证券代码：601128 证券简称：常熟银行 公告编号：2024-044 江苏常熟农村商业银行股份有限公司 关于董事会秘书唐志锋先生任职资格获核准的公告 唐志锋先生的简历详见本行2024年10月25日刊载于上海证券交易所网站 （www.sse.com.cn）的《常熟银行第八届董事会第八次会议决议公告》（2024-039）。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2024年12月25日 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。 近日，本行收到《国家金融监督管理总局苏州监管分局关于唐志锋常熟农村 商业银行董事会秘书任职资格的批复》（苏州金复〔2024〕253号），核准唐志 锋先生本行董事会秘书任职资格。 ...

证券代码：601128 证券简称：常熟银行 公告编号：2024-043 江苏常熟农村商业银行股份有限公司 "提质增效重回报"行动方案 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。 为深入贯彻党的二十大和中央经济工作会议、中央金融工作会议精神，落实 国务院《关于进一步提高上市公司质量的意见》要求，推动本行高质量发展和投 资价值提升，保护投资者尤其是中小投资者合法权益，本行制定了"提质增效重 回报"行动方案。具体如下： 向"下"扎根。因"农"而生，伴"小"成长，充分发挥自身支农支小优势， 不断升级迭代"微贷"核心技术，推动信贷流程再优化、表单材料再精简、数据 共享再提升。聚焦小微经营主体的融资难题，扎实开展整村授信、普惠授信等专 项行动，深入挖掘、精准满足新型农业经营主体、小微经营主体和新市民等融资 需求，为全面推进乡村振兴提供金融服务保障。 向"新"而行。把更多金融资源用于促进科技创新、绿色发展，大力支持传 统制造业智能化改造和数字化升级，支持新兴产业发展。持续加大对高新技 ...

Group 1: Financial Performance - The bank's revenue and net profit attributable to shareholders showed significant growth in Q3 2024, driven by a 14.79% increase in deposits and a 7.42% increase in loans as of September 2024 [4] - The bank maintained stable interest margins through effective asset-liability management and cost control, leading to a steady decline in the cost-to-income ratio [4] Group 2: Risk Management - As of September 2024, the bank reported a non-performing loan (NPL) ratio of 0.77% and a provision coverage ratio of 528.40%, indicating strong asset quality [4] - The bank employs a comprehensive risk management model that includes pre-, during-, and post-risk management strategies to maintain low NPL ratios and high provision coverage [4] Group 3: Strategic Initiatives - The bank is actively responding to national financial regulatory requirements by absorbing rural banks and converting them into branches, enhancing service quality and market competitiveness [4] - This strategy aims to optimize resource allocation and strengthen risk management while expanding the bank's inclusive financial services [4] Group 4: Interest Margin Outlook - The decline in net interest margin this year is attributed to weak credit demand, but the bank expects stability in the second half of the year due to a slight decrease in deposit costs [4] - The bank plans to continue focusing on small and scattered credit loans to improve the proportion of high-interest loans while optimizing the deposit structure [4]

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.17 CNY and a reasonable value of 10.91 CNY [1]. Core Insights - The company reported a year-on-year revenue growth of 11.3%, PPOP growth of 18.5%, and net profit attributable to shareholders growth of 18.2% for the first three quarters of 2024. However, these figures showed a slight decline compared to the first half of 2024 [2]. - The asset quality remains stable with a non-performing loan (NPL) ratio of 0.77% as of Q3 2024, and a provision coverage ratio of 528.4% [2]. - Non-interest income saw a significant increase of 40.3%, primarily driven by a 92.5% rise in investment income [2]. - The cost-to-income ratio improved to 35.17%, a decrease of 4.13 percentage points year-on-year, attributed to enhanced operational efficiency [2]. - The core Tier 1 capital adequacy ratio increased to 10.58% as of the end of September 2024, reflecting a solid capital position [2]. Summary by Relevant Sections Financial Performance - Revenue, PPOP, and net profit attributable to shareholders grew by 11.3%, 18.5%, and 18.2% respectively year-on-year for the first three quarters of 2024, although these growth rates decreased compared to the first half of 2024 [2][9]. - The NPL ratio was reported at 0.77%, with a provision coverage ratio of 528.4%, indicating strong risk management [2][9]. Non-Interest Income - Other non-interest income increased by 40.3%, with investment income rising by 92.5%, mainly due to realized gains from bond investments [2][9]. Cost Efficiency - The cost-to-income ratio improved to 35.17%, down 4.13 percentage points year-on-year, reflecting better operational efficiency [2][9]. Capital Adequacy - The core Tier 1 capital adequacy ratio rose to 10.58%, indicating a robust capital position [2][9].

证券代码：601128 证券简称：常熟银行 公告编号：2024-042 2024 年第一次临时股东大会决议公告 本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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 6 日 江苏常熟农村商业银行股份有限公司 (二)股东大会召开的地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 719 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,201,396,587 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 39.8475 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本行董事会召集，采取现场和网络投票相结合的方式召开， 由薛文董事长主持。本 ...

国浩律师(苏州) 事务所 关 于 法律意见书 国浩律师(苏州)事务所 2024 年第一次临时股东大会 之 法律意见书 江苏常熟农村商业银行股份有限公司 國浩律師事務所 GRANDALL LAW FIRM 苏州工业园区 旺墩路 269 号圆融星座商务广场 1 幢 28 楼 邮编: 215028 28/F, Tower 1, Harmony City, No.269 Wangdun Road, SIP, Suzhou 215028 电话/Tel: (86-512) 62720177 传真/Fax: (86-512) 62720199 网址/Website: http://www.grandall.com.cn 二〇二四年十一月 律师 (苏州) 事务所 关于江苏常熟农村商业银行股份有限公司 2024 年第一次临时股东大会 之 法律意见书 致:江苏常熟农村商业银行股份有限公司 国浩律师(苏州)事务所(以下简称"本所")接受江苏常熟农村商业银行 股份有限公司(以下简称"公司")的委托,指派本所律师出席并见证了公司 2024 年第一次临时股东大会(以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》(以下简 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [4][6]. Core Insights - The company reported a steady performance with a revenue of 8.37 billion yuan, up 11.30% year-on-year, and a net profit of 2.98 billion yuan, up 18.17% year-on-year, indicating robust growth driven primarily by investment income [2][3]. - The net interest income was 6.90 billion yuan, reflecting a 6.15% increase year-on-year, while non-interest income surged by 44.25% to 1.47 billion yuan, with investment net income rising by 92.54% [2]. - The cost-to-income ratio improved to 35.17%, down 4.13 percentage points year-on-year, showcasing effective cost management [2]. - The company’s total loans reached 239.69 billion yuan, a 7.75% increase from the previous year, although retail loan growth has slowed [2][3]. - The net interest margin stood at 2.82%, slightly down by 21 basis points year-on-year, but the average yield on interest-earning assets increased [2][3]. - Asset quality showed slight fluctuations with a non-performing loan ratio of 0.77% and a provision coverage ratio of 528.40%, indicating strong risk mitigation capabilities [2][3]. Financial Projections - Revenue projections for 2024-2026 are 10.90 billion, 11.96 billion, and 13.34 billion yuan respectively, with net profits expected to be 3.86 billion, 4.45 billion, and 5.15 billion yuan [3]. - The book value per share (BVPS) is projected to increase from 9.48 yuan in 2024 to 12.65 yuan in 2026, with corresponding price-to-book (PB) ratios decreasing from 0.75 to 0.56 [3].

证券代码：601128 证券简称：常熟银行 公告编号：2024-041 江苏常熟农村商业银行股份有限公司 关于参加苏州上市公司投资者集体接待日 暨 2024 年第三季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。 一、业绩说明会类型 本次业绩说明会以网络互动形式召开，本行将针对 2024 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 11 月 6 日(星期三)下午 15:30-17:00 会议召开地点：全景路演（网址：http://rs.p5w.net） 会议召开方式：网络互动 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 6 日（星期三）下午 15:30-17:00 （二）会议召开地点：全景路演（网址：http://rs.p5w.net） （三）会议召开方式：网络互动 三、参加人员 重要内容提示： 投资者可于 202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has demonstrated strong revenue growth with a year-on-year increase of 11.3% in the first three quarters of 2024, while net profit attributable to shareholders grew by 18.2% [2][5] - The bank's net interest income increased by 6.2% year-on-year, supported by a stable net interest margin and significant growth in non-interest income, which rose by 44% [2][3] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 528% [2][4] Summary by Sections Performance - Revenue growth of 11.3% in the first three quarters, with net profit growth of 18.2% [2] - Non-interest income growth of 44%, driven by a strong performance in investment income [4] - Cost-to-income ratio improved by 4 percentage points, leading to a 18.8% increase in pre-provision operating profit (PPOP) [2][3] Scale - Total loans increased by 7.8% year-to-date, with a stable deposit structure showing a 14.8% increase [3] - The bank's retail loan growth has slowed, reflecting weaker external demand [3] Interest Margin - The net interest margin for the first three quarters was 2.75%, slightly down by 4 basis points from the previous half [3] - The bank is expected to benefit from a declining deposit cost trend due to a high proportion of fixed-term deposits [3] Non-Interest Income - Non-interest income growth has moderated, with investment income growth at 40% year-on-year [4] Asset Quality - The non-performing loan ratio increased slightly by 1 basis point to 0.77%, with a provision coverage ratio decrease of 10 percentage points [4] - The bank's risk management capabilities in the small and micro enterprise sector are noted to be industry-leading [4] Investment Recommendation - The bank is expected to maintain leading growth rates in the short term, with a projected revenue growth of 10.4% and net profit growth of 18.2% for the full year 2024 [5] - The current valuation is at 0.75 times the 2024 price-to-book ratio, indicating a significant discount compared to other leading banks [5]

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank (601128) with a target price of 8.00 CNY, compared to the current price of 7.17 CNY [1]. Core Views - Changshu Bank's performance continues to show high growth, with a year-on-year increase in operating income of 11.3% to 8.37 billion CNY and a net profit attributable to shareholders of 2.98 billion CNY, reflecting an 18.2% growth [1][2]. - The bank's asset quality remains strong, with a slight increase in the non-performing loan (NPL) ratio to 0.77% and a decrease in the provision coverage ratio to 528.4% [1]. - The report highlights a marginal improvement in the net generation of non-performing loans, which decreased by 63 basis points to 0.59% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, operating income reached 8.37 billion CNY, with a year-on-year growth of 11.3%, slightly down from the first half of 2024 [1]. - The net profit attributable to shareholders was 2.98 billion CNY, with an 18.2% year-on-year increase, showing a slight deceleration compared to the first half of 2024 [1]. - The bank's net interest income grew by 6.3% year-on-year, while non-interest income saw a significant decline of 20.2% [1]. Asset Quality - The NPL ratio increased slightly by 1 basis point to 0.77%, which is still considered excellent within the industry [1]. - The provision coverage ratio decreased by 10.3 percentage points to 528.4%, indicating a strong risk mitigation capacity [1]. - The report notes that the marginal improvement in asset quality is supported by a decrease in the net generation rate of non-performing loans [1]. Loan and Deposit Growth - As of the end of Q3 2024, the growth rates for interest-earning assets and loans were 10.3% and 9.7% year-on-year, respectively, with a decline in growth rates compared to previous quarters [1]. - Corporate loans maintained a robust growth rate, while retail loan demand remained weak, leading to a slowdown in overall loan growth [1]. Future Outlook - The report projects revenue growth rates of 11.4%, 12.4%, and 13.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 17.2%, 19.9%, and 19.4% for the same years [1][2]. - The current stock price corresponds to a 2025 estimated price-to-book (PB) ratio of 0.67X, with a target PB of 0.75X for 2025 [1].