Investment Rating - The report maintains a "Buy" rating for Changshu Bank, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Insights - Changshu Bank demonstrated resilience in its performance, with 2023 revenue reaching 9.87 billion yuan, a year-on-year increase of 12.1%, and net profit of 3.28 billion yuan, up 19.6% year-on-year [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.75%, with a provision coverage ratio of 538%, reflecting strong asset quality management [2][5]. - The bank's strategy focuses on increasing its share of micro and small enterprise loans, with personal operating loans making up 40.4% of total loans, a 2 percentage point increase from the beginning of the year [3][5]. Financial Performance Summary - **Revenue and Profit Growth**: In 2023, the bank's revenue and net profit grew by 12.1% and 19.6% respectively, with projections for 2024 indicating revenue growth of around 10% and net profit growth of approximately 18% [2][3]. - **Return on Equity (ROE)**: The bank's ROE is expected to improve to 14% in 2024, indicating a positive trend in profitability [3][5]. - **Cost-to-Income Ratio**: The cost-to-income ratio has decreased from 41.4% in 2021 to 36.9% in 2023, driven by an increase in personal operating loan balances [3][5]. Asset Quality and Risk Management - **Non-Performing Loans**: The NPL ratio has remained stable at 0.75%, with a slight increase in the attention and overdue rates, potentially influenced by policy changes and asset classification regulations [5][6]. - **Provision Coverage**: The provision coverage ratio stands at 538%, indicating a robust buffer against potential loan losses [5][6]. Future Outlook - The bank is expected to maintain strong growth in net profit, with projections of 17.7%, 16.5%, and 16.0% for the years 2024 to 2026 [5][7]. - The ongoing focus on micro and small enterprises, along with geographical expansion, is anticipated to support the bank's growth trajectory [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company maintained a double-digit revenue growth in Q4 2023, with a revenue increase of 10.48% compared to Q4 2022 and a net profit growth of 14.89% [3][4] - The loan business is further penetrating the market, with loans under 1 million accounting for 41.64% of total loans, showing an improvement from 41.55% in Q2 2023, and the non-performing loan (NPL) ratio decreased from 0.85% to 0.78% [3][4] - The report maintains a positive outlook on the company, projecting EPS growth for 2024-2026 at 13.02%, 12.05%, and 13.73% respectively, with a reasonable value range of 10.09 to 10.95 yuan [4][5] Summary by Sections Financial Performance - In Q4 2023, the company's revenue reached 9,870 million yuan, with a year-over-year growth of 12.05% expected for 2024 [5] - The net profit for 2023 is projected at 3,282 million yuan, with a growth rate of 19.60% [5] - The average return on equity (ROE) is expected to be 13.90% in 2023, increasing to 14.44% by 2026 [5][10] Loan Quality - The company's NPL ratio at the end of 2023 is 0.75%, stable compared to Q3 2023, with personal loan NPLs improving to 0.78% from 0.80% in Q2 2023 [4][10] - The provision coverage ratio increased to 537.88% in Q4 2023, up by 0.92 percentage points from Q3 2023 [4][10] Valuation Metrics - The report estimates a reasonable price-to-earnings (PE) ratio for 2024 between 7.47 and 8.11, compared to the industry average of 4.37 [4][5] - The projected price-to-book (PB) ratio for 2024 is 1.00, with a valuation based on comparable companies at 0.48 [4][5] Growth Projections - Revenue is expected to grow steadily, with forecasts of 10,927 million yuan in 2024, 12,428 million yuan in 2025, and 14,245 million yuan in 2026 [5][10] - Loan growth is projected at 15% for 2023, with a consistent growth rate expected in the following years [10]

证券研究报告 公 2024年03月22日 司 报 告 常熟银行(601128) 行 业： 银行/农商行Ⅱ │ 金 投资评级： 买入（维持） 融 当前价格： 6.94元 业绩确定性较强的优质农商行 - 公 目标价格： 9.80元 司 事件： 年 基本数据 常熟银行公布23年报，23年实现营收98.70亿元，同比+12.05%，增速较 报 点 前三季度-0.50PCT；归母净利润32.82亿元，同比+19.60%，增速较前三季 总股本/流通股本(百万股) 2,740.88/2,643.37 度-1.50PCT。 评 流通A股市值(百万元) 18,345.01 ➢ 信贷投放表现较好，村镇银行保持高成长 23年全年利息净收入同比+11.69%，增速较前三季度-0.79PCT。信贷投放方 每股净资产(元) 9.25 面，截至 23 年末，常熟银行贷款余额为 2224.39亿元，同比+15.00%，增 资产负债率(%) 91.89 速较前三季度-1.67PCT，但快于金融机构整体信贷增速。增速下滑主要系 当前融资需求集中在靠近政策端的基建等领域，而中小微企业仍旧面临一 一年内最高/最低(元) 8.02/6.24 定的经营 ...

公 司 研 究 常熟银行（601128.SH）：息差有韧 2024年3月25日 强烈推荐/维持 性，预计营收与盈利行业领先 东 常熟银行 公司报告 兴 ——2023 年年报点评 证 券 事件：3月21日，常熟银行公布2023年年报，全年实现营收、拨备前利润、 公司简介： 股 净利润98.7亿、61.8亿、32.8亿，分别同比 +12.1%、+15.2%、+19.6%。 常熟银行是全国首批组建的股份制农村金融机 份 年化加权平均ROE为13.69%，同比上升0.63pct。点评如下： 构，在发挥常熟地方金融主力军作用的同时，积 有 极致力于探索多元化的跨区发展之路。坚持服务 限  营收、利润保持高增，预计盈利水平同业领先。 “三农”、“小微”的市场定位，积极探索差异化、 特色化发展之路，支持了一大批个体工商户创业、 公 收入端：营收保持双位数增长，预计领先可比同业。2023 年常熟银行营收同 发展与成长，先后获得《金融时报》金龙奖“年 司 度最具竞争力农商行”、中国银行业协会(花旗集 比 +12.1%，增速环比前三季度微降0.4pct，逆势维持稳定。具体来看：① 净 证 团)微型创业“年度创新发展奖”等。 利 ...

详解常熟银行2023年报：净利润同比增19.6%；业绩增长韧性较强 常熟银行(601128)/银行 证券研究报告/公司点评 2024年03月22日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：6.94 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,808 9,869 10,797 11,581 12,221 分析师 戴志锋 增长率yoy% 15.0% 12.0% 9.4% 7.3% 5.5% 执业证书编号：S0740517030004 净利润（百万元） 2,742 3,280 3,915 4,385 4,820 Email：daizf@zts.com.cn 增长率yoy% 25.3% 19.6% 19.4% 12.0% 9.9% 每股收益（元） 1.00 1.20 1.43 1.60 1.76 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 12.94% 13.69% 14.73% 14.77% 14.34% Email：den ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨常熟银行（ ） 601128.SH [小Ta微b投le_放T良itle好] ，营收领跑同业 —— 年年报点评 2023 报告要点 [常Ta熟bl银e_行Su发m布ma2r0y2]3年年报，营业收入同比增长12.1%，其中利息净收入同比增长11.7%，归 母净利润同比增长19.6%。全年贷款总额较期初增长15.0%，结构上侧重小微，核心产品个人 经营性贷款高增 21.1%。全年净息差环比前三季度下降 9BP至 2.86%，信保类贷款比例继续 上升。不良贷款率环比持平于0.75%，拨备覆盖率升至537.88%。预计2024年营业收入、归 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司动态分析 2024 年 03 月 24 日 常 熟银行(601128.SH) 证券研究报告 业绩实现高增长——常熟银行 2023 年报点评 农商行 投资评级 买入-A 事件：常熟银行公布2023年报，2023年营收增速为12.05%，拨备前 维持评级 利润增速为15.07%，归母净利润增速为 19.60%，业绩表现优异，实现 6个月目标价 9.15元 高增长，我们点评如下： 股价 (2024-03-22) 6.77元 2023 年第四季度常熟银行归母净利润增速为 14.9%，业绩增长主要 源于规模扩张和成本支出减少，净息差收窄和拨备计提压力增大则对 交易数据 业绩增长形成负贡献。 总市值(百万元) 18,555.78 量：生息资产扩张，但信贷增速小幅放缓 流通市值(百万元) 17,895.63 ①资产端方面，23Q4常熟银行单季度生息资产（日均余额口径）同比增 总股本(百万股) 2,740.88 长17.20%，相较22Q4增速上升了3.94pct，主要是由于金融投资资产 流通股本(百万股) 2,643.37 和票据贴现规模上升，单季度环比新增52亿元 ...

证券研究报告 | 2024年03月22日 常熟银行（601128.SH）2023 年报点评 买入 营收双位数增长，资产质量优异 核心观点 公司研究·财报点评 营收和净利润维持高增。2023年全年营收98.7亿元（YoY,12.1%），归母净 银行·农商行Ⅱ 利润32.8亿元（YoY,+19.6%）。其中，四季度单季实现营收同比增长10.5%， 证券分析师：田维韦 证券分析师：王剑 归母净利润同比增长14.9%。全年加权平均ROE为13.69%。 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn 个人经营贷保持高增，规模扩张带来净利息收入实现两位数增长。2023年全 S0980520030002 S0980518070002 年净利息收入同比增长了11.7%，主要得益于规模的高速增长。期末公司资 证券分析师：陈俊良 021-60933163 产总额达3345亿元，同比增长了16.2%，贷款总额增长了15.0%。其中，个 chenjunliang@guosen.com.cn 人经营性贷款全年增长了21.1%，占贷款总额 ...

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank with a target price of 8.60 CNY, compared to the current price of 6.94 CNY [2][5]. Core Views - Changshu Bank's profitability remains strong, with a notable contribution from rural banks and an increase in personal loans, which now account for nearly 30% of total loans [2][5]. - The bank's net profit for 2023 reached 3.282 billion CNY, reflecting a year-on-year growth of 19.6%, although the growth rate has slightly declined compared to the first three quarters of 2023 [2][5]. - The bank's net interest margin has narrowed by 9 basis points to 2.86% for the year, primarily due to competitive pricing in microloans and increased credit costs [2][5]. Financial Performance Summary - For 2023, Changshu Bank achieved total operating income of 9.870 billion CNY, a year-on-year increase of 12.1% [2][5]. - The bank's total loans reached 222.439 billion CNY, growing by 15.0% year-on-year, while interest-earning assets increased by 15.9% to 334.192 billion CNY [2][5]. - The bank's return on equity (ROE) improved to 13.69% in 2023, with a non-performing loan (NPL) ratio maintained at a low level of 0.75% [2][5]. Loan Structure and Market Expansion - The bank has seen a shift in its loan structure, with retail loans growing significantly, particularly personal operating loans, which increased by 21.1% year-on-year [2][5]. - The contribution of loans from outside Jiangsu province has risen, with loans from branches in other regions accounting for 51.5% of total loans, up nearly 9.3 percentage points from 2022 [2][5]. - The bank's strategy focuses on small and micro enterprises, leveraging its "Changshu Microloan Model" to enhance market penetration and risk management [2][5]. 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 [5][6]. - The bank's current price-to-book (PB) ratio is estimated at 0.69X for 2024, with a target PB of 0.85X, indicating potential upside in the stock price [5][6].

Investment Rating - Strongly Recommended (maintained) [2][4][8] Core Insights - The company achieved a revenue of 9.87 billion yuan in 2023, representing a year-on-year growth of 12.1%, while the net profit attributable to shareholders reached 3.28 billion yuan, up 19.6% year-on-year [3][4] - The annualized ROE for 2023 was 13.69%, an increase of 0.63 percentage points compared to the previous year [3][4] - Total assets at the end of 2023 were 334.46 billion yuan, a growth of 16.2% from the beginning of the year, with loans amounting to 222.4 billion yuan, up 15.0% year-on-year [3][4] - The company plans to distribute a dividend of 0.25 yuan per share, with a payout ratio of 20.88% [3][4] Revenue Performance - The company's revenue growth was supported by a stable net interest income, which accounted for 86.1% of total revenue, with a growth rate of 11.7% for the year [4][7] - Non-interest income increased by 14.3% year-on-year, with a significant growth of 32.4% when excluding certain fees [4][7] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, indicating strong asset quality [7][13] - The provision coverage ratio was 538%, reflecting a solid risk mitigation capacity [7][13] Future Outlook - The company is expected to benefit from the continued recovery in demand from small and micro enterprises and retail customers, with projected EPS for 2024-2026 being 1.42, 1.69, and 2.01 yuan respectively [8][11] - The company maintains a differentiated market positioning focusing on inclusive finance and regional expansion, which is anticipated to support future growth [8][11]