证券研究报告 | 年报点评报告 2024年03月22日 常熟银行（601128.SH） 业绩保持高增长，小微业务持续下沉 事件：常熟银行发布 2023 年报，全年实现营业收入 98.7 亿（同比 买入（维持） +12.0%），归母净利润32.8亿（同比+19.6%），不良率0.75%，环比 股票信息 9月末持平，与业绩快报一致。 行业 农商行 业绩：收入继续保持双位数增长，利润增速近 20%。全年营收增速 前次评级 买入 12.0%，较Q3略降0.5pc，Q4单季度营收同比增速为10.5%，环比下降 3月20日收盘价(元) 6.88 2.4pc。全年利润增速 19.6%，增速较 Q3 下降 1.5pc，但仍保持较高水 总市值(百万元) 18,857.28 平。全年ROE为13.69%，同比提升0.63pc。拆分来看： 总股本(百万股) 2,740.88 1、利息净收入同比+11.7%，息差调整有一定拖累。2023 全年净息差 其中自由流通股(%) 96.44 为2.86%，环比下降9bps。主要是贷款利率较中报下降27bps至5.81%， 30日日均成交量(百万股) 29.45 一方面是因为贷款需求不足叠加竞 ...

常熟银行（601128.SH）2023年年报点评 业绩稳定高增，资产质量良好 2024年03月22日 事件：3月21日，常熟银行发布2023年年报。23年累计实现营收98.7亿元， 推荐 维持评级 YoY+12.1%；归母净利润32.8亿元，YoY+19.6%；不良率0.75%，拨备覆盖率 当前价格： 6.94元 538%。 ➢ 业绩维持两位数增速。23年常熟银行营收、归母净利润分别同比+12.1%、 +19.6%，增速虽较前三季度微降，但双位数的业绩增速在同业中已属亮眼。拆 [Table_Author] 分来看，净利息收入贡献86%的营收，收入同比+11.7%，仍延续“以量补价” 的增长逻辑。非息收入中，中收同比-82.8%，负增速读数较大，一是基数较低， 二是理财业务收入有所拖累。其他非息收入同比+32.4%，主要是公允价值变动 损益科目表现可观。 ➢ 扩表动能强劲，异地支行、村行支撑信贷投放。23 年常熟银行总资产、贷 款总额分别同比+16.2%、+15.0%，增速较前三季度分别+0.6pct、-1.7pct。信 分析师 余金鑫 贷增速在同业中实际不弱，有所放缓或源于银行主动调整信贷投放速度，公司提 执 ...

Investment Rating - The investment rating for Changshu Bank is not explicitly stated in the report, but the overall performance and future outlook suggest a positive sentiment towards the bank's stock [1]. Core Views - Changshu Bank reported a year-on-year increase in net profit attributable to shareholders of 19.60% for 2023, outperforming the average growth rates of commercial banks and rural commercial banks [1][2]. - The bank's operating income grew by 12.05% year-on-year, indicating robust financial health and a strong competitive position in the market [1]. - The bank's return on equity (ROE) for the year was 13.69%, reflecting a slight increase of 0.63 percentage points compared to the previous year [1]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth rate slightly decreased by 50 basis points to 12.05% in 2023, while net profit growth decreased by 1.50 percentage points to 19.60%, both remaining significantly above industry averages [1][2]. - **Asset and Liability Growth**: Total assets and total liabilities grew by 16.18% and 16.51% year-on-year, respectively, reaching new highs [1]. - **Net Interest Margin**: The net interest margin for 2023 was 2.86%, down 9 basis points from the previous quarter and 16 basis points year-on-year, but still significantly higher than peers [1][2]. - **Asset Quality**: The non-performing loan ratio remained stable at 0.75%, with a provision coverage ratio of 537.88%, indicating strong risk management capabilities [1][2]. - **Village and Town Bank Performance**: The village and town banking segment showed impressive growth, with total assets, loans, and deposits increasing by 18.87%, 17.19%, and 23.61% year-on-year, respectively [1]. - **Capital Adequacy**: The core tier one capital adequacy ratio was reported at a healthy level, with a recent upgrade in credit rating from AA+ to AAA, enhancing investor confidence [1][2]. Earnings Forecast - The forecast for net profit growth for Changshu Bank is projected at 19.55%, 18.39%, and 17.52% for the years 2024 to 2026, respectively, indicating a positive growth trajectory [1][2].

Investment Rating - The report assigns a "Buy" rating to the company [1]. Core Insights - The company reported a stable high growth in its 2023 annual report, with revenue, PPOP, and net profit attributable to shareholders increasing by 12.1%, 15.1%, and 19.6% year-on-year, respectively [2][3]. - The growth rates for these metrics showed slight fluctuations compared to the first three quarters of 2023, with PPOP growth exceeding expectations [2]. - Key drivers of cumulative performance include scale expansion, other income, a decrease in cost-to-income ratio, and positive contributions from provisioning, despite some drag from narrowing net interest margin and declining non-interest income [2][3]. Summary by Sections Financial Performance - In 2023, the company's loan growth rate was 15.0%, with new loans amounting to 29.006 billion yuan, where 55.4% of the loan increase came from personal loans [3]. - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, with retail loan NPLs decreasing by 11 basis points [3]. - The cost-to-income ratio improved significantly to 36.87%, down 1.71 percentage points year-on-year, indicating effective cost management [3]. Profitability Forecast - The company is expected to achieve net profit growth rates of 18.1% and 14.6% for 2024 and 2025, respectively, with EPS projected at 1.41 and 1.62 yuan per share [3]. - The current stock price corresponds to a PE ratio of 4.91X for 2023 and 4.28X for 2024, with PB ratios of 0.68X and 0.60X, respectively [3]. Market Position - The company maintains a strong focus on small and micro enterprises, with a strategic goal to serve the agricultural sector, which has contributed to its loan growth [3]. - The report highlights the company's commitment to reducing the cost-to-income ratio further, which is expected to positively impact profitability in the future [3].

Financial Performance - In 2023, Jiangsu Changshu Rural Commercial Bank achieved a revenue growth rate that ranked among the top of listed banks, with 520,000 credit customers and 4.5 million AUM customers[20]. - The total operating income for 2023 was CNY 9,870,291, an increase of 12.05% from CNY 8,808,734 in 2022[32]. - The net profit attributable to shareholders for 2023 reached CNY 3,281,502, reflecting a growth of 19.60% compared to CNY 2,743,731 in 2022[32]. - The net cash flow from operating activities improved significantly to CNY 16,369,456, up 24.45% from CNY 13,153,584 in 2022[33]. - Total assets increased to CNY 334,456,430, marking a growth of 16.18% from CNY 287,881,374 in 2022[35]. - The total liabilities rose to CNY 307,325,494, which is a 16.51% increase from CNY 263,765,708 in 2022[37]. - The total deposits amounted to CNY 247,938,809, up 16.16% from CNY 213,445,361 in 2022[37]. - The total loans increased to CNY 222,439,155, reflecting a growth of 15.00% from CNY 193,433,049 in 2022[37]. - The non-performing loan ratio improved to 0.75%, down from 0.81% in 2022[38]. - The capital adequacy ratio stood at 13.86%, slightly down from 13.87% in 2022[38]. - The cost-to-income ratio improved to 36.87%, down from 38.58% in 2022[38]. Risk Management - The bank has effectively managed various risks, including credit risk, liquidity risk, market risk, and operational risk, with no foreseeable major risks reported[14]. - The bank has strengthened credit risk management by optimizing the risk preference limit system and implementing differentiated credit policies for various industries and regions[121]. - The bank has implemented a comprehensive risk management scheme that includes risk warning, customer classification, internal rating, and credit management, enhancing the accuracy of asset classification[121]. - The bank has established a liquidity risk management system, conducting regular liquidity stress tests to ensure compliance with liquidity regulatory requirements[122]. - The bank's market risk management focuses on monitoring interest rate and exchange rate risks, utilizing a bond management system for risk measurement and management[124]. - The bank has adopted a proactive approach to managing interest rate risk in its banking book, ensuring stable net interest income and economic value[124]. - The bank has implemented a comprehensive operational risk management framework, enhancing monitoring and control mechanisms across key business areas[126]. - The bank has integrated compliance risk management into its operations, emphasizing proactive compliance and adherence to legal regulations[127]. Corporate Governance and Leadership - The bank's management has successfully transitioned to a new leadership team, focusing on sustainable development and high-quality growth[20]. - The company elected Mr. Xue Wen as the chairman of the seventh board of directors, pending approval from the regulatory authority[173]. - Mr. Bao Jian was appointed as the president of the bank, with his qualifications also pending regulatory approval[173]. - Ms. Gan Qing was appointed as the vice president of the bank, with approval expected in December 2023[173]. - The company is undergoing a board restructuring with new appointments expected to be approved by March 2024[173]. - The bank's leadership includes individuals with significant experience in both banking and finance, enhancing its operational capabilities[177]. - The bank's board of directors and supervisors have diverse backgrounds, contributing to a well-rounded governance structure[178]. Strategic Initiatives - The bank emphasizes its commitment to serving the "three rural issues" and supporting rural revitalization as part of its core mission[20]. - The company aims to enhance its digital transformation and wealth management services, focusing on rural revitalization and customer-centric strategies[48][55]. - The company is strategically positioned to benefit from a recovering domestic economy and expects an increase in investment and credit demand in 2024[133]. - The company plans to enhance its digital transformation in micro and rural businesses, focusing on online loan products and smart risk control systems[132]. - The company has launched a series of innovative financial products tailored to the needs of rural customers, promoting online financial services[132]. Shareholder and Dividend Information - The bank plans to distribute a cash dividend of RMB 2.50 per 10 shares (tax included) and to increase capital reserves by converting 1 share for every 10 shares held[13]. - The total amount of cash dividends for 2023 is estimated at RMB 685,221,000, accounting for 20.88% of the net profit attributable to shareholders[138]. - The total number of ordinary shareholders increased from 38,114 to 43,940 during the reporting period[157]. Community Engagement and Social Responsibility - The bank donated a total of RMB 6.92 million throughout the year for various public welfare projects, including education and medical assistance[146]. - The bank's green credit balance increased by 15% year-on-year by the end of 2023, focusing on green financing needs for agriculture and small enterprises[146]. Digital Transformation and Technology - The company has initiated a digital transformation plan (2023-2025) focusing on enhancing core digital capabilities[62]. - The company is focused on integrating digital platforms to enhance marketing and operational efficiency, breaking down data silos[132]. - The company has developed a new comprehensive financial service platform for enterprises, integrating multiple digital channels to provide stable technical system services[131]. Future Outlook - The company aims for a revenue growth rate of approximately 10% and a net profit growth rate of around 18% for 2024[135]. - The return on equity (ROE) is targeted at 14%, with a stable cost-to-income ratio and a stable non-performing loan ratio[135].

上 市 公 司 银行 2024年03月22日 常熟银行 (601128) 公 司 研 究 ——预计营收夺魁，稳而优的营收为 ROE 提升蓄力积势 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：常熟银行披露2023年年报，全年实现营收98.7亿元，同比增长12.1%；实现归母净利润 买入 （维持） 32.8亿元，同比增长19.6%；4Q23不良率季度环比持平0.75%，拨备覆盖率季度环比上升0.9pct 至537.9%。 证 ⚫ 营收双位数增长预计位居行业第一，ROE延续回升趋势：2023年常熟银行营收同比增长12.1% 券 市场数据： 2024年03月21日 （9M23 为 12.5%），预计继续位居上市银行最优表现；归母净利润同比增长 19.6%（9M23 研 收盘价（元） 6.94 为21.1%），ROE同比提升0.74pct至13.69%。从盈利驱动因子来看，① 以量补价下利息净 究 一年内最高/最低（元） 8.02/6.24 收入双位数增长是营收好于同业的主要支撑。2023年利息净收入同比增长11.7%，贡献营收增 报 市净率 0.8 速10.1pct，其中规模增长贡献14.7pct，息差同 ...

2024年3月22日 公司研究 营收盈利增速高，风险抵补能力强 ——常熟银行（601128.SH）2023 年年报点评 买入（维持） 要点 当前价：6.94元 事件： 作者 3月21日，常熟银行发布2023年年报，全年实现营收98.7亿，同比增长12%， 分析师：王一峰 归母净利润32.8亿，同比增长19.6%。加权平均净资产收益率（ROAE）为13.69%， 执业证书编号：S0930519050002 010-57378038 同比提升0.63pct。 wangyf@ebscn.com 联系人：赵晨阳 点评： zhaochenyang@ebscn.com 营收维持双位数高增，业绩表现韧性强。常熟银行全年营收、拨备前利润、归母净 利润同比增速分别为12.1%、15.1%、19.6%，增速分别较前三季度变动-0.5、3、 市场数据 -1.5pct，盈利增速维持高位。其中，4Q23单季营收、归母净利润同比增速为10.5%、 总股本(亿股) 27.41 15%，较上季分别下降2.4、6.6pct。全年净利息收入、非息收入增速分别为11.7%、 总市值(亿元)： 190.22 14.3%，增速较前三季度分别变动-0. ...

Stock Code 2023 CORPORATE SOCIAL RESPONSIBILITY REPORT CONTENTS 01 02 03 04 Upholding Financial Inclusion and Focusing on Urban- Rural Development Leveraging Technology and Fostering Attentive Services Promoting Low- Carbon Transition and Building a Green Bank | 53 | Developing Green Finance | | --- | --- | | 58 | Promoting Green Operations | | 60 | Responsible Sourcing | Fostering the Feiyan Culture and Assuming Responsibility Caring for Employees Consumer Protection 63 71 74 | Caring for Employees | 75 | ...

2023年度 社会责任（ESG）报告 常熟农商银行 2 目录 CONTENTS | | 01 | | 02 | | 03 | | | 04 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 坚持普惠领航 | | 探索科技力量 | | 推动低碳转型 | | | | | | 聚焦城乡发展 | | | 打造贴心服务 | 构建绿色银行 | | | | | 报告编制说明 | 29 | "三农金融"服务乡村振兴 | 43 | 完善科技管理 | 53 | 发展绿色金融 | 63 | 关爱员工 | | 致辞 | 34 | "小微金融"支持小微发展 | 35 优化客户体验 | | 58 | 推动绿色运营 | 71 | 保护消费者权益 | | 关于我们 企业管治 | 38 | 数字人民币便民惠民 | 49 加强信息安全保护 | | 60 | 践行负责任采购 | 74 | 参与社会公益 | 营造飞燕文化 传承责任担当 | 关爱员工 | 75 | 关键绩效表 | | --- | --- | --- | | 保护消费者权益 | 77 | 指标索引 | | 参与社 ...

江苏常熟农村商业银行股份有限公司 董事会审计与消费者权益保护委员会 对会计师事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》和江苏常熟农村商业银行股份有限公 司（以下简称"本行"）《章程》等规定和要求，2023 年，本行董事会审计与 消费者权益保护委员会认真履行忠实和勤勉义务，恪尽职守，审慎履行对会计师 事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月转制成为特殊普 通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永首席合伙人为付建超先生，2023 年末合伙人人数为 213 人，从业 人员共 5,774 人，注册会计师共 1,182 人，其中签署过证券服务业务审计报告的 注册会计师超过 270 人。 德勤华永 2022 年度经审计的业务收入总 ...