公 司 研 究 常熟银行（601128.SH）：息差有韧 2024年3月25日 强烈推荐/维持 性，预计营收与盈利行业领先 东 常熟银行 公司报告 兴 ——2023 年年报点评 证 券 事件：3月21日，常熟银行公布2023年年报，全年实现营收、拨备前利润、 公司简介： 股 净利润98.7亿、61.8亿、32.8亿，分别同比 +12.1%、+15.2%、+19.6%。 常熟银行是全国首批组建的股份制农村金融机 份 年化加权平均ROE为13.69%，同比上升0.63pct。点评如下： 构，在发挥常熟地方金融主力军作用的同时，积 有 极致力于探索多元化的跨区发展之路。坚持服务 限  营收、利润保持高增，预计盈利水平同业领先。 “三农”、“小微”的市场定位，积极探索差异化、 特色化发展之路，支持了一大批个体工商户创业、 公 收入端：营收保持双位数增长，预计领先可比同业。2023 年常熟银行营收同 发展与成长，先后获得《金融时报》金龙奖“年 司 度最具竞争力农商行”、中国银行业协会(花旗集 比 +12.1%，增速环比前三季度微降0.4pct，逆势维持稳定。具体来看：① 净 证 团)微型创业“年度创新发展奖”等。 利 ...

详解常熟银行2023年报：净利润同比增19.6%；业绩增长韧性较强 常熟银行(601128)/银行 证券研究报告/公司点评 2024年03月22日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：6.94 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,808 9,869 10,797 11,581 12,221 分析师 戴志锋 增长率yoy% 15.0% 12.0% 9.4% 7.3% 5.5% 执业证书编号：S0740517030004 净利润（百万元） 2,742 3,280 3,915 4,385 4,820 Email：daizf@zts.com.cn 增长率yoy% 25.3% 19.6% 19.4% 12.0% 9.9% 每股收益（元） 1.00 1.20 1.43 1.60 1.76 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 12.94% 13.69% 14.73% 14.77% 14.34% Email：den ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [5][6][7] Core Views - Changshu Bank's 2023 annual report shows a revenue growth of 12.1% year-on-year, with net interest income increasing by 11.7% and net profit attributable to shareholders rising by 19.6%. The total loan amount grew by 15.0% compared to the beginning of the year, with a focus on small and micro enterprises [2][6][7] - The bank's non-performing loan ratio remained stable at 0.75%, and the provision coverage ratio increased to 537.88%. The weighted average return on equity rose to 13.69%, indicating strong overall performance compared to peers [6][7][8] - The report forecasts a revenue growth of 10.2% and a net profit growth of 19.7% for 2024, with a valuation of only 0.67 times price-to-book ratio based on the closing price on March 21, 2024, suggesting significant undervaluation [6][7][8] Summary by Sections Financial Performance - Revenue for 2023 increased by 12.1%, with net interest income up by 11.7% and net profit attributable to shareholders up by 19.6%. The total loan amount grew by 15.0%, with a notable increase in personal operating loans by 21.1% [2][6][7] - The bank's non-performing loan ratio held steady at 0.75%, while the provision coverage ratio improved to 537.88%, reflecting a robust risk management framework [6][7][8] Loan and Deposit Growth - The total loan amount increased by 15.0% year-on-year, with a focus on small and micro enterprises. The bank's village and town bank loans grew by 17.2%, surpassing the parent bank's growth rate [6][7] - Total deposits rose by 16.2% compared to the beginning of the year, with retail deposits increasing by 22.8% [6][7] Interest Margin and Asset Quality - The net interest margin decreased by 9 basis points to 2.86%, but remains significantly higher than peers. The loan yield decreased by 27 basis points to 5.81% [6][7] - The report highlights that the bank's asset quality is superior to that of other sectors, with a focus on small and micro loans, which have shown better performance under economic pressure [6][7][8] Future Outlook - The bank is expected to continue leading in performance among peers, with a projected revenue growth of 10.2% and net profit growth of 19.7% for 2024. The current valuation is considered significantly undervalued at 0.67 times price-to-book ratio [6][7][8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 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 ...

Investment Rating - Strongly Recommended (maintained) [2][4][8] Core Insights - The company achieved a revenue of 9.87 billion yuan in 2023, representing a year-on-year growth of 12.1%, while the net profit attributable to shareholders reached 3.28 billion yuan, up 19.6% year-on-year [3][4] - The annualized ROE for 2023 was 13.69%, an increase of 0.63 percentage points compared to the previous year [3][4] - Total assets at the end of 2023 were 334.46 billion yuan, a growth of 16.2% from the beginning of the year, with loans amounting to 222.4 billion yuan, up 15.0% year-on-year [3][4] - The company plans to distribute a dividend of 0.25 yuan per share, with a payout ratio of 20.88% [3][4] Revenue Performance - The company's revenue growth was supported by a stable net interest income, which accounted for 86.1% of total revenue, with a growth rate of 11.7% for the year [4][7] - Non-interest income increased by 14.3% year-on-year, with a significant growth of 32.4% when excluding certain fees [4][7] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, indicating strong asset quality [7][13] - The provision coverage ratio was 538%, reflecting a solid risk mitigation capacity [7][13] Future Outlook - The company is expected to benefit from the continued recovery in demand from small and micro enterprises and retail customers, with projected EPS for 2024-2026 being 1.42, 1.69, and 2.01 yuan respectively [8][11] - The company maintains a differentiated market positioning focusing on inclusive finance and regional expansion, which is anticipated to support future growth [8][11]

证券研究报告 | 2024年03月22日 常熟银行（601128.SH）2023 年报点评 买入 营收双位数增长，资产质量优异 核心观点 公司研究·财报点评 营收和净利润维持高增。2023年全年营收98.7亿元（YoY,12.1%），归母净 银行·农商行Ⅱ 利润32.8亿元（YoY,+19.6%）。其中，四季度单季实现营收同比增长10.5%， 证券分析师：田维韦 证券分析师：王剑 归母净利润同比增长14.9%。全年加权平均ROE为13.69%。 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn 个人经营贷保持高增，规模扩张带来净利息收入实现两位数增长。2023年全 S0980520030002 S0980518070002 年净利息收入同比增长了11.7%，主要得益于规模的高速增长。期末公司资 证券分析师：陈俊良 021-60933163 产总额达3345亿元，同比增长了16.2%，贷款总额增长了15.0%。其中，个 chenjunliang@guosen.com.cn 人经营性贷款全年增长了21.1%，占贷款总额 ...

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank with a target price of 8.60 CNY, compared to the current price of 6.94 CNY [2][5]. Core Views - Changshu Bank's profitability remains strong, with a notable contribution from rural banks and an increase in personal loans, which now account for nearly 30% of total loans [2][5]. - The bank's net profit for 2023 reached 3.282 billion CNY, reflecting a year-on-year growth of 19.6%, although the growth rate has slightly declined compared to the first three quarters of 2023 [2][5]. - The bank's net interest margin has narrowed by 9 basis points to 2.86% for the year, primarily due to competitive pricing in microloans and increased credit costs [2][5]. Financial Performance Summary - For 2023, Changshu Bank achieved total operating income of 9.870 billion CNY, a year-on-year increase of 12.1% [2][5]. - The bank's total loans reached 222.439 billion CNY, growing by 15.0% year-on-year, while interest-earning assets increased by 15.9% to 334.192 billion CNY [2][5]. - The bank's return on equity (ROE) improved to 13.69% in 2023, with a non-performing loan (NPL) ratio maintained at a low level of 0.75% [2][5]. Loan Structure and Market Expansion - The bank has seen a shift in its loan structure, with retail loans growing significantly, particularly personal operating loans, which increased by 21.1% year-on-year [2][5]. - The contribution of loans from outside Jiangsu province has risen, with loans from branches in other regions accounting for 51.5% of total loans, up nearly 9.3 percentage points from 2022 [2][5]. - The bank's strategy focuses on small and micro enterprises, leveraging its "Changshu Microloan Model" to enhance market penetration and risk management [2][5]. 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 [5][6]. - The bank's current price-to-book (PB) ratio is estimated at 0.69X for 2024, with a target PB of 0.85X, indicating potential upside in the stock price [5][6].

证券研究报告 | 年报点评报告 2024年03月22日 常熟银行（601128.SH） 业绩保持高增长，小微业务持续下沉 事件：常熟银行发布 2023 年报，全年实现营业收入 98.7 亿（同比 买入（维持） +12.0%），归母净利润32.8亿（同比+19.6%），不良率0.75%，环比 股票信息 9月末持平，与业绩快报一致。 行业 农商行 业绩：收入继续保持双位数增长，利润增速近 20%。全年营收增速 前次评级 买入 12.0%，较Q3略降0.5pc，Q4单季度营收同比增速为10.5%，环比下降 3月20日收盘价(元) 6.88 2.4pc。全年利润增速 19.6%，增速较 Q3 下降 1.5pc，但仍保持较高水 总市值(百万元) 18,857.28 平。全年ROE为13.69%，同比提升0.63pc。拆分来看： 总股本(百万股) 2,740.88 1、利息净收入同比+11.7%，息差调整有一定拖累。2023 全年净息差 其中自由流通股(%) 96.44 为2.86%，环比下降9bps。主要是贷款利率较中报下降27bps至5.81%， 30日日均成交量(百万股) 29.45 一方面是因为贷款需求不足叠加竞 ...

常熟银行（601128.SH）2023年年报点评 业绩稳定高增，资产质量良好 2024年03月22日 事件：3月21日，常熟银行发布2023年年报。23年累计实现营收98.7亿元， 推荐 维持评级 YoY+12.1%；归母净利润32.8亿元，YoY+19.6%；不良率0.75%，拨备覆盖率 当前价格： 6.94元 538%。 ➢ 业绩维持两位数增速。23年常熟银行营收、归母净利润分别同比+12.1%、 +19.6%，增速虽较前三季度微降，但双位数的业绩增速在同业中已属亮眼。拆 [Table_Author] 分来看，净利息收入贡献86%的营收，收入同比+11.7%，仍延续“以量补价” 的增长逻辑。非息收入中，中收同比-82.8%，负增速读数较大，一是基数较低， 二是理财业务收入有所拖累。其他非息收入同比+32.4%，主要是公允价值变动 损益科目表现可观。 ➢ 扩表动能强劲，异地支行、村行支撑信贷投放。23 年常熟银行总资产、贷 款总额分别同比+16.2%、+15.0%，增速较前三季度分别+0.6pct、-1.7pct。信 分析师 余金鑫 贷增速在同业中实际不弱，有所放缓或源于银行主动调整信贷投放速度，公司提 执 ...

Investment Rating - The report assigns a "Buy" rating to the company [1]. Core Insights - The company reported a stable high growth in its 2023 annual report, with revenue, PPOP, and net profit attributable to shareholders increasing by 12.1%, 15.1%, and 19.6% year-on-year, respectively [2][3]. - The growth rates for these metrics showed slight fluctuations compared to the first three quarters of 2023, with PPOP growth exceeding expectations [2]. - Key drivers of cumulative performance include scale expansion, other income, a decrease in cost-to-income ratio, and positive contributions from provisioning, despite some drag from narrowing net interest margin and declining non-interest income [2][3]. Summary by Sections Financial Performance - In 2023, the company's loan growth rate was 15.0%, with new loans amounting to 29.006 billion yuan, where 55.4% of the loan increase came from personal loans [3]. - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, with retail loan NPLs decreasing by 11 basis points [3]. - The cost-to-income ratio improved significantly to 36.87%, down 1.71 percentage points year-on-year, indicating effective cost management [3]. Profitability Forecast - The company is expected to achieve net profit growth rates of 18.1% and 14.6% for 2024 and 2025, respectively, with EPS projected at 1.41 and 1.62 yuan per share [3]. - The current stock price corresponds to a PE ratio of 4.91X for 2023 and 4.28X for 2024, with PB ratios of 0.68X and 0.60X, respectively [3]. Market Position - The company maintains a strong focus on small and micro enterprises, with a strategic goal to serve the agricultural sector, which has contributed to its loan growth [3]. - The report highlights the company's commitment to reducing the cost-to-income ratio further, which is expected to positively impact profitability in the future [3].