证券代码：601128 证券简称：常熟银行 公告编号：2024-042 2024 年第一次临时股东大会决议公告 本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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 6 日 江苏常熟农村商业银行股份有限公司 (二)股东大会召开的地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 719 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,201,396,587 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 39.8475 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本行董事会召集，采取现场和网络投票相结合的方式召开， 由薛文董事长主持。本 ...

财联社11月1日讯（记者 高萍） 进入11月，农商行、村镇银行持续跟进下调存款挂牌利率。财联社记者 了解到，常熟银行、保定清苑区邢农商村镇银行等均在今日下调存款挂牌利率。就整存整取定存挂牌利 率而言，常熟银行不同期限下调幅度与大行相同。相比较而言，其他中小银行调整幅度则有所差异。 业内人士对财联社记者表示，银行合理下调存款挂牌利率，有利于稳定银行负债成本，缓解商业银行净 息差收窄压力，增强银行盈利能力与经营稳健性，兼顾支持实体经济和银行稳健经营的平衡。不同银行 因基本情况不同等因素，调整节奏和幅度会有所不同。 上市农商行跟进阵营扩容 常熟银行今日下调存款挂牌利率 自大行于10月18日拉开新一轮存款挂牌利率下调潮以来，上市农商行持续跟进。财联社记者发现，常熟 银行宣布今日起下调存款挂牌利率，其中，就整存整取定期存款而言，调整后3个月、6个月、1年、2 年、3年利率分别为0.86%、1.1%、1.25%、1.35%、1.75%，调整前则分别为1.11%、1.35%、1.5%、 1.6%、2%，调整幅度与大行相同，均为25个基点。 瑞丰银行、苏农银行等则于10月31日起执行新的利率。其中，瑞丰银行10月31日起执行 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [4][6]. Core Insights - The company reported a steady performance with a revenue of 8.37 billion yuan, up 11.30% year-on-year, and a net profit of 2.98 billion yuan, up 18.17% year-on-year, indicating robust growth driven primarily by investment income [2][3]. - The net interest income was 6.90 billion yuan, reflecting a 6.15% increase year-on-year, while non-interest income surged by 44.25% to 1.47 billion yuan, with investment net income rising by 92.54% [2]. - The cost-to-income ratio improved to 35.17%, down 4.13 percentage points year-on-year, showcasing effective cost management [2]. - The company’s total loans reached 239.69 billion yuan, a 7.75% increase from the previous year, although retail loan growth has slowed [2][3]. - The net interest margin stood at 2.82%, slightly down by 21 basis points year-on-year, but the average yield on interest-earning assets increased [2][3]. - Asset quality showed slight fluctuations with a non-performing loan ratio of 0.77% and a provision coverage ratio of 528.40%, indicating strong risk mitigation capabilities [2][3]. Financial Projections - Revenue projections for 2024-2026 are 10.90 billion, 11.96 billion, and 13.34 billion yuan respectively, with net profits expected to be 3.86 billion, 4.45 billion, and 5.15 billion yuan [3]. - The book value per share (BVPS) is projected to increase from 9.48 yuan in 2024 to 12.65 yuan in 2026, with corresponding price-to-book (PB) ratios decreasing from 0.75 to 0.56 [3].

证券代码：601128 证券简称：常熟银行 公告编号：2024-041 江苏常熟农村商业银行股份有限公司 关于参加苏州上市公司投资者集体接待日 暨 2024 年第三季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。 一、业绩说明会类型 本次业绩说明会以网络互动形式召开，本行将针对 2024 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 11 月 6 日(星期三)下午 15:30-17:00 会议召开地点：全景路演（网址：http://rs.p5w.net） 会议召开方式：网络互动 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 6 日（星期三）下午 15:30-17:00 （二）会议召开地点：全景路演（网址：http://rs.p5w.net） （三）会议召开方式：网络互动 三、参加人员 重要内容提示： 投资者可于 202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has demonstrated strong revenue growth with a year-on-year increase of 11.3% in the first three quarters of 2024, while net profit attributable to shareholders grew by 18.2% [2][5] - The bank's net interest income increased by 6.2% year-on-year, supported by a stable net interest margin and significant growth in non-interest income, which rose by 44% [2][3] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 528% [2][4] Summary by Sections Performance - Revenue growth of 11.3% in the first three quarters, with net profit growth of 18.2% [2] - Non-interest income growth of 44%, driven by a strong performance in investment income [4] - Cost-to-income ratio improved by 4 percentage points, leading to a 18.8% increase in pre-provision operating profit (PPOP) [2][3] Scale - Total loans increased by 7.8% year-to-date, with a stable deposit structure showing a 14.8% increase [3] - The bank's retail loan growth has slowed, reflecting weaker external demand [3] Interest Margin - The net interest margin for the first three quarters was 2.75%, slightly down by 4 basis points from the previous half [3] - The bank is expected to benefit from a declining deposit cost trend due to a high proportion of fixed-term deposits [3] Non-Interest Income - Non-interest income growth has moderated, with investment income growth at 40% year-on-year [4] Asset Quality - The non-performing loan ratio increased slightly by 1 basis point to 0.77%, with a provision coverage ratio decrease of 10 percentage points [4] - The bank's risk management capabilities in the small and micro enterprise sector are noted to be industry-leading [4] Investment Recommendation - The bank is expected to maintain leading growth rates in the short term, with a projected revenue growth of 10.4% and net profit growth of 18.2% for the full year 2024 [5] - The current valuation is at 0.75 times the 2024 price-to-book ratio, indicating a significant discount compared to other leading banks [5]

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank (601128) with a target price of 8.00 CNY, compared to the current price of 7.17 CNY [1]. Core Views - Changshu Bank's performance continues to show high growth, with a year-on-year increase in operating income of 11.3% to 8.37 billion CNY and a net profit attributable to shareholders of 2.98 billion CNY, reflecting an 18.2% growth [1][2]. - The bank's asset quality remains strong, with a slight increase in the non-performing loan (NPL) ratio to 0.77% and a decrease in the provision coverage ratio to 528.4% [1]. - The report highlights a marginal improvement in the net generation of non-performing loans, which decreased by 63 basis points to 0.59% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, operating income reached 8.37 billion CNY, with a year-on-year growth of 11.3%, slightly down from the first half of 2024 [1]. - The net profit attributable to shareholders was 2.98 billion CNY, with an 18.2% year-on-year increase, showing a slight deceleration compared to the first half of 2024 [1]. - The bank's net interest income grew by 6.3% year-on-year, while non-interest income saw a significant decline of 20.2% [1]. Asset Quality - The NPL ratio increased slightly by 1 basis point to 0.77%, which is still considered excellent within the industry [1]. - The provision coverage ratio decreased by 10.3 percentage points to 528.4%, indicating a strong risk mitigation capacity [1]. - The report notes that the marginal improvement in asset quality is supported by a decrease in the net generation rate of non-performing loans [1]. Loan and Deposit Growth - As of the end of Q3 2024, the growth rates for interest-earning assets and loans were 10.3% and 9.7% year-on-year, respectively, with a decline in growth rates compared to previous quarters [1]. - Corporate loans maintained a robust growth rate, while retail loan demand remained weak, leading to a slowdown in overall loan growth [1]. Future Outlook - The report projects revenue growth rates of 11.4%, 12.4%, and 13.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 17.2%, 19.9%, and 19.4% for the same years [1][2]. - The current stock price corresponds to a 2025 estimated price-to-book (PB) ratio of 0.67X, with a target PB of 0.75X for 2025 [1].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's overall asset quality remains excellent, with a non-performing loan ratio of 0.77%, slightly up by 1 basis point from the previous quarter [3][4]. - The company reported a revenue of 8.37 billion yuan, an increase of 11.3% year-on-year, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.17% year-on-year [3][4]. - The net interest margin for the first three quarters is 2.75%, down 20 basis points year-on-year, reflecting ongoing pressure on the asset side [3][4]. - Investment income has shown a significant decline in Q3, dropping to 222 million yuan from 498 million yuan in the same period last year, primarily due to a weaker bond market [4]. Summary by Sections Financial Performance - For the first three quarters, the company achieved an operating income of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit of 2.976 billion yuan, up 18.17% year-on-year [3][4]. - The total asset scale as of June 30 is 362.743 billion yuan, reflecting a year-on-year growth of 10.44% [3]. Asset Quality - The non-performing loan ratio stands at 0.77%, with a provision coverage ratio of 528.4%, down by 10.41 percentage points quarter-on-quarter [3][4]. - The company has seen an increase in the proportion of loans under special attention, rising by 16 basis points to 1.52% [3]. Loan and Deposit Trends - Q3 saw a weaker growth in personal loans, while bill discounting remained strong, indicating a shift in demand [3][4]. - The company continues to maintain a strong deposit growth, significantly outperforming the M2 growth rate, with a slight increase in the proportion of demand deposits [3][4]. Interest Margin and Investment Income - The net interest margin is under pressure, with a quarterly measurement of 2.67%, down 8 basis points from the previous quarter and 18 basis points year-on-year [3][4]. - Investment income has decreased significantly in Q3, attributed to a weaker bond market and regulatory constraints on investment scale [4]. Future Outlook - The report adjusts the profit forecast for 2024-2026, expecting operating revenues of 10.859 billion, 11.487 billion, and 12.732 billion yuan respectively, with net profits of 3.840 billion, 4.235 billion, and 4.765 billion yuan [4][11]. - The company is expected to benefit from a high proportion of fixed-term deposits amidst declining interest rates, and its overall asset quality remains robust [4].

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank (stock code: 601128) [1] Core Views - The bank demonstrated robust performance with significant growth in revenue and net profit for the first three quarters of 2024, achieving operating income of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.17% year-on-year [1] - The bank's net interest margin (NIM) improved, supported by a strong expansion in corporate loans and a favorable deposit structure [1] - Non-interest income showed steady growth, with investment income increasing significantly, contributing to overall performance [1] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% and a provision coverage ratio of 528.4%, indicating robust risk mitigation capabilities [1] Summary by Sections Financial Performance - For the first nine months of 2024, the bank's net interest income reached 6.903 billion yuan, a year-on-year increase of 6.15%, with an annualized net interest margin of 2.75%, up 2 basis points from the first half of 2024 [1] - The bank's total loans grew by 7.75% year-on-year, with corporate loans increasing by 14.12% [1] Non-Interest Income - Non-interest income for the first nine months was 1.467 billion yuan, up 44.17% year-on-year, primarily driven by a significant increase in investment income, which reached 1.339 billion yuan, a 92.54% increase [1] Asset Quality - As of September 2024, the bank's NPL ratio was 0.77%, with a provision coverage ratio of 528.4%, indicating a strong position relative to industry peers [1] Investment Recommendations - The bank's focus on supporting agriculture and small enterprises solidifies its competitive advantage in microfinance, with significant growth potential in credit demand and personal business loans [1] - The report projects a book value per share (BVPS) of 9.16 yuan, 10.45 yuan, and 11.96 yuan for 2024-2026, with current price-to-book ratios of 0.78X, 0.69X, and 0.60X respectively [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown high growth in performance while maintaining excellent risk compensation capabilities [1][4] - The company focuses on inclusive finance for small and micro enterprises, demonstrating differentiated competitive advantages [4] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.2% year-on-year [3][4] - Interest income remained stable, with a slight decrease in the growth rate of interest-earning assets contributing 14.2 percentage points to performance, down 1.4 percentage points from the first half of 2024 [3] - The net interest margin for the first three quarters of 2024 was 2.75%, a decrease of 4 basis points compared to the first half of 2024 [3][4] Asset Quality - As of the end of the third quarter of 2024, the non-performing loan ratio was 0.77%, and the attention ratio was 1.52%, reflecting a slight increase due to economic pressures affecting micro-loan asset quality [4] - The provision coverage ratio stood at 528%, indicating sufficient risk compensation capability [4] Future Outlook - The company is expected to see net profit growth of 17.9%, 16.5%, and 16.1% for the years 2024 to 2026, with corresponding price-to-book (PB) ratios of 0.78, 0.70, and 0.63 [4][5] - The company anticipates continued support for credit issuance as policies remain favorable [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 8.37 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders reached 2.976 billion yuan, up 18.17% year-on-year. The revenue growth rate slightly decreased by 0.74 percentage points compared to the first half of 2024, mainly due to a slowdown in the growth of other non-interest income [2][6] - The company achieved an investment income of 1.339 billion yuan, a significant increase of 92.54% year-on-year, primarily due to the realization of gains from trading financial assets [6] - The net interest margin for the first three quarters was 2.75%, showing resilience and expected to remain among the highest in the listed banks [6] - The company's non-performing loan ratio and attention ratio were 0.77% and 1.52%, respectively, indicating a slight increase in attention ratio, which is expected to stabilize under current policies [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 8.37 billion yuan, with a year-on-year growth of 11.30%. The net profit attributable to shareholders was 2.976 billion yuan, reflecting an 18.17% increase year-on-year. The growth rate of revenue decreased slightly compared to H1 2024 due to a decline in other non-interest income growth [2][6] - The company’s investment income for the same period was 1.339 billion yuan, marking a 92.54% increase year-on-year, attributed to the realization of gains from trading financial assets [6] Asset Quality and Risk Management - As of Q3 2024, the company reported a non-performing loan ratio of 0.77% and an attention ratio of 1.52%, with both ratios showing slight increases. The attention ratio's rise is attributed to the weakened repayment capacity of some small and micro enterprises [6] - The company maintained a provision coverage ratio of 528.40%, indicating a strong risk mitigation capacity [6] Future Outlook - The company is projected to achieve revenues of 10.93 billion yuan, 12.01 billion yuan, and 13.44 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.74%, 9.86%, and 11.90% [7] - The net profit attributable to shareholders is expected to be 3.883 billion yuan, 4.446 billion yuan, and 5.165 billion yuan for the same years, with growth rates of 18.33%, 14.51%, and 16.17% [7]