Core Viewpoint - Jiangsu Changshu Rural Commercial Bank reported strong financial performance for Q1 2025, with operating income of 2.971 billion yuan, a year-on-year increase of 10.04%, and net profit of 1.084 billion yuan, up 13.87% [1] Financial Performance - The bank's non-performing loan ratio decreased to 0.76% by the end of Q1, with a high provision coverage ratio of 489.56% [1] - The reported financial data is preliminary, with final figures expected to vary by no more than 10% [3] Executive Compensation - Chairman Xue Wen's salary increased from 1.6684 million yuan in 2022 to 1.8025 million yuan in 2023, reaching 1.8325 million yuan in 2024 [1][2] - The number of shares held by Xue Wen at the end of the period was 550,058, valued at 4.1639 million yuan [2] - The new president, Bao Jian, received a salary of 1.5 million yuan in 2023 and 1.8395 million yuan in 2024, holding 199,208 shares valued at 1.508 million yuan [2][3] Executive Salary Distribution - Vice presidents' salaries ranged from 1.3711 million yuan to 1.5557 million yuan, with Lu Dingchang earning the highest at 1.5557 million yuan [3] - The former vice president, Wu Tiejun, earned 903,900 yuan before leaving the position [3]

Core Viewpoint - Changshu Bank reported a first-quarter revenue of 2.971 billion yuan and a net profit attributable to shareholders of 1.084 billion yuan, with growth rates of 10.04% and 13.87% respectively, despite a challenging banking environment [1][2]. Financial Performance - In the first quarter, Changshu Bank maintained double-digit growth in both revenue and net profit, which is unusual given the current weak credit demand and pressure on intermediary income in the banking sector [2]. - The bank's non-performing loan (NPL) ratio is expected to be 0.76%, a decrease of 0.01 percentage points from the beginning of the year, while the provision coverage ratio is 489.56%, down 10.95 percentage points from the start of the year [1]. Historical Performance - From 2017 to 2023, Changshu Bank's revenue and net profit have shown a consistent upward trend, with revenue increasing from 1.146 billion yuan in 2017 to 2.410 billion yuan in 2023, and net profit rising from 316 million yuan to 795 million yuan over the same period [4]. Business Segmentation - The bank's business is divided into corporate, personal, and funding segments, contributing 27.45%, 57.55%, and 14.66% to revenue respectively. The corporate business has been growing significantly, with a loan growth rate of 16.1% in 2024, outpacing retail by 13.9 percentage points [5]. - Changshu Bank's focus on the "three rural issues and two small enterprises" market positioning has created a competitive advantage, exemplified by its "Changyin Microfinance Model," which aims to address the challenges of small and micro finance [5].

Financial Performance - In Q1 2025, the company achieved operating income of RMB 2,971 million, a year-on-year increase of 10.04%[3] - The net profit attributable to ordinary shareholders was RMB 1,084 million, reflecting a growth of 13.87% compared to the same period last year[6] - The total profit amounted to RMB 1,378 million, representing a year-on-year increase of 12.31%[3] - The basic earnings per share increased to RMB 0.36, up by 12.50% year-on-year[3] Asset Quality - The non-performing loan ratio decreased to 0.76%, down by 0.01 percentage points from the beginning of the year[6] - The provision coverage ratio was 489.56%, a decrease of 10.95 percentage points compared to the beginning of the year[6] Return Metrics - The return on total assets (annualized) rose to 1.23%, an increase of 0.06 percentage points[3] - The weighted average return on equity (annualized) improved to 14.89%, up by 0.15 percentage points[3] Shareholder Equity - Shareholders' equity attributable to ordinary shareholders reached RMB 29,564 million, a growth of 3.20% from the end of 2024[3] - The net asset value per share increased to RMB 9.81, reflecting a rise of 3.26% compared to the end of 2024[3]

Core Insights - Changshu Bank (601128) reported a revenue of 2.971 billion yuan for Q1 2025, representing a year-on-year growth of 10.04% [1] - The net profit attributable to ordinary shareholders was 1.084 billion yuan, reflecting a year-on-year increase of 13.87% [1] - Basic earnings per share reached 0.36 yuan, marking a year-on-year growth of 12.50% [1]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6] Core Views - Changshu Bank is expected to benefit from the reform of village banks, which will enhance its market share and expand its operational footprint in Jiangsu Province [20][22] - The bank's growth strategy includes replicating its successful micro and small enterprise lending model across Jiangsu, leveraging the strong demand for inclusive finance in the region [2][27] - The bank's financial outlook remains strong, with projected revenue and profit growth outpacing industry averages, supported by a robust net interest margin and stable asset quality [5][11] Summary by Sections 1. Growth Opportunities - The reform policies for village banks present significant expansion opportunities, with Changshu Bank planning to acquire and convert village banks into branches, thereby increasing its operational presence in underserved areas [20][22] - The bank has already announced the acquisition of several village banks, which will allow it to enhance its service offerings in regions where it currently lacks branches [21][22] 2. Market Expansion and Model Replication - Changshu Bank aims to replicate its successful micro-lending model in other areas of Jiangsu, capitalizing on the province's strong growth in inclusive finance, with a projected balance of inclusive micro loans reaching CNY 3.75 trillion by the end of 2024, growing at 15.6% year-on-year [2][27] - The bank's market share in regions where it has established branches has been increasing, with significant growth in asset size and market penetration observed in recent years [27] 3. Financial Performance Outlook - The bank's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders are projected to grow by 10.5%, 10.6%, and 16.2% year-on-year in 2024, respectively, indicating a strong growth trajectory compared to industry averages [5][10] - The net interest margin is expected to remain above industry levels, with a forecasted margin of 2.71% for 2024, reflecting effective cost management and a favorable asset mix [11][12] 4. Asset Quality and Risk Management - Changshu Bank maintains a strong asset quality profile, with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, which is among the lowest in the industry [14][13] - The bank has been proactive in managing its asset quality, with a high provision coverage ratio of 501%, ensuring robust risk mitigation [14][13] 5. Financial Projections - The bank's net profit is expected to reach CNY 4.28 billion in 2025, with a year-on-year growth rate of 12.22%, continuing a trend of strong profitability [15][16] - Key financial metrics such as return on equity (ROE) and return on assets (ROA) are projected to remain stable, supporting the bank's overall financial health [17][18]

证券代码：601128 证券简称：常熟银行 公告编号：2025-015 江苏常熟农村商业银行股份有限公司 关于召开 2024 年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。 重要内容提示： 投资者可于 2025 年 04 月 12 日(星期六)至 04 月 17 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本行投资者关系邮 箱：601128@csrcbank.com 进行提问。本行将在 2024 年度业绩说明会（以下简 称"业绩说明会"）上对投资者普遍关注的问题进行回答。 本行已于 2025 年 03 月 28 日在上海证券交易所网站（www.sse.com.cn）披 露 2024 年年度报告，为便于广大投资者更全面深入地了解本行 2024 年度经营成 果、财务状况，本行计划于 2025 年 04 月 18 日(星期五)下午 15:00-16:00 召开 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、业绩 ...

[Table_Reportdate] 2025年04月09日 公 司 简 评 [常熟银行（ Table_NewTitle] 601128）：负债成本管控强 化，资产质量管理审慎 ——公司简评报告 王鸿行 S0630522050001 [table_main] 投资要点 事件：常熟银行公布2024年度报告。2024年公司实现营业收109.09亿元（+10.53%，YoY） 归属于上市公司股东净利润38.13亿元（+16.20%，YoY）。Q4末，公司总资产规模为3665.82 亿元（+9.61%，YoY），不良贷款率为0.77%（持平，QoQ），不良贷款拨备覆盖率为500.51% （-27.89PCT，QoQ）。全年净息差为2.71%，同比下降15BPs。 ➢ 总体资产质量稳定，前瞻性指标释放风险放缓信号。 2024年Q4末，公司不良率为0.77%，较Q3末持平。其中零售贷款和对公贷款不良率分别 为0.94%与0.65%，分别较Q2末上升3BPs与下降1BP。 分行业来看，信用卡贷款、个人经营贷、批发零售业贷款风险继续释放，不良率均较Q2末 不同程度上升，反映宏观环境影响下市场薄弱主体财务压力较大。其中，信用卡 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong control over liability costs and prudent asset quality management by the company [1] - The company reported a revenue of 10.909 billion yuan in 2024, representing a year-on-year increase of 10.53%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.20% year-on-year [2] - As of the end of Q4 2024, the total asset size was 366.582 billion yuan, an increase of 9.61% year-on-year, with a non-performing loan (NPL) ratio of 0.77%, remaining stable quarter-on-quarter [2][3] Summary by Relevant Sections Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.77% as of Q4 2024, unchanged from Q3 2024. Retail and corporate loan NPL ratios were 0.94% and 0.65%, respectively [3] - The report indicates that the company has increased its efforts in non-performing loan recovery and write-offs, with 1.740 billion yuan of non-performing loans written off in the second half of 2024, compared to 0.968 billion yuan in the same period of 2023 [4] Loan and Deposit Growth - Individual loan growth has been weak, consistent with industry trends, while deposit growth remains strong. The company’s deposit absorption continued to grow at a faster pace than the M2 growth rate [6] - The report notes that the company has adjusted its lending strategy to be more cautious in the face of rising retail loan risks, particularly in personal loans and credit cards [6] Interest Margin and Profitability - The net interest margin (NIM) has continued to narrow, with a quarterly NIM of 2.59% in Q4 2024, down from 2.67% in Q3 2024. The company has taken steps to manage deposit costs, including lowering deposit rates [6][7] - Investment income has performed well, driven by a bond bull market, with Q4 investment income and fair value changes amounting to 0.407 billion yuan, significantly higher than 0.149 billion yuan in the same period last year [6] Future Earnings Forecast - The company’s revenue is projected to reach 11.585 billion yuan in 2025, 12.609 billion yuan in 2026, and 13.857 billion yuan in 2027, with corresponding net profits of 4.320 billion yuan, 4.782 billion yuan, and 5.268 billion yuan [8] - The report anticipates a stable performance due to a solid provisioning base and the potential for continued growth in the small and micro retail market [7][8]

Core Viewpoint - Changshu Bank's 2024 financial performance shows strong growth in revenue and net profit, with a stable asset quality and a favorable net interest margin, leading to a "buy" rating for the company [2][5]. Financial Performance - In 2024, Changshu Bank achieved a revenue of 10.909 billion yuan, 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]. - The return on equity (ROE) reached 14.15%, and the net interest margin stood at 2.71%, maintaining a good level within the industry [2][5]. - The revenue growth rate in Q4 2024 increased by 0.84 percentage points to 10.75% compared to Q1-Q3, while the net profit growth rate slightly decreased by 0.08 percentage points to 16.18% [2]. Asset Quality and Growth - As of the end of Q4 2024, total assets reached 366.582 billion yuan, a year-on-year increase of 9.61%, although the growth rate decreased by 0.83 percentage points compared to Q3 [3]. - Total deposits grew by 15.57% year-on-year, while total loans increased by 8.28%, with a notable rise in the number of small and micro loans [3]. - The non-performing loan (NPL) ratio was 0.77%, stable compared to Q3, with corporate loans showing an NPL ratio of just 0.65% [4]. Future Outlook - The bank's asset quality remains strong, with a provision coverage ratio of 500.51%, despite a year-on-year decrease of 37.37 percentage points [4]. - The bank's strategy of focusing on small and scattered loans continues to deepen, with a 10.28% year-on-year increase in the number of loans under 10 million yuan [3]. - Future revenue projections for 2025-2027 are 11.578 billion yuan, 13.078 billion yuan, and 14.842 billion yuan, with corresponding growth rates of 6.13%, 12.96%, and 13.49% [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][26]. Core Views - The company achieved a revenue growth of 10.6% year-on-year in 2024, with net profit increasing by 16.2% [5][10]. - The growth in net interest income was 7.55% year-on-year, while non-interest income saw a significant increase of 29.31% [5][19]. - The asset quality remains stable, with a non-performing loan ratio of 0.77% [22][24]. Summary by Relevant Sections Financial Performance - Revenue for 2023 was 9,869 million, projected to grow to 10,912 million in 2024, and further to 11,554 million in 2025, reflecting a growth rate of 12.0% in 2023 and 10.6% in 2024 [3][10]. - Net profit for 2023 was 3,280 million, expected to rise to 3,813 million in 2024 and 4,291 million in 2025, with growth rates of 19.6% and 16.3% respectively [3][10]. Income Sources - Net interest income is projected to be 9,143 million in 2024, with a slight decrease in net interest margin to 2.61% [27]. - Non-interest income is expected to contribute significantly, with net non-interest income accounting for 16.2% of total revenue in 2024 [19][21]. Asset Quality - The company reported a non-performing loan generation rate of 1.43% for the year, with a stable non-performing loan ratio of 0.77% [22][24]. - The provision coverage ratio stands at 500.38%, indicating a strong buffer against potential loan losses [24]. Market Position and Strategy - The company focuses on personal operating loans, maintaining a strong risk control framework and expanding its market reach [26]. - The business model emphasizes a diversified customer base, contributing to sustained asset quality [26]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 42.9 billion and 47.5 billion respectively, with an increase in the 2027 forecast to 52 billion [26][27]. - Price-to-Book (P/B) ratios are projected to decrease from 0.76 in 2024 to 0.53 by 2027, indicating potential undervaluation [3][26].