财报季，机构持股动向逐渐浮出水面，社保基金去年四季度末共现身154只股，其中，53股已连续持有 超8个季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报 数据宝统计，截 至3月31日，公布2024年年报公司中，社保基金最新出现在154家公司前十大流通股东榜，向前追溯发 现，共有90只股获社保基金连续持有4个季度以上。其中，53只社保基金持有期超过两年，华侨城A、 华鲁恒升（600426）等11只获社保基金连续持仓超5年。 社保基金连续持仓超2年的53只个股中，从去年四季度末社保基金持股量来看，常熟银行（601128）、 钒钛股份（000629）、云铝股份（000807）等持股数量居前，社保基金分别持有2.68亿股、2.00亿股、 1.56亿股。社保基金持股比例居前的有常熟银行、赤峰黄金（600988）、坚朗五金（002791）等，持股 比例分别为8.90%、6.35%、6.35%。 社保基金连续重仓股名单 社保基金持有期限最长的个股是华侨城A，自2011年二季度以来已累计持有55个季度，最新全国社保基 金四一三组合、全国社保基金一一八组合，位列公司第六大、第七大流通股东，持股量 ...

财报季，社保基金持股动向曝光！去年四季度末社保基金共现身154只个股前十大流通股东榜，新进39 只，增持44只。 证券时报数据宝统计显示，社保基金最新出现在154只个股前十大流通股东名单中，合计持股量42.98亿 股，期末持股市值合计630.47亿元。持股变动显示，不变26只，减持45只，新进39只，增持44只。 社保基金重仓股中，从前十大流通股东名单中社保基金家数来看，常熟银行（601128）、海信视像 （600060）等2只股有4家社保基金集中现身，持股量分别为26840.05万股、7523.57万股。 从持股比例看，社保基金持有比例最多的是常熟银行，持股量占流通股比例为8.90%，其次是赤峰黄金 （600988），社保基金持股比例为6.35%，持股比例居前的还有坚朗五金（002791）、航材股份、华特 达因（000915）等。持股数量方面，社保基金持股数量在1亿股以上的共有11只，社保基金持股量最多 的是常熟银行，共持有2.68亿股，钒钛股份（000629）、中国铝业（601600）等紧随其后，持股量分别 为2.00亿股、1.77亿股。 业绩方面，社保基金持有个股中，去年年报净利润同比增长的有99家，净 ...

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].

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].