout 2024 [7]. - Revenue growth is projected at 11.00% for 2024, with net profit growth expected at 19.09% [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's Q1 2024 performance shows strong revenue growth and improved profitability, with operating income reaching 2.7 billion yuan, up 12.01% year-on-year, and net profit attributable to ordinary shareholders at 952 million yuan, up 19.80% year-on-year [4][6]. - The total asset scale increased by 15.05% year-on-year to 364.8 billion yuan, indicating robust asset expansion [4]. - The bank's non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 539.18%, reflecting strong asset quality [4][6]. - The net interest margin (NIM) is reported at 2.83%, showing resilience despite a year-on-year decline of 19 basis points [5][6]. - Investment income significantly increased by 77% year-on-year, contributing 16.01% to total revenue, driven by favorable market conditions [5][6]. Summary by Sections Financial Performance - Q1 2024 operating income was 2.7 billion yuan, a 12.01% increase year-on-year, while net profit was 952 million yuan, up 19.80% year-on-year [4]. - Total assets reached 364.8 billion yuan, growing 15.05% year-on-year, with a loan total of 235.2 billion yuan, reflecting a 15.01% year-on-year increase [4][5]. Asset Quality - The non-performing loan ratio stands at 0.76%, with a slight increase of 1 basis point from the previous quarter [4][6]. - The provision coverage ratio improved to 539.18%, indicating a strong buffer against potential loan losses [6]. Deposit and Loan Structure - Deposits grew by 18.02% year-on-year to 283.5 billion yuan, with a notable decrease in the proportion of time deposits, suggesting easing pressure on deposit costs [4][5]. - The loan structure shows a strong demand for corporate loans, with personal loans experiencing weaker growth [4][5]. Interest Margin and Investment Income - The net interest margin is reported at 2.83%, with a year-on-year decline of 19 basis points, but an increase of 23 basis points from the previous quarter [5][6]. - Investment income rose significantly, contributing 16.01% to total revenue, driven by a favorable bond market [5][6]. Future Outlook - The report projects revenue for 2024-2026 to be 10.87 billion, 12.06 billion, and 13.66 billion yuan respectively, with net profit estimates of 3.87 billion, 4.41 billion, and 5.24 billion yuan [6].