证券代码：601128 证券简称：常熟银行 公告编号：2025-014 转债代码：113062 转债简称：常银转债 可转债转股结果暨股份变动的公告 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： 累计转股情况：截至 2025 年 3 月 31 日，累计已有人民币 321,000 元常 银转债转为本行 A 股普通股，累计转股股数为 40,957 股，占常银转债转股前本 行已发行普通股股份总额的 0.0015%。 2025 年第一季度转股情况：2025 年 1 月 1 日至 2025 年 3 月 31 日，累 计有人民币 10,000 元常银转债转为本行 A 股普通股，累计转股股数为 1,450 股。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的常银转债金额 为人民币 5,999,679,000 元，占常银转债发行总量的比例为 99.9947%。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可〔2022〕1688 号"文核准，本 ...

Core Viewpoint - Changshu Bank reported a revenue of 10.909 billion yuan for 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.2% year-on-year [1] Group 1: Financial Performance - The narrowing of interest margin drag contributed positively to performance, with the net interest margin drag on performance at 5.7 percentage points, a reduction of 2.3 percentage points compared to the first three quarters of 2024 [1] - Other non-interest income contributed 2.4 percentage points to performance, primarily due to a 56.0% year-on-year increase in investment income [1] - Cost and expense contribution to performance weakened, with a contribution of only 0.3 percentage points, a decrease of 7.2 percentage points compared to the first three quarters of 2024, mainly due to a 10.8% year-on-year increase in employee expenses to 2.536 billion yuan [1] - Provisioning significantly contributed to performance, with a contribution of 9.1 percentage points, an increase of 10.5 percentage points compared to the first three quarters of 2024, mainly due to a reduction in impairment losses on debt investments [1] Group 2: Loan and Deposit Trends - Retail loan demand showed a marginal decline, with personal operating loans, consumer loans, and credit card balances decreasing by 600 million yuan, 200 million yuan, and 700 million yuan respectively compared to the end of the first half of 2024 [2] - Corporate loan balance reached 89.9 billion yuan at the end of 2024, a year-on-year increase of 16.1%, with notable growth in the construction and leasing services sector and wholesale and retail sector, increasing by 23.5% and 25.7% respectively [2] Group 3: Interest Rate and Cost Management - The net interest margin for 2024 was 2.71%, a decrease of 4 basis points compared to the first three quarters of 2024 [3] - The yield on interest-earning assets was under pressure, with a return of 4.77% in 2024, down 12 basis points from the first half of 2024, and the estimated loan and advance yield for the second half of 2024 was 5.50%, a decrease of 25 basis points [3] - The cost of interest-bearing liabilities was 2.23% in 2024, down 3 basis points from the first half of 2024, with a slight increase in the proportion of time deposits leading to limited improvement in deposit costs [3] Group 4: Future Outlook - The company is expected to achieve a year-on-year growth in net profit attributable to shareholders of 14.2%, 12.0%, and 11.0% for 2025-2027, with corresponding price-to-book ratios of 0.67, 0.59, and 0.53 [4]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [9]. Core Views - Changshu Bank focuses on long-termism with a strategic core in micro and small enterprise finance, maintaining a leading growth rate in performance compared to listed banks. The bank is expanding through village and town banks to create a second growth curve, opening up long-term growth potential for asset scale. Short-term macroeconomic fluctuations have impacted credit demand and asset quality indicators, with a recommendation to monitor the pace of macroeconomic recovery and expectations for improvement in retail credit asset quality in 2025. Currently, Changshu Bank's valuation stands at 0.65x 2025 PB, indicating a significant discount compared to historical average valuation levels and other quality regional bank stocks [2][6]. Summary by Sections Financial Performance - In 2024, Changshu Bank reported a revenue growth rate of 10.5% (11.3% in the first three quarters, 8.1% in the fourth quarter), and a net profit growth rate of 16.2% (18.2% in the first three quarters, 9.7% in the fourth quarter). The year-end non-performing loan ratio remained stable at 0.77%, up 2 basis points from the beginning of the year, while the provision coverage ratio decreased by 28 percentage points to 501% [6][9]. Credit and Loan Growth - The total loan amount grew by 8.3% compared to the beginning of the year, marking the first time in recent years that growth fell below 10%. This slowdown is primarily due to insufficient effective demand from micro and small customers in the current macroeconomic environment. Retail loans increased by only 2.2%, with personal operating loans growing by 4.0% and consumer loans by 5.5%. Corporate loans, primarily to micro customers, grew by 16.1%, supporting the overall loan scale [6][11]. Interest Income and Asset Quality - The net interest margin for 2024 decreased by 15 basis points to 2.71%, yet remains significantly higher than the industry average, leading to a 7.5% year-on-year increase in net interest income. Non-interest income surged by 29.1%, driven by favorable bond market conditions. The bank's ability to extract high-yield assets and manage risk pricing remains strong, with personal loan yields only declining by 10 basis points to 6.80% [6][11]. Future Outlook - The report suggests that while short-term macroeconomic fluctuations may impact credit demand and asset quality, Changshu Bank is expected to enhance credit issuance through value extraction from existing customers. The bank's valuation is currently at a significant discount, indicating potential for recovery and growth in the coming years [2][6].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (stock code: 601128) [1] Core Views - Changshu Bank demonstrated excellent performance in 2024, with revenue of 10.909 billion yuan (+10.53%) and net profit attributable to shareholders of 3.813 billion yuan (+16.20%). The return on equity (ROE) reached 14.15% (+0.46 percentage points) [4] - The bank's net interest income was 9.142 billion yuan (+7.54%), with a net interest margin (NIM) of 2.71%, showing a slight decline of 15 basis points year-on-year, but the downward pressure is narrowing [4] - Non-interest income grew significantly, reaching 1.767 billion yuan (+29.07%), driven by strong performance in intermediary business and investment income [4] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% (+0.02 percentage points) and a provision coverage ratio of 500.51%, indicating robust risk mitigation capabilities [4] Summary by Sections Financial Performance - In 2024, the bank's total revenue was 10.909 billion yuan, with a year-on-year growth of 10.53%. The net profit attributable to shareholders was 3.813 billion yuan, reflecting a growth of 16.20% [4][32] - The bank's interest income was 9.142 billion yuan, with a net interest margin of 2.71%, showing a decline of 15 basis points year-on-year [4][33] Loan and Deposit Growth - Total loans increased by 8.28% year-on-year, with corporate loans growing by 16.11% and personal loans by 2.17% [4] - Total deposits grew by 15.57%, with personal time deposits increasing by 19.76%, indicating effective cost optimization [4] Non-Interest Income - Non-interest income reached 1.767 billion yuan, a significant increase of 29.07%, with fees and commissions growing by 158.54% [4][33] Asset Quality - The bank's NPL ratio stood at 0.77%, with a provision coverage ratio of 500.51%, indicating strong asset quality management [4][32] Future Outlook - The bank's strategy focuses on small and micro enterprises, with a strong competitive edge in personal operating loans. The integration of village and town banks is accelerating, suggesting promising growth potential in the future [4]

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 6.96 CNY [5]. Core Views - Changshu Bank reported a revenue growth of 10.53% for 2024, with a pre-provision profit growth of 10.59% and a net profit growth of 16.20%, indicating strong performance [1][10]. - The bank's asset scale increased by 9.61% year-on-year, with total loans growing by 8.28% [1]. - Retail loan growth was modest at 2.17% year-on-year, reflecting a slowdown in consumer demand and increased competition in the market [2]. - Corporate loans and bill discounts saw stronger growth, with increases of 16.11% and 23.81% respectively, as the bank focuses on supporting technology startups and small enterprises [2]. - The net interest margin for Q4 2024 was 2.59%, showing resilience despite a slight decline [3][9]. - Non-interest income decreased by 14.63% year-on-year, impacting overall profit growth [9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 500.51% [10]. Summary by Sections Financial Performance - Revenue for 2024 was 10,909 million CNY, with a growth rate of 10.53% [12]. - Net profit for 2024 reached 3,813 million CNY, reflecting a growth of 16.20% [12]. - The cost-to-income ratio increased to 41.37%, up 12.28 percentage points year-on-year [9]. Asset and Liability Management - Total assets grew by 9.61% year-on-year, with loans making up 64.85% of the earning assets [1]. - Retail deposits increased by 15.57% year-on-year, with a retail deposit ratio of 71.19% [2]. Risk and Quality Indicators - The non-performing loan generation rate for 2024 was estimated at 1.37%, indicating some pressure in retail credit [10]. - The bank's focus on risk management has led to improvements in the attention and overdue rates [10]. Future Outlook - For 2025, revenue is expected to grow by 9.71%, with net profit growth projected at 13.39% [10]. - The bank aims to enhance customer service and deepen its engagement with existing clients to drive growth [10].

Core Viewpoint - Changshu Bank reported strong financial performance for 2024, with revenue, pre-provision profit, and net profit reaching 10.91 billion, 6.85 billion, and 3.81 billion respectively, showing year-on-year growth of 10.5%, 10.9%, and 16.2% [1] Revenue and Profitability - The bank's revenue maintained resilience with a total of 10.91 billion, reflecting a year-on-year increase of 10.5%, although the growth rate slowed by 0.8 percentage points compared to the previous three quarters [1] - Net interest income grew by 7.5% year-on-year, with a quarter-on-quarter increase of 1.4%, primarily due to a narrowing decline in net interest margin [1] - Other non-interest income increased by 25.9% year-on-year but saw a quarter-on-quarter decline of 14.3%, which slightly dragged down overall revenue growth [1] - The net profit attributable to shareholders rose by 16.2% year-on-year, positioning the bank's performance among the top tier of listed banks [1] Asset Quality and Loan Performance - Total assets and loans grew by 9.6% and 8.3% year-on-year, respectively, but the growth rates slowed by 0.8 percentage points and 1.4 percentage points quarter-on-quarter [2] - Corporate and retail loans increased by 16.1% and 2.2% year-on-year, with bill discounting up by 23.8%, indicating weak retail demand [2] - Retail loan categories such as operating loans, consumer loans, and credit card loans saw reductions, while mortgage loans experienced a slight increase [2] - The bank maintained a proactive approach to managing small and micro business loans, focusing on risk-reward balance while increasing the proportion of credit guarantee loans [2] Liability and Deposit Trends - Deposits grew by 15.6% year-on-year, but the proportion of demand deposits decreased to 18.1%, down by 0.6 percentage points [3] - The interest rate on deposits fell by 8 basis points to 2.2% as high-cost deposits matured and were repriced [3] - The net interest margin decreased by 15 basis points to 2.71%, yet remained at a leading level within the industry [3] Risk Exposure and Asset Quality - The non-performing loan (NPL) ratio stood at 0.77%, unchanged from the previous quarter, indicating overall strong asset quality [4] - However, retail loan risks are still a concern, with the NPL ratio for retail loans rising to 0.94% [4] - The bank's strict NPL recognition standards and sufficient provision coverage, which remains above 500%, mitigate the impact of asset quality pressures on profitability [4] Investment Outlook - Due to weak effective credit demand and ongoing asset quality pressures in small micro loans, the bank slightly adjusted its profit forecasts for 2025-2028 to 15.1%, 14.7%, and 14.7% respectively [5] - The closing price on March 26 was 6.96 yuan per share, corresponding to a 0.65 times price-to-book (PB) ratio for 2025 [5] - The bank's core advantages in small micro business, regional economic strength, and robust provision buffer support a "strong buy" rating [5]

Core Viewpoint - Changshu Bank reported a strong performance in its 2024 annual report, achieving double-digit growth in both revenue and net profit despite a declining net interest margin, largely driven by a significant increase in investment income, particularly from debt investments, which rose by 843% [1][3][4]. Financial Performance - In 2024, Changshu Bank achieved operating income of 10.909 billion yuan, a year-on-year increase of 10.53% [3]. - The bank's net profit attributable to shareholders reached 3.813 billion yuan, reflecting a year-on-year growth of 16.2% [3]. - Net interest income was reported at 9.142 billion yuan, up 7.54% year-on-year, while non-interest income reached 1.767 billion yuan, increasing by 29.07% [4]. Investment Income - Investment income for the bank was 1.494 billion yuan, marking a 56.03% increase year-on-year, with debt investment income soaring by 843.66% [4]. - The bank's strategy involved proactive market analysis and profit-taking operations to capitalize on current market conditions [4]. Asset Quality - As of the end of 2024, the non-performing loan ratio stood at 0.77%, a slight increase of 0.02 percentage points from the previous year [6]. - The provision coverage ratio was reported at 500.51%, down 37.37 percentage points year-on-year [6]. - The bank's focus on loans categorized as "concerned," "substandard," and "loss" has shown an upward trend, indicating potential future asset quality pressures [6]. Stock Performance and Dividends - Following the release of the annual report, Changshu Bank's stock price fell by 2.93%, closing at 6.96 yuan per share [2]. - The bank's cash dividend ratio has been below 30% for three consecutive years, with the 2024 cash dividend accounting for less than 20% of the net profit attributable to shareholders [7][8]. - The bank has announced plans to enhance its investment value through improved operational efficiency, active cash dividends, and better investor relations management [8].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [1] Core Views - 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][6] - The bank's non-performing loan (NPL) ratio remained stable at 0.77% in Q4 2024, while the provision coverage ratio decreased by 28 percentage points to 500.5% [4][10] - The report highlights that despite a slowdown in revenue growth, Changshu Bank remains a leader in the industry, with net interest income growing by 7.5% year-on-year in 2024 [6][10] Financial Data and Profit Forecast - Revenue and profit forecasts for Changshu Bank are as follows: - Total revenue (million yuan): 2023: 9,870.29, 2024: 10,909.24, 2025E: 11,601.01, 2026E: 12,497.16, 2027E: 13,688.58 [5] - Net profit (million yuan): 2023: 3,281.50, 2024: 3,813.26, 2025E: 4,199.74, 2026E: 4,761.43, 2027E: 5,452.48 [5] - The forecasted year-on-year growth rates for net profit are 10.1% for 2025, 13.4% for 2026, and 14.5% for 2027 [10] Loan and Asset Quality - Loan growth for Changshu Bank was 8.3% in Q4 2024, with total new loans of 18.4 billion yuan for the year, down from 29 billion yuan in 2023 [6][10] - The report notes that the bank's asset pricing remains under pressure, contributing to a continued narrowing of the net interest margin, which was 2.68% in 2024 [6][10] Market Position and Outlook - Changshu Bank is positioned to continue its strong performance in the industry, driven by stable growth policies and a gradual recovery in demand from the real economy [10] - The current stock price corresponds to a price-to-book (PB) ratio of 0.72 for 2025, indicating potential for valuation recovery [10]

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].