Investment Rating - The report maintains a "Recommended" rating for Changshu Bank, with a target price of 8.31 yuan [2][7]. Core Views - Changshu Bank achieved a revenue of 10.909 billion yuan in 2024, 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][8]. - The non-performing loan (NPL) ratio stands at 0.77%, with a provision coverage ratio of 500.51%, indicating strong risk mitigation capabilities [2][8]. - The bank's business model focuses on small and micro enterprises, leveraging a replicable "Changshu Micro Loan Model" that enhances risk control and market expansion [7]. Financial Performance Summary - Revenue growth is stable, with net interest income showing a year-on-year increase of 12.1% in Q4, contributing to a cumulative growth of 7.6% [6][8]. - Non-interest income grew by 29% year-on-year, with significant contributions from net fee income and investment income [6][8]. - The cost-to-income ratio improved to 36.62%, down 0.25 percentage points year-on-year, despite a 9.8% increase in expenses [6][8]. Loan and Asset Quality Summary - Total new loans for the year amounted to 18.4 billion yuan, with corporate loans contributing 12.5 billion yuan [6][8]. - Retail loan demand remains weak, with a slight recovery in Q4, but overall new loans decreased year-on-year [6][8]. - The bank has increased its efforts in loan write-offs, with nearly 3 billion yuan written off during the year, maintaining a stable asset quality [6][8]. Future Projections - The report forecasts net profit growth rates of 10.3%, 16.9%, and 10.1% for 2025, 2026, and 2027 respectively [7][8]. - The target price corresponds to a price-to-book (PB) ratio of 0.80X for 2025, compared to a historical average of 0.90X [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 RMB [8][11]. Core Views - The company is expected to achieve a net profit of 3.813 billion RMB in 2024, representing a year-on-year growth of 16.2%, while operating revenue is projected to reach 10.909 billion RMB, up 10.5% year-on-year [1][27]. - The company plans to distribute a dividend of 0.25 RMB per share, with a payout ratio of 19.8% and a dividend yield of 3.44% [1][5]. - Despite challenges in short-term operations due to the recovery of small and micro enterprises, the company's business model is mature and resilient, justifying the "Buy" rating [1][5]. Summary by Sections Financial Performance - The company's total assets, loans, and deposits are projected to grow by 9.6%, 8.3%, and 15.9% respectively by the end of 2024, indicating a slight decline in growth rates compared to previous quarters [2]. - The net interest margin for 2024 is forecasted to be 2.71%, a decrease of 4 basis points from the previous quarter [2]. - Other non-interest income is expected to grow by 25.9% in 2024, recovering from a decline in the previous quarters [3]. Asset Quality - The non-performing loan (NPL) ratio is expected to remain stable at 0.77% by the end of 2024, with a provision coverage ratio of 501% [4]. - The company anticipates a credit NPL generation rate of 1.12% for 2024, reflecting a year-on-year increase of 0.49 percentage points [4]. Valuation and Forecast - The company is projected to achieve net profits of 4.229 billion RMB, 4.710 billion RMB, and 5.255 billion RMB for the years 2025 to 2027, with respective growth rates of 10.9%, 11.4%, and 11.6% [5][27]. - The target price of 8.86 RMB corresponds to a price-to-book (PB) ratio of 0.85 for 2025, reflecting a premium valuation due to the company's strong operational resilience [5][11].

Core Viewpoint - The bank reported a strong financial performance for 2024, with significant growth in revenue and net profit, indicating resilience in its operations and a solid foundation for future growth [1][2]. Financial Performance - The bank achieved a total operating income of 10.9 billion yuan in 2024, representing a year-on-year increase of 10.5% [1]. - The net profit attributable to shareholders reached 3.81 billion yuan, up 16.2% year-on-year [1][2]. - The annualized return on equity (ROE) stood at 14.15% [1]. Asset and Loan Growth - Total assets at the end of 2024 amounted to 366.6 billion yuan, reflecting a growth of 9.6% from the beginning of the year [1]. - The loan portfolio expanded to 240.9 billion yuan, marking an 8.3% increase year-on-year [1]. - Total deposits reached 286.5 billion yuan, with a year-on-year growth of 15.6% [1]. Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 2.5 yuan per 10 shares (including tax), translating to a dividend per share of 0.25 yuan, with a payout ratio of 19.77% [1]. Revenue and Income Sources - The bank's net interest income growth improved to 7.5% for the year, up 1.3 percentage points from the first three quarters [2]. - Non-interest income saw a significant increase of 29.1% year-on-year, with bond investment-related non-interest income rising by 25.9% [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.77% at the end of 2024, with an annualized NPL generation rate of 1.37% [4]. - The coverage ratio for provisions decreased to 501%, while the loan-to-provision ratio slightly declined to 3.86%, indicating a strong risk mitigation capacity [4]. Business Strategy and Outlook - The bank is focused on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and differentiated development strategies [5]. - Future earnings per share (EPS) projections for 2025-2027 are adjusted to 1.46, 1.68, and 1.91 yuan, respectively, with expected growth rates of 15.3%, 15.0%, and 13.7% [5].

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH), expecting the stock to outperform the market by over 20% within the next six months [12]. Core Insights - Changshu Bank reported a total operating income of 10.9 billion yuan for 2024, representing a year-on-year growth of 10.5%. The net profit attributable to shareholders reached 3.81 billion yuan, up 16.2% year-on-year, with an annualized ROE of 14.15% [4][7]. - The bank's total assets at the end of 2024 were 366.6 billion yuan, a 9.6% increase from the beginning of the year. The loan portfolio grew to 240.9 billion yuan, reflecting an 8.3% year-on-year increase, while total deposits rose to 286.5 billion yuan, marking a 15.6% increase [4][7]. - The bank's net interest margin for 2024 was 2.71%, showing resilience despite a slight decline. The report highlights the bank's strong performance in microfinance and stable growth in its subsidiary, Xingfu Village Bank [7][8]. Summary by Sections Financial Performance - Operating income for 2024 was 10.9 billion yuan, with a year-on-year growth of 10.5% [4][6]. - Net profit attributable to shareholders was 3.81 billion yuan, reflecting a 16.2% increase year-on-year [4][6]. - The annualized ROE was reported at 14.15% [4]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.77% at the end of 2024, with a projected annualized NPL generation rate of 1.37% [8][10]. - The bank's provision coverage ratio was 501%, indicating a strong capacity to absorb potential losses [8][10]. Growth Projections - The report projects operating income to reach 11.7 billion yuan in 2025, with a growth rate of 7.2% [10]. - Net profit is expected to grow to 4.4 billion yuan in 2025, with a growth rate of 15.3% [10][11]. - The bank's loan portfolio is projected to grow to 261.1 billion yuan by 2025, reflecting an 8% growth rate [10].

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH), expecting the stock to outperform the market by over 20% in the next six months [12]. Core Views - Changshu Bank demonstrated resilience in its revenue and maintained excellent asset quality, with a 10.5% year-on-year increase in operating income and a 16.2% increase in net profit attributable to shareholders for the year 2024 [4][7]. - The bank's net interest margin for 2024 was reported at 2.71%, showing strong performance compared to peers, despite a slight decline [7]. - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 0.77% and a provision coverage ratio of 501% as of the end of 2024 [8][10]. Summary by Sections Financial Performance - For the year 2024, Changshu Bank achieved operating income of 10.9 billion yuan, a 10.5% increase year-on-year, and a net profit of 3.81 billion yuan, reflecting a 16.2% growth [4][6]. - The annualized return on equity (ROE) was reported at 14.15% [4]. Asset Quality - The bank's NPL ratio remained stable at 0.77%, with a year-on-year NPL generation rate of 1.37% [8][10]. - The provision coverage ratio decreased to 501%, but the absolute level remains high, indicating strong risk mitigation capabilities [8][10]. Revenue and Profitability - The net interest income for 2024 grew by 7.5%, with significant contributions from small and micro enterprises [7]. - Non-interest income saw a substantial increase of 29.1%, driven by growth in bond investment-related income [7]. Future Projections - The report projects EPS for 2025-2027 to be 1.46, 1.68, and 1.91 yuan respectively, with corresponding profit growth rates of 15.3%, 15.0%, and 13.7% [7][10]. - The bank's total assets are expected to grow at a rate of 9.6% in 2024, with total loans projected to increase by 8.3% [10].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (601128.SH) [1] Core Insights - Changshu Bank achieved a revenue of 10.9 billion yuan in 2024, representing a year-on-year growth of 10.5%, and a net profit attributable to shareholders of 3.8 billion yuan, up 16.2% year-on-year [4][5] - The bank's return on average equity (ROAE) was 14.15%, an increase of 0.5 percentage points compared to the previous year [4] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% and a coverage ratio of 500.5% at the end of 2024 [10][12] Revenue and Profitability - Revenue growth was driven by a 7.5% increase in net interest income and a 29.1% increase in non-interest income [5] - The bank's non-interest income accounted for 16% of total revenue, with significant contributions from investment income, which grew by 56% year-on-year [10] - The bank's net interest margin (NIM) for 2024 was 2.71%, down 15 basis points from 2023 [9] Loan and Deposit Growth - By the end of 2024, the bank's interest-earning assets and loans grew by 11% and 8.3% year-on-year, respectively [6] - The bank's deposit growth was robust, with a 15.6% year-on-year increase in total deposits [8] - The proportion of time deposits continued to rise, reaching 72% of total deposits by the end of 2024 [8] Capital Adequacy - The core tier 1 capital adequacy ratio was 11.2%, indicating a solid capital position [12] - The bank has a strong internal capital generation capacity, supported by a stable dividend payout ratio [12] Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.41, 1.56, and 1.65 yuan, respectively [13] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67 and a price-to-earnings (PE) ratio of 5.09 for 2025 [13]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company achieved a revenue of 10.91 billion yuan in 2024, representing a year-on-year growth of 10.5%, and a net profit of 3.81 billion yuan, up 16.2% year-on-year, maintaining a leading position among peers [2] - Personal loan demand remains weak, impacting credit growth, with total assets at 366.6 billion yuan, an increase of 9.6% from the beginning of the year, and total loans at 240.9 billion yuan, up 8.5% [2][3] - The company is focusing on a micro-lending strategy, enhancing its core competitiveness, with personal operating loans at 93.4 billion yuan, accounting for 38.8% of total loans, a decrease of 1.6 percentage points from the beginning of the year [3] - The net interest margin slightly narrowed to 2.71%, down 15 basis points year-on-year, but remains at a high level compared to peers [3] - The non-performing loan ratio is at 0.77%, a slight increase of 2 basis points from the beginning of the year, indicating strong risk management capabilities [4] Financial Performance Summary - Revenue and net profit forecasts for 2025-2027 have been adjusted to 4.4 billion, 5.2 billion, and 6.2 billion yuan respectively, with corresponding year-on-year growth rates of 15.7%, 18.1%, and 18.4% [5] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67x, 0.59x, and 0.52x for 2025-2027 [5] - The company maintains a strong capital position with a provision coverage ratio of 501%, despite a decrease of 37 percentage points from the beginning of the year [4][10]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company continues to experience high growth in revenue and net profit, with a year-on-year revenue increase of 10.5% and a net profit increase of 16.2% for 2024, although the growth rate has slightly slowed compared to the first three quarters of the year [2][3] - The bank's non-performing loan ratio remained stable at 0.77% as of the end of Q4 2024, with a provision coverage ratio of 501%, indicating a solid asset quality despite rising risks in small and micro loans [5][6] - The bank's net interest margin showed a year-on-year decline of 15 basis points to 2.71%, but the rate of decline has narrowed, suggesting potential for improvement in the future [4][6] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 10,909 million and a net profit of 3,813 million, reflecting a year-on-year growth of 10.5% and 16.2% respectively [12] - The interest income improved by 1.4% compared to the first three quarters of 2024, reaching 7.5% [2] - The bank's asset impairment losses turned into a positive contribution to profit growth, with a year-on-year decrease of 7% in asset impairment losses for 2024 [2] Loan Growth - Loan growth has been slowing, with a decrease of 1.4% in loan growth rate to 8.3% by the end of Q4 2024, indicating weak demand for small and micro loans [3] - The bank is actively promoting the high-quality development of village banks, which may unlock future loan growth potential if economic conditions improve [3] Asset Quality - The non-performing loan ratio remained stable at 0.77%, with a slight decrease in the attention rate to 1.49% [5] - The bank's provision coverage ratio decreased by 28% to 501%, but remains high, allowing for potential profit support through appropriate provision releases [5] Profit Forecast and Valuation - The bank is expected to achieve a net profit growth of 10.45%/10.48%/11.02% for 2025-2027, with corresponding book values per share of 10.41/11.68/13.09 [6][12] - The target price is set at 8.96 yuan per share, indicating a potential upside of 25% based on a price-to-book ratio of 0.86 for 2025 [6]

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank [3][4]. Core Views - The bank's 2024 performance shows a robust growth trajectory with revenue, PPOP, and net profit increasing by 10.53%, 10.59%, and 16.20% year-on-year, respectively [1][3]. - The bank's net interest margin (NIM) for 2024 is reported at 2.71%, slightly narrowing by 4 basis points compared to the previous quarters [2]. - Asset quality remains stable with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, indicating a marginal improvement in forward-looking indicators [2][3]. Summary by Sections Performance Overview - In 2024, Changshu Bank's total revenue reached 10,909 million yuan, with a year-on-year growth of 10.53% [1][14]. - The net profit attributable to shareholders for 2024 was 4,073 million yuan, reflecting a 16.20% increase compared to the previous year [1][14]. Non-Interest Income - Other non-interest income surged by 25.9% year-on-year in 2024, primarily driven by significant growth in trading account profits and realized gains [2][3]. Interest Margin and Asset Quality - The bank's NIM decreased to 2.71% in 2024, with a decline in both asset yield and loan yield by 14 basis points [2]. - The NPL ratio remained stable at 0.77% as of Q4 2024, with a coverage ratio of 500.51%, indicating solid risk mitigation capabilities [2][3]. Capital and Shareholder Information - The total market capitalization of Changshu Bank is reported at 21.6 billion yuan, with a total share count of 3,015 million shares [4]. - The bank's return on equity (ROE) stands at 14.15% for 2024, showcasing its profitability [4][29].

江苏常熟农村商业银行股份有限公司 内部控制审计报告 2024 年 12 月 31 日 Deloitte. 内部控制审计报告 德师报(审)字(25)第 S00216 号 江苏常熟农村商业银行股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了 江苏常熟农村商业银行股份有限公司(以下简称"贵行")2024年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵行董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变 化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 WorldClass 智启非凡 德师报(审)字(25)第 S002 ...