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].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (601128.SH) [1] Core Insights - 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][5] - The bank's return on average equity (ROAE) was 14.15%, an increase of 0.5 percentage points compared to the previous year [4] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% and a coverage ratio of 500.5% at the end of 2024 [10][12] Revenue and Profitability - Revenue growth was driven by a 7.5% increase in net interest income and a 29.1% increase in non-interest income [5] - The bank's non-interest income accounted for 16% of total revenue, with significant contributions from investment income, which grew by 56% year-on-year [10] - The bank's net interest margin (NIM) for 2024 was 2.71%, down 15 basis points from 2023 [9] Loan and Deposit Growth - By the end of 2024, the bank's interest-earning assets and loans grew by 11% and 8.3% year-on-year, respectively [6] - The bank's deposit growth was robust, with a 15.6% year-on-year increase in total deposits [8] - The proportion of time deposits continued to rise, reaching 72% of total deposits by the end of 2024 [8] Capital Adequacy - The core tier 1 capital adequacy ratio was 11.2%, indicating a solid capital position [12] - The bank has a strong internal capital generation capacity, supported by a stable dividend payout ratio [12] Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.41, 1.56, and 1.65 yuan, respectively [13] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67 and a price-to-earnings (PE) ratio of 5.09 for 2025 [13]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company achieved a revenue of 10.91 billion yuan in 2024, representing a year-on-year growth of 10.5%, and a net profit of 3.81 billion yuan, up 16.2% year-on-year, maintaining a leading position among peers [2] - Personal loan demand remains weak, impacting credit growth, with total assets at 366.6 billion yuan, an increase of 9.6% from the beginning of the year, and total loans at 240.9 billion yuan, up 8.5% [2][3] - The company is focusing on a micro-lending strategy, enhancing its core competitiveness, with personal operating loans at 93.4 billion yuan, accounting for 38.8% of total loans, a decrease of 1.6 percentage points from the beginning of the year [3] - The net interest margin slightly narrowed to 2.71%, down 15 basis points year-on-year, but remains at a high level compared to peers [3] - The non-performing loan ratio is at 0.77%, a slight increase of 2 basis points from the beginning of the year, indicating strong risk management capabilities [4] Financial Performance Summary - Revenue and net profit forecasts for 2025-2027 have been adjusted to 4.4 billion, 5.2 billion, and 6.2 billion yuan respectively, with corresponding year-on-year growth rates of 15.7%, 18.1%, and 18.4% [5] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67x, 0.59x, and 0.52x for 2025-2027 [5] - The company maintains a strong capital position with a provision coverage ratio of 501%, despite a decrease of 37 percentage points from the beginning of the year [4][10]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company continues to experience high growth in revenue and net profit, with a year-on-year revenue increase of 10.5% and a net profit increase of 16.2% for 2024, although the growth rate has slightly slowed compared to the first three quarters of the year [2][3] - The bank's non-performing loan ratio remained stable at 0.77% as of the end of Q4 2024, with a provision coverage ratio of 501%, indicating a solid asset quality despite rising risks in small and micro loans [5][6] - The bank's net interest margin showed a year-on-year decline of 15 basis points to 2.71%, but the rate of decline has narrowed, suggesting potential for improvement in the future [4][6] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 10,909 million and a net profit of 3,813 million, reflecting a year-on-year growth of 10.5% and 16.2% respectively [12] - The interest income improved by 1.4% compared to the first three quarters of 2024, reaching 7.5% [2] - The bank's asset impairment losses turned into a positive contribution to profit growth, with a year-on-year decrease of 7% in asset impairment losses for 2024 [2] Loan Growth - Loan growth has been slowing, with a decrease of 1.4% in loan growth rate to 8.3% by the end of Q4 2024, indicating weak demand for small and micro loans [3] - The bank is actively promoting the high-quality development of village banks, which may unlock future loan growth potential if economic conditions improve [3] Asset Quality - The non-performing loan ratio remained stable at 0.77%, with a slight decrease in the attention rate to 1.49% [5] - The bank's provision coverage ratio decreased by 28% to 501%, but remains high, allowing for potential profit support through appropriate provision releases [5] Profit Forecast and Valuation - The bank is expected to achieve a net profit growth of 10.45%/10.48%/11.02% for 2025-2027, with corresponding book values per share of 10.41/11.68/13.09 [6][12] - The target price is set at 8.96 yuan per share, indicating a potential upside of 25% based on a price-to-book ratio of 0.86 for 2025 [6]

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank [3][4]. Core Views - The bank's 2024 performance shows a robust growth trajectory with revenue, PPOP, and net profit increasing by 10.53%, 10.59%, and 16.20% year-on-year, respectively [1][3]. - The bank's net interest margin (NIM) for 2024 is reported at 2.71%, slightly narrowing by 4 basis points compared to the previous quarters [2]. - Asset quality remains stable with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, indicating a marginal improvement in forward-looking indicators [2][3]. Summary by Sections Performance Overview - In 2024, Changshu Bank's total revenue reached 10,909 million yuan, with a year-on-year growth of 10.53% [1][14]. - The net profit attributable to shareholders for 2024 was 4,073 million yuan, reflecting a 16.20% increase compared to the previous year [1][14]. Non-Interest Income - Other non-interest income surged by 25.9% year-on-year in 2024, primarily driven by significant growth in trading account profits and realized gains [2][3]. Interest Margin and Asset Quality - The bank's NIM decreased to 2.71% in 2024, with a decline in both asset yield and loan yield by 14 basis points [2]. - The NPL ratio remained stable at 0.77% as of Q4 2024, with a coverage ratio of 500.51%, indicating solid risk mitigation capabilities [2][3]. Capital and Shareholder Information - The total market capitalization of Changshu Bank is reported at 21.6 billion yuan, with a total share count of 3,015 million shares [4]. - The bank's return on equity (ROE) stands at 14.15% for 2024, showcasing its profitability [4][29].

江苏常熟农村商业银行股份有限公司 内部控制审计报告 2024 年 12 月 31 日 Deloitte. 内部控制审计报告 德师报(审)字(25)第 S00216 号 江苏常熟农村商业银行股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了 江苏常熟农村商业银行股份有限公司(以下简称"贵行")2024年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵行董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变 化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 WorldClass 智启非凡 德师报(审)字(25)第 S002 ...

江苏常熟农村商业银行股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 江苏常熟农村商业银行股份有限公司 Deloitte. 十师赢名后(姓残迎语合小) 审计报告 德师报(审)字(25)第 P00003 号 (第1页,共5页) 江苏常熟农村商业银行股份有限公司全体股东: 一、审计意见 我们审计了江苏常熟农村商业银行股份有限公司(以下简称"贵行")及其子公司(以下简称 "贵集团")的财务报表,包括 2024年 12 月 31 目的合并及银行资产负债表,2024年度的合并及 银行利润表、合并及银行现金流量表、合并及银行股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵集团 2024年 12月 31日的合并及银行财务状况以及 2024年度的合并及银行经营成果和合并 及银行现金流量。 财务报表及审计报告 2024 年 12 月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | l - 5 | | 合并及银行资产负债表 | 6 - 9 | | 合并及银行利润表 | 10 - 13 | | 合并及 ...

江苏常熟农村商业银行股份有限公司 2024 年度独立董事述职报告 独立董事蔡则祥述职报告 作为江苏常熟农村商业银行股份有限公司（以下简称"公司"）的独立董事， 2024 年度，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》《银 行保险机构公司治理准则》等法律法规及公司《章程》的规定，忠实、勤勉、独 立地履行了独立董事职责，积极出席公司董事会及其专门委员会会议，对公司的 经营和业务发展提出了合理的建议，充分发挥了独立董事作用，维护了公司股东， 尤其是中小股东的合法权益。现将 2024 年度履行独立董事职责情况报告如下： 一、本人基本情况 本人蔡则祥，1958 年出生，现任南京审计大学金融学院教授，兼任江苏宏 图高科技股份有限公司独立董事。2020 年 12 月起当选公司独立董事，现担任公 司董事会金融廉洁与伦理委员会主任委员、审计与消费者权益保护委员会委员。 本人及本人的直系亲属均不在公司及公司附属企业任职或享有权益，与公司及公 司主要股东之间不存在妨碍独立客观判断的关系，不存在影响独立性的情况。 二、年度履职概况 2024 年度，本人积极参加董事会及其专门委员会会议，认真审议各项议案， 通过听取 ...