证券代码：601128 证券简称：常熟银行 公告编号：2024-015 江苏常熟农村商业银行股份有限公司 关于召开 2023 年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。 重要内容提示： 会议召开时间：2024 年 04 月 11 日(星期四)下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 04 月 02 日(星期二)至 04 月 10 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本行投资者关系邮 箱：601128@csrcbank.com 进行提问。本行将在 2023 年度业绩说明会（以下简 称"业绩说明会"）上对投资者普遍关注的问题进行回答。 本行已于 2024 年 03 月 22 日在上海证券交易所网站（www.sse.com.cn）披 露 202 ...

公 司 研 究 [Table_Reportdate] 2024年03月29日 [Table_invest] [常Tabl熟e_N银ewT行itle] （601128）：存贷利率符合行业 买入（维持） 公 趋势，控费效果明显 报告原因：业绩点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 王鸿行 S0630522050001 whxing@longone.com.cn 事件：近日常熟银行公布2023年度报告。2023年公司实现营业收入98.70亿元（+12.05%， 银 行 [数Ta据b日le_期co minfo] 2024/03/28 YoY），归属于普通股股东净利润32.82亿元（+19.60%，YoY）。2023年末，公司总资产规 收盘价 7.03 模3344.56亿元（+16.19%，YoY），不良贷款率0.75%（持平，QoQ），不良贷款拨备覆盖 总股本(万股) 274,088 率537.88%（+0.92pct，QoQ）。全年净息差为2.86%，较前三季度收窄9bp。 流通A股/B股(万股) 264,337/0 资产负债率(%) 91 ...

中信证券股份有限公司关于 江苏常熟农村商业银行股份有限公司 公开发行 A 股可转换公司债券持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2024 年 3 月 27 日 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 江苏常熟农村商业银行股份有限公司 | | 发行人英文名称 | Jiangsu Changshu Rural Commercial Bank Co., Ltd. | | A 股代码 | 601128 | | 可转债代码 | 113062 | | 公司简称 | 常熟银行 | | 注册地址 | 江苏省常熟市新世纪大道 号 58 | | 法定代表人 | 庄广强 | | 董事会秘书 | 孙明 | | 本次证券发行类型 | 公开发行可转换公司债券 | | 本次证券上市时间 | 2022 年 10 月 17 日 | | 本次证券上市地点 | 上海证券交易所 | 一、发行人基本情况 二、本次发行情况概述 经《中国银保监会江苏监管局关于江苏常熟农村商业银行股份有限公司公开 发行 A 股可转换公司债券的批复》（苏银保监复[2022]59 号）及中国证券监督管 理委员会 ...

1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 中信证券股份有限公司 关于江苏常熟农村商业银行股份有限公司 2023年度持续督导报告书 | 上市公司：江苏常熟农村商业银行股份有限公司（以下简称"常熟银行"或"公司"） | | | | --- | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | | 保荐代表人姓名：李超 | 联系电话：021- | 20262392 | | 保荐代表人姓名：吴浩 | 联系电话：021- | 20262385 | 经中国证券监督管理委员会《关于核准江苏常熟农村商业银行股份有限公司 公开发行可转换公司债券的批复》（证监许可[2022]1688 号）核准，并经上海证 券交易所同意，公司于 2022 年 9 月 15 日公开发行了 6,000 万张 A 股可转换公司 债券，每张面值 100 元，募集资金总额 60 亿元，扣除各项发行费用后，实际募 集资金净额 599,774.81 万元。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company's revenue and net profit for 2023 grew by 12.1% and 19.6% year-on-year, respectively, with a return on equity (ROE) of 13.69% [3][4]. - The loan growth rate remains above 15%, with retail banking contributing significantly to the growth [1][4]. - The net interest margin has narrowed to 2.86%, primarily due to the re-pricing of existing mortgage loans [2][4]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.75% at the end of 2023 [2][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 9.87 billion and a net profit of 3.28 billion, reflecting a year-on-year increase of 12.1% and 19.6%, respectively [3][4]. - The net interest income increased by 11.7%, while other non-interest income surged by 32.4% [1][4]. Loan and Asset Growth - Total assets grew by 16.2% year-on-year, with loans increasing by 15.4% [1][4]. - The company added 29 billion in new credit in 2023, with retail loans contributing 55% of this growth [1][4]. Interest Margin and Cost Management - The net interest margin decreased by 9 basis points quarter-on-quarter and 16 basis points year-on-year [2][4]. - The cost-to-income ratio improved to 36.9%, indicating better cost management [1][4]. Asset Quality - The NPL ratio remained stable at 0.75%, with a provision coverage ratio of 538% [2][4]. - The company reported a slight increase in the overdue rate year-on-year, but overall risk remains manageable [2][4]. Capital Adequacy - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 10.42%, 10.48%, and 13.86%, respectively [5]. Earnings Forecast - The report slightly adjusts the EPS forecast for 2024 and 2025 to 1.41 and 1.62, respectively, with an estimated book value per share of 9.95 by the end of 2024 [6][7].

Investment Rating - The investment rating for Changshu Bank is maintained as "Accumulate" [4] Core Views - Revenue and profit continue to grow at a high rate: In 2023, operating income increased by 12.1% year-on-year, while net profit attributable to shareholders grew by 19.6% year-on-year. The growth in scale is the main contributor to revenue growth [2] - Scale remains high: In 2023, total loans increased by 15% year-on-year, with new personal loans amounting to 16.073 billion yuan, a decrease of 0.597 billion yuan year-on-year, accounting for 55.4% of new loans, slightly down. Total assets grew by 16.2%, and risk-weighted assets increased by 13.54% [2] - Net interest margin decreased by 9 basis points: The cumulative net interest margin for 2023 was 2.86%, down 9 basis points from the third quarter. The narrowing of the net interest margin is expected to be affected by the decline in asset-side yields [2] - Asset quality remains stable, with slight fluctuations in attention rates: The non-performing loan ratio at the end of 2023 was 0.75%, unchanged from the third quarter, while the attention rate rose by 12 basis points to 1.17% [2] - Earnings forecast and investment suggestion: Revenue and net profit attributable to shareholders are expected to maintain steady growth in 2023. The profit forecasts for 2024, 2025, and 2026 are adjusted to 3.773 billion yuan, 4.294 billion yuan, and 4.748 billion yuan respectively, with a price-to-book ratio of 0.66 and 0.58 for 2024 and 2025 [2][3] Summary by Sections Revenue and Profit - Operating income for 2023 is projected at 9,870 million yuan, with a growth rate of 12.05% [3] - Net profit attributable to shareholders for 2023 is projected at 3,282 million yuan, with a growth rate of 19.60% [3] Asset and Liability - Total loans are projected to reach 222,439 million yuan in 2024, with a growth rate of 15% [7] - Total assets are projected to reach 334,456 million yuan in 2024, with a growth rate of 16.2% [7] - Deposits are projected to reach 254,453 million yuan in 2024, with a growth rate of 16.2% [7] Profitability Metrics - Earnings per share for 2024 is projected at 1.20 yuan, with a price-to-earnings ratio of 5.65 [3] - The price-to-book ratio for 2024 is projected at 0.73 [3]

公司动态分析 2024 年 03 月 24 日 常 熟银行(601128.SH) 证券研究报告 业绩实现高增长——常熟银行 2023 年报点评 农商行 投资评级 买入-A 事件：常熟银行公布2023年报，2023年营收增速为12.05%，拨备前 维持评级 利润增速为15.07%，归母净利润增速为 19.60%，业绩表现优异，实现 6个月目标价 9.15元 高增长，我们点评如下： 股价 (2024-03-22) 6.77元 2023 年第四季度常熟银行归母净利润增速为 14.9%，业绩增长主要 源于规模扩张和成本支出减少，净息差收窄和拨备计提压力增大则对 交易数据 业绩增长形成负贡献。 总市值(百万元) 18,555.78 量：生息资产扩张，但信贷增速小幅放缓 流通市值(百万元) 17,895.63 ①资产端方面，23Q4常熟银行单季度生息资产（日均余额口径）同比增 总股本(百万股) 2,740.88 长17.20%，相较22Q4增速上升了3.94pct，主要是由于金融投资资产 流通股本(百万股) 2,643.37 和票据贴现规模上升，单季度环比新增52亿元。 12个月价格区间 6.28/7.9元 零售信贷投放 ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Insights - Changshu Bank demonstrated resilience in its performance, with 2023 revenue reaching 9.87 billion yuan, a year-on-year increase of 12.1%, and net profit of 3.28 billion yuan, up 19.6% year-on-year [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.75%, with a provision coverage ratio of 538%, reflecting strong asset quality management [2][5]. - The bank's strategy focuses on increasing its share of micro and small enterprise loans, with personal operating loans making up 40.4% of total loans, a 2 percentage point increase from the beginning of the year [3][5]. Financial Performance Summary - **Revenue and Profit Growth**: In 2023, the bank's revenue and net profit grew by 12.1% and 19.6% respectively, with projections for 2024 indicating revenue growth of around 10% and net profit growth of approximately 18% [2][3]. - **Return on Equity (ROE)**: The bank's ROE is expected to improve to 14% in 2024, indicating a positive trend in profitability [3][5]. - **Cost-to-Income Ratio**: The cost-to-income ratio has decreased from 41.4% in 2021 to 36.9% in 2023, driven by an increase in personal operating loan balances [3][5]. Asset Quality and Risk Management - **Non-Performing Loans**: The NPL ratio has remained stable at 0.75%, with a slight increase in the attention and overdue rates, potentially influenced by policy changes and asset classification regulations [5][6]. - **Provision Coverage**: The provision coverage ratio stands at 538%, indicating a robust buffer against potential loan losses [5][6]. Future Outlook - The bank is expected to maintain strong growth in net profit, with projections of 17.7%, 16.5%, and 16.0% for the years 2024 to 2026 [5][7]. - The ongoing focus on micro and small enterprises, along with geographical expansion, is anticipated to support the bank's growth trajectory [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company maintained a double-digit revenue growth in Q4 2023, with a revenue increase of 10.48% compared to Q4 2022 and a net profit growth of 14.89% [3][4] - The loan business is further penetrating the market, with loans under 1 million accounting for 41.64% of total loans, showing an improvement from 41.55% in Q2 2023, and the non-performing loan (NPL) ratio decreased from 0.85% to 0.78% [3][4] - The report maintains a positive outlook on the company, projecting EPS growth for 2024-2026 at 13.02%, 12.05%, and 13.73% respectively, with a reasonable value range of 10.09 to 10.95 yuan [4][5] Summary by Sections Financial Performance - In Q4 2023, the company's revenue reached 9,870 million yuan, with a year-over-year growth of 12.05% expected for 2024 [5] - The net profit for 2023 is projected at 3,282 million yuan, with a growth rate of 19.60% [5] - The average return on equity (ROE) is expected to be 13.90% in 2023, increasing to 14.44% by 2026 [5][10] Loan Quality - The company's NPL ratio at the end of 2023 is 0.75%, stable compared to Q3 2023, with personal loan NPLs improving to 0.78% from 0.80% in Q2 2023 [4][10] - The provision coverage ratio increased to 537.88% in Q4 2023, up by 0.92 percentage points from Q3 2023 [4][10] Valuation Metrics - The report estimates a reasonable price-to-earnings (PE) ratio for 2024 between 7.47 and 8.11, compared to the industry average of 4.37 [4][5] - The projected price-to-book (PB) ratio for 2024 is 1.00, with a valuation based on comparable companies at 0.48 [4][5] Growth Projections - Revenue is expected to grow steadily, with forecasts of 10,927 million yuan in 2024, 12,428 million yuan in 2025, and 14,245 million yuan in 2026 [5][10] - Loan growth is projected at 15% for 2023, with a consistent growth rate expected in the following years [10]

证券研究报告 公 2024年03月22日 司 报 告 常熟银行(601128) 行 业： 银行/农商行Ⅱ │ 金 投资评级： 买入（维持） 融 当前价格： 6.94元 业绩确定性较强的优质农商行 - 公 目标价格： 9.80元 司 事件： 年 基本数据 常熟银行公布23年报，23年实现营收98.70亿元，同比+12.05%，增速较 报 点 前三季度-0.50PCT；归母净利润32.82亿元，同比+19.60%，增速较前三季 总股本/流通股本(百万股) 2,740.88/2,643.37 度-1.50PCT。 评 流通A股市值(百万元) 18,345.01 ➢ 信贷投放表现较好，村镇银行保持高成长 23年全年利息净收入同比+11.69%，增速较前三季度-0.79PCT。信贷投放方 每股净资产(元) 9.25 面，截至 23 年末，常熟银行贷款余额为 2224.39亿元，同比+15.00%，增 资产负债率(%) 91.89 速较前三季度-1.67PCT，但快于金融机构整体信贷增速。增速下滑主要系 当前融资需求集中在靠近政策端的基建等领域，而中小微企业仍旧面临一 一年内最高/最低(元) 8.02/6.24 定的经营 ...