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 ...

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（ ...

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 ...

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]

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].