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 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 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 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 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-008 江苏常熟农村商业银行股份有限公司 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： ? 每股分配比例，每股转增比例 每股派发现金红利0.25元（含税），以资本公积每股转增0.1股。 ? 本次利润分配及资本公积转增以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前本行总股本发生变动的，拟维持每股分 配（转增）比例不变，相应调整分配（转增）总额，并将在相关公告中披露。 ? 本次利润分配方案不触及《上海证券交易所股票上市规则（2024年4月修 订）》（以下简称《股票上市规则》）第9.8.1条第一款第（八）项规定的可能 被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至2024年12月31日，母公司期末未分配利润为9,920,410千元。经董事会 决议，本行2024年年度拟以实施权益分派股权登记日登 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-007 江苏常熟农村商业银行股份有限公司 同意 13 票，反对 0 票，弃权 0 票。 （一）2024 年度董事会工作报告 同意 13 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 （二）2024 年年度报告及摘要 一、董事会会议召开情况 本行第八届董事会第十次会议于 2025 年 3 月 27 日以现场和视频相结合的方 式召开，会议通知及会议文件已于 2025 年 3 月 17 日发出。会议由薛文董事长主 持，会议应到董事 13 人，实到董事 13 人。部分监事和高管列席了会议，会议符 合《公司法》等法律法规及本行《章程》的有关规定。 二、董事会会议审议情况 具体内容详见本行同日披露在上海证券交易所网站的《常熟银行 2024 年年 度报告》和《常熟银行 2024 年年度报告摘要》。 本议案已经本行第八届董事会审计与消费者权益保护委员会第五次会议审 议通过。 第八届董事会第十次会议决议公告 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 ...

江苏常熟农村商业银行股份有限公司 董事会审计与消费者权益保护委员会 2024 年度履职情况报告 根据《上市公司治理准则》、《上海证券交易所股票上市规则》、《上海 证券交易所上市公司董事会审计委员会运作指引》等监管要求以及公司章程的 相关规定，董事会审计与消费者权益保护委员会将 2024 年度履职情况报告如下： 一、委员会基本情况 公司第八届董事会审计与消费者权益保护委员会由 4 名董事组成，其中独 立董事 3 名，股东董事 1 名，主任委员由独立董事担任，全部委员均具有履行 审计与消费者权益保护委员会工作职责的专业知识和相关经验。 二、委员会会议召开情况 报告期内，董事会审计与消费者权益保护委员会共召开会议 4 次，审议通 过议案共计 18 项。 | 会议名称 | 会议召开日期 | | 会议审议表决的事项 | | --- | --- | --- | --- | | | | 1.2023 2.2023 | 年年度报告及摘要 年度财务决算和 2024 年度财务预算方案 | | | | 3.2023 | 年度利润分配方案 | | | | 4.续聘 | 2024 年度会计师事务所 | | | | 5.2023 | 年 ...