Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown high growth in performance while maintaining excellent risk compensation capabilities [1][4] - The company focuses on inclusive finance for small and micro enterprises, demonstrating differentiated competitive advantages [4] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.2% year-on-year [3][4] - Interest income remained stable, with a slight decrease in the growth rate of interest-earning assets contributing 14.2 percentage points to performance, down 1.4 percentage points from the first half of 2024 [3] - The net interest margin for the first three quarters of 2024 was 2.75%, a decrease of 4 basis points compared to the first half of 2024 [3][4] Asset Quality - As of the end of the third quarter of 2024, the non-performing loan ratio was 0.77%, and the attention ratio was 1.52%, reflecting a slight increase due to economic pressures affecting micro-loan asset quality [4] - The provision coverage ratio stood at 528%, indicating sufficient risk compensation capability [4] Future Outlook - The company is expected to see net profit growth of 17.9%, 16.5%, and 16.1% for the years 2024 to 2026, with corresponding price-to-book (PB) ratios of 0.78, 0.70, and 0.63 [4][5] - The company anticipates continued support for credit issuance as policies remain favorable [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 8.37 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders reached 2.976 billion yuan, up 18.17% year-on-year. The revenue growth rate slightly decreased by 0.74 percentage points compared to the first half of 2024, mainly due to a slowdown in the growth of other non-interest income [2][6] - The company achieved an investment income of 1.339 billion yuan, a significant increase of 92.54% year-on-year, primarily due to the realization of gains from trading financial assets [6] - The net interest margin for the first three quarters was 2.75%, showing resilience and expected to remain among the highest in the listed banks [6] - The company's non-performing loan ratio and attention ratio were 0.77% and 1.52%, respectively, indicating a slight increase in attention ratio, which is expected to stabilize under current policies [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 8.37 billion yuan, with a year-on-year growth of 11.30%. The net profit attributable to shareholders was 2.976 billion yuan, reflecting an 18.17% increase year-on-year. The growth rate of revenue decreased slightly compared to H1 2024 due to a decline in other non-interest income growth [2][6] - The company’s investment income for the same period was 1.339 billion yuan, marking a 92.54% increase year-on-year, attributed to the realization of gains from trading financial assets [6] Asset Quality and Risk Management - As of Q3 2024, the company reported a non-performing loan ratio of 0.77% and an attention ratio of 1.52%, with both ratios showing slight increases. The attention ratio's rise is attributed to the weakened repayment capacity of some small and micro enterprises [6] - The company maintained a provision coverage ratio of 528.40%, indicating a strong risk mitigation capacity [6] Future Outlook - The company is projected to achieve revenues of 10.93 billion yuan, 12.01 billion yuan, and 13.44 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.74%, 9.86%, and 11.90% [7] - The net profit attributable to shareholders is expected to be 3.883 billion yuan, 4.446 billion yuan, and 5.165 billion yuan for the same years, with growth rates of 18.33%, 14.51%, and 16.17% [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Views - The company has demonstrated stable high growth in its performance, with a year-on-year revenue increase of 11.3% and a net profit growth of 18.2% for the first three quarters of 2024 [2][3]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% as of September, showing a slight increase [2]. - The bank's management has successfully reduced the cost-to-income ratio, which improved by 4.1 percentage points to 35.2% compared to the previous year [2]. Financial Performance - Revenue and profit growth rates for the first three quarters of 2024 are 11.3% and 18.2%, respectively, indicating stability compared to the half-year report [2]. - Net interest income increased by 6.2% year-on-year, while non-interest income surged by 44.2%, driven by investment income and fair value changes [2]. - The bank's total assets reached 362.7 billion, with a year-on-year growth of 10.4%, and loans amounted to 239.7 billion, reflecting a growth rate of 9.7% [3]. Asset Quality - The non-performing loan ratio stood at 0.77% as of September, with a slight increase of 1 basis point from the previous quarter [2]. - The bank's provision coverage ratio was 528%, indicating a strong buffer against potential loan losses [2]. Deposit and Loan Trends - As of September, total deposits reached 284.6 billion, with a year-on-year growth rate of 17.0% [3]. - The proportion of time deposits was 71.7%, showing a slight decrease of 0.2 percentage points from the previous quarter [3]. Future Outlook - The company is expected to continue achieving steady growth in scale, with a projected annual revenue growth of 10% and net profit growth of 18% as per management's guidance [3]. - The bank's performance is anticipated to remain stable throughout the year, with expectations of maintaining a favorable net interest margin compared to peers [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6] Core Views - The company has maintained good growth in performance, with revenue of 8.37 billion and net profit of 2.98 billion for the first three quarters of 2024, representing year-on-year growth of 11.3% and 18.2% respectively [1] - Microloan demand is currently weak, but the company is expected to benefit from the recovery in microloans as steady growth policies are implemented and the economy improves [1] - The net interest margin has slightly narrowed to 2.75%, down 21 basis points year-on-year, primarily due to a decline in loan yields [1] - The non-performing loan ratio remains low at 0.77%, with a slight increase from the previous quarter, while the proportion of special mention loans has risen [1] - The company is expected to see a turning point in its microloan business as steady growth policies continue to take effect, with projected net profits of 3.9 billion, 4.6 billion, and 5.6 billion for 2024-2026, corresponding to year-on-year growth rates of 19.0%, 17.5%, and 22.1% [1][4] Financial Forecasts and Valuation - Revenue is projected to reach 10.95 billion in 2024, with a year-on-year growth of 10.9% [2][4] - Net profit is expected to be 3.9 billion in 2024, with a year-on-year growth of 19.0% [2][4] - The price-to-earnings (PE) ratio is projected to be 5.5x for 2024, 4.7x for 2025, and 3.9x for 2026, while the price-to-book (PB) ratio is expected to be 0.75x, 0.66x, and 0.58x respectively [1][4]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][12] Core Views - The company's revenue resilience is highlighted, with a year-on-year revenue growth of 11.3% in the first three quarters of 2024, reaching 8.37 billion yuan [4][7] - The net profit attributable to shareholders increased by 18.2% year-on-year, amounting to 2.98 billion yuan, supported by stable net interest income growth of 6.2% [4][5] - The bank's asset quality remains overall stable, with a slight increase in the non-performing loan (NPL) ratio to 0.77% [7][10] Financial Performance Summary - For the first three quarters of 2024, total assets reached 362.7 billion yuan, with total loans at 239.7 billion yuan and total deposits at 284.6 billion yuan [4][5] - The weighted average return on equity (ROE) for the first three quarters was 14.96% [4] - The net interest margin (NIM) for the third quarter was 2.75%, slightly down from 2.79% in the first half of 2024 [5][10] Revenue and Profitability - The company's non-interest income grew significantly by 44.2% year-on-year, although bond investment-related income saw a decline [4][5] - The forecast for net profit attributable to shareholders for 2024 is 3.28 billion yuan, with an expected growth rate of 19.6% [6][10] Asset Quality and Risk Management - The NPL ratio increased slightly by 1 basis point to 0.77%, while the coverage ratio remains robust at 528% [7][10] - The bank's proactive approach in retail and small micro-business sectors is expected to benefit from a recovery in demand [7][10]

Investment Rating - The report maintains a "Buy" rating for Changshu Bank with a current price of 7.17 CNY [1]. Core Insights - Changshu Bank reported a revenue of 8.37 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 11.3%, while the net profit attributable to shareholders reached 2.98 billion CNY, up 18.2% year-on-year [1]. - The bank's net interest income and non-interest income grew by 44.2%, indicating strong resilience in revenue generation despite a slight decline in growth rates compared to the first half of 2024 [1][3]. - The bank's asset structure continues to optimize, with total assets, interest-earning assets, and loans growing by 10.4%, 11.6%, and 9.7% year-on-year, respectively [1][3]. Revenue Performance - For the first three quarters of 2024, Changshu Bank's revenue, pre-provision profit, and net profit grew by 11.3%, 18.5%, and 18.2% year-on-year, respectively, showing a decline in growth rates compared to the first half of 2024 [1]. - The bank's non-interest income for the first three quarters was 1.47 billion CNY, up 44% year-on-year, contributing to 17.5% of total revenue [3]. Asset Quality and Capital Adequacy - As of the end of the third quarter, the non-performing loan ratio and attention ratio were 0.77% and 1.52%, respectively, indicating a slight increase from the previous quarter [3]. - The bank's capital adequacy ratios improved, with the core Tier 1 capital ratio at 10.6%, and the total capital adequacy ratio at 14% [3]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.29 CNY, 1.49 CNY, and 1.68 CNY, respectively, with corresponding price-to-book (PB) ratios of 0.74, 0.66, and 0.58 [4][5]. - The bank's net interest margin (NIM) is projected to be 2.75% for the first three quarters of 2024, reflecting a slight contraction due to market conditions [1][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 7.17 yuan on October 24, 2024, corresponding to 0.7 times the 2024 PB [3][4]. Core Views - The company continues to achieve high growth in performance, with a robust provision level that supports a low non-performing loan ratio. The expected EPS for 2024-2026 is projected to be 1.41, 1.65, and 1.91 yuan respectively [3][4]. - The company has a strong risk compensation ability, which is crucial for maintaining low asset quality indicators despite some fluctuations in forward-looking metrics [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 8.4 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 3 billion yuan, up 18.2% year-on-year. The non-performing loan ratio stands at 0.77%, with a provision coverage ratio of 528% [2][3]. - The net interest income growth rate has rebounded, with a year-on-year increase of 6.2% and non-interest income rising by 44.2%. However, the growth rate of non-interest income has slowed due to market volatility affecting the valuation of financial assets [2][3]. Asset Quality and Loan Growth - Total assets and total loans increased by 10.4% and 9.7% year-on-year respectively, although the growth rates have decreased compared to the end of the first half of 2024. Corporate loans grew by 19.3%, while personal loans increased by 3.2% [2][3]. - The company has adjusted its credit issuance strategy, focusing on risk control, which has led to a decrease in the proportion of loans under 10 million yuan [2][3]. Interest Margin and Deposit Growth - The net interest margin for the first three quarters of 2024 is 2.75%, down 4 basis points from the end of the first half of 2024. The decline in the proportion of time deposits may have contributed to this trend [2][3]. - Deposit growth has slightly improved compared to the first half of 2024, likely due to adjustments in deposit rates attracting interest-sensitive customers [2][3]. Future Outlook - The company is expected to maintain a strong performance trajectory, with projected revenue growth rates of 12.1%, 11.9%, and 11.8% for the years 2024-2026. The net profit growth rates are forecasted at 19.6%, 18.0%, and 16.8% respectively [3][4].

近日，本行董事会收到孙明先生的书面辞职报告。因工作调整，孙明先生向 本行董事会提出辞去本行董事会秘书的职务，辞任后孙明先生调本行控股子公司 兴福村镇银行股份有限公司任职。根据有关规定，辞职报告自送达本行董事会时 即生效。 证券代码：601128 证券简称：常熟银行 公告编号：2024-038 江苏常熟农村商业银行股份有限公司 关于董事会秘书孙明先生辞任的公告 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。 孙明先生在担任本行董事会秘书期间，恪尽职守、勤勉尽责，在完善公司治 理体系、服务董事会高效运作、提升信息披露质效、强化公司价值管理和投资者 关系维护等方面发挥了积极作用。本行董事会对孙明先生任职期间为本行持续稳 健发展做出的贡献表示衷心感谢，并祝愿其在村镇银行改革发展中展现更大作为。 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10月24日 孙明先生已确认其与本行董事会无不同意见，亦无任何其他事项需要通知本 行股东及债权人。 ...

一、2024 年第三季度报告 同意 13 票，反对 0 票，弃权 0 票。 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 年第 三季度报告》 证券代码：601128 证券简称：常熟银行 公告编号：2024-039 江苏常熟农村商业银行股份有限公司 第八届董事会第八次会议决议公告 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 的真实性、准确性和完整性承担个别及连带责任。 本行第八届董事会第八次会议于 2024 年 10 月 24 日以现场会议方式召开， 会议通知及会议文件已于 2024 年 10 月 14 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，全体监事列席了会议。会议符合《公司法》 等法律法规及本行《章程》的有关规定。 会议审议并通过了如下议案： 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四次会议审 议通过。 二、2024 年第三季度第三支柱信息披露报告 同意 13 票，反对 0 票，弃权 0 票。 具体内容详见在本行官网投资者关系栏目中披露的《常 ...

江苏常熟农村商业银行股份有限公司 第八届监事会第六次会议决议公告 证券代码：601128 证券简称：常熟银行 公告编号：2024-040 二、2024 年反洗钱工作专项检查风险意见 江苏常熟农村商业银行股份有限公司（以下简称"本行"）监事会及全体监 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。 本行第八届监事会第六次会议于 2024 年 10 月 24 日以现场会议方式召开， 会议通知及会议文件已于 2024 年 10 月 14 日以电子邮件方式发出。会议由宋毅 监事长主持，会议应到监事 6 人，实到监事 6 人。会议符合《公司法》等法律法 规及本行《章程》的有关规定。 会议审议并通过了如下议案： 一、2024 年第三季度报告审核意见 同意 6 票，反对 0 票，弃权 0 票。 监事会出具如下审核意见： （1）本行《2024 年第三季度报告》的编制和审议程序符合《公司法》等法 律、法规以及本行《章程》和相关内部管理制度的规定； （2）本行《2024 年第三季度报告》的内容与格式符合中国证监会和上海证 券交易所的各项规定，所包含的信息真实、 ...