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].

Financial Performance - In 2023, Jiangsu Changshu Rural Commercial Bank achieved a revenue growth rate that ranked among the top of listed banks, with 520,000 credit customers and 4.5 million AUM customers[20]. - The total operating income for 2023 was CNY 9,870,291, an increase of 12.05% from CNY 8,808,734 in 2022[32]. - The net profit attributable to shareholders for 2023 reached CNY 3,281,502, reflecting a growth of 19.60% compared to CNY 2,743,731 in 2022[32]. - The net cash flow from operating activities improved significantly to CNY 16,369,456, up 24.45% from CNY 13,153,584 in 2022[33]. - Total assets increased to CNY 334,456,430, marking a growth of 16.18% from CNY 287,881,374 in 2022[35]. - The total liabilities rose to CNY 307,325,494, which is a 16.51% increase from CNY 263,765,708 in 2022[37]. - The total deposits amounted to CNY 247,938,809, up 16.16% from CNY 213,445,361 in 2022[37]. - The total loans increased to CNY 222,439,155, reflecting a growth of 15.00% from CNY 193,433,049 in 2022[37]. - The non-performing loan ratio improved to 0.75%, down from 0.81% in 2022[38]. - The capital adequacy ratio stood at 13.86%, slightly down from 13.87% in 2022[38]. - The cost-to-income ratio improved to 36.87%, down from 38.58% in 2022[38]. Risk Management - The bank has effectively managed various risks, including credit risk, liquidity risk, market risk, and operational risk, with no foreseeable major risks reported[14]. - The bank has strengthened credit risk management by optimizing the risk preference limit system and implementing differentiated credit policies for various industries and regions[121]. - The bank has implemented a comprehensive risk management scheme that includes risk warning, customer classification, internal rating, and credit management, enhancing the accuracy of asset classification[121]. - The bank has established a liquidity risk management system, conducting regular liquidity stress tests to ensure compliance with liquidity regulatory requirements[122]. - The bank's market risk management focuses on monitoring interest rate and exchange rate risks, utilizing a bond management system for risk measurement and management[124]. - The bank has adopted a proactive approach to managing interest rate risk in its banking book, ensuring stable net interest income and economic value[124]. - The bank has implemented a comprehensive operational risk management framework, enhancing monitoring and control mechanisms across key business areas[126]. - The bank has integrated compliance risk management into its operations, emphasizing proactive compliance and adherence to legal regulations[127]. Corporate Governance and Leadership - The bank's management has successfully transitioned to a new leadership team, focusing on sustainable development and high-quality growth[20]. - The company elected Mr. Xue Wen as the chairman of the seventh board of directors, pending approval from the regulatory authority[173]. - Mr. Bao Jian was appointed as the president of the bank, with his qualifications also pending regulatory approval[173]. - Ms. Gan Qing was appointed as the vice president of the bank, with approval expected in December 2023[173]. - The company is undergoing a board restructuring with new appointments expected to be approved by March 2024[173]. - The bank's leadership includes individuals with significant experience in both banking and finance, enhancing its operational capabilities[177]. - The bank's board of directors and supervisors have diverse backgrounds, contributing to a well-rounded governance structure[178]. Strategic Initiatives - The bank emphasizes its commitment to serving the "three rural issues" and supporting rural revitalization as part of its core mission[20]. - The company aims to enhance its digital transformation and wealth management services, focusing on rural revitalization and customer-centric strategies[48][55]. - The company is strategically positioned to benefit from a recovering domestic economy and expects an increase in investment and credit demand in 2024[133]. - The company plans to enhance its digital transformation in micro and rural businesses, focusing on online loan products and smart risk control systems[132]. - The company has launched a series of innovative financial products tailored to the needs of rural customers, promoting online financial services[132]. Shareholder and Dividend Information - The bank plans to distribute a cash dividend of RMB 2.50 per 10 shares (tax included) and to increase capital reserves by converting 1 share for every 10 shares held[13]. - The total amount of cash dividends for 2023 is estimated at RMB 685,221,000, accounting for 20.88% of the net profit attributable to shareholders[138]. - The total number of ordinary shareholders increased from 38,114 to 43,940 during the reporting period[157]. Community Engagement and Social Responsibility - The bank donated a total of RMB 6.92 million throughout the year for various public welfare projects, including education and medical assistance[146]. - The bank's green credit balance increased by 15% year-on-year by the end of 2023, focusing on green financing needs for agriculture and small enterprises[146]. Digital Transformation and Technology - The company has initiated a digital transformation plan (2023-2025) focusing on enhancing core digital capabilities[62]. - The company is focused on integrating digital platforms to enhance marketing and operational efficiency, breaking down data silos[132]. - The company has developed a new comprehensive financial service platform for enterprises, integrating multiple digital channels to provide stable technical system services[131]. Future Outlook - The company aims for a revenue growth rate of approximately 10% and a net profit growth rate of around 18% for 2024[135]. - The return on equity (ROE) is targeted at 14%, with a stable cost-to-income ratio and a stable non-performing loan ratio[135].

上 市 公 司 银行 2024年03月22日 常熟银行 (601128) 公 司 研 究 ——预计营收夺魁，稳而优的营收为 ROE 提升蓄力积势 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：常熟银行披露2023年年报，全年实现营收98.7亿元，同比增长12.1%；实现归母净利润 买入 （维持） 32.8亿元，同比增长19.6%；4Q23不良率季度环比持平0.75%，拨备覆盖率季度环比上升0.9pct 至537.9%。 证 ⚫ 营收双位数增长预计位居行业第一，ROE延续回升趋势：2023年常熟银行营收同比增长12.1% 券 市场数据： 2024年03月21日 （9M23 为 12.5%），预计继续位居上市银行最优表现；归母净利润同比增长 19.6%（9M23 研 收盘价（元） 6.94 为21.1%），ROE同比提升0.74pct至13.69%。从盈利驱动因子来看，① 以量补价下利息净 究 一年内最高/最低（元） 8.02/6.24 收入双位数增长是营收好于同业的主要支撑。2023年利息净收入同比增长11.7%，贡献营收增 报 市净率 0.8 速10.1pct，其中规模增长贡献14.7pct，息差同 ...

2024年3月22日 公司研究 营收盈利增速高，风险抵补能力强 ——常熟银行（601128.SH）2023 年年报点评 买入（维持） 要点 当前价：6.94元 事件： 作者 3月21日，常熟银行发布2023年年报，全年实现营收98.7亿，同比增长12%， 分析师：王一峰 归母净利润32.8亿，同比增长19.6%。加权平均净资产收益率（ROAE）为13.69%， 执业证书编号：S0930519050002 010-57378038 同比提升0.63pct。 wangyf@ebscn.com 联系人：赵晨阳 点评： zhaochenyang@ebscn.com 营收维持双位数高增，业绩表现韧性强。常熟银行全年营收、拨备前利润、归母净 利润同比增速分别为12.1%、15.1%、19.6%，增速分别较前三季度变动-0.5、3、 市场数据 -1.5pct，盈利增速维持高位。其中，4Q23单季营收、归母净利润同比增速为10.5%、 总股本(亿股) 27.41 15%，较上季分别下降2.4、6.6pct。全年净利息收入、非息收入增速分别为11.7%、 总市值(亿元)： 190.22 14.3%，增速较前三季度分别变动-0. ...

Stock Code 2023 CORPORATE SOCIAL RESPONSIBILITY REPORT CONTENTS 01 02 03 04 Upholding Financial Inclusion and Focusing on Urban- Rural Development Leveraging Technology and Fostering Attentive Services Promoting Low- Carbon Transition and Building a Green Bank | 53 | Developing Green Finance | | --- | --- | | 58 | Promoting Green Operations | | 60 | Responsible Sourcing | Fostering the Feiyan Culture and Assuming Responsibility Caring for Employees Consumer Protection 63 71 74 | Caring for Employees | 75 | ...

2023年度 社会责任（ESG）报告 常熟农商银行 2 目录 CONTENTS | | 01 | | 02 | | 03 | | | 04 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 坚持普惠领航 | | 探索科技力量 | | 推动低碳转型 | | | | | | 聚焦城乡发展 | | | 打造贴心服务 | 构建绿色银行 | | | | | 报告编制说明 | 29 | "三农金融"服务乡村振兴 | 43 | 完善科技管理 | 53 | 发展绿色金融 | 63 | 关爱员工 | | 致辞 | 34 | "小微金融"支持小微发展 | 35 优化客户体验 | | 58 | 推动绿色运营 | 71 | 保护消费者权益 | | 关于我们 企业管治 | 38 | 数字人民币便民惠民 | 49 加强信息安全保护 | | 60 | 践行负责任采购 | 74 | 参与社会公益 | 营造飞燕文化 传承责任担当 | 关爱员工 | 75 | 关键绩效表 | | --- | --- | --- | | 保护消费者权益 | 77 | 指标索引 | | 参与社 ...

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 对会计师事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》和江苏常熟农村商业银行股份有限公 司（以下简称"本行"）《章程》等规定和要求，2023 年，本行董事会审计与 消费者权益保护委员会认真履行忠实和勤勉义务，恪尽职守，审慎履行对会计师 事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月转制成为特殊普 通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永首席合伙人为付建超先生，2023 年末合伙人人数为 213 人，从业 人员共 5,774 人，注册会计师共 1,182 人，其中签署过证券服务业务审计报告的 注册会计师超过 270 人。 德勤华永 2022 年度经审计的业务收入总 ...

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。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 2023年度,本人积极参加股东大会、董事会及其专门委员会会议,认真审 议各项议案,通过听取报告、研读资料、质询讨论全面了解公司经营情况。 (一)出席会议情况 江苏常熟农村商业银行股份有限公司 2023 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, 2023 年度,本人严格按照《公司法》《正券法》《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 2023 年度履行 ...

为控股村镇银行加入银联网络提供担保的公告 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、担保情况概述 本行持有兴福村镇银行股份有限公司（以下简称"兴福村镇银行"）90%的 股权，兴福村镇银行持有珠海香洲兴福村镇银行股份有限公司（以下简称"珠海 香洲村镇银行"）82%的股权，本行为珠海香洲村镇的实际控制人。根据《中国 银监会办公厅转发关于进一步做好村镇银行加入银联网络工作的通知》（银监办 发﹝2011﹞49 号，以下简称"《通知》"）规定,村镇银行加入银联网络须由大 股东提供担保，以从属成员的身份加入。根据上述《通知》要求，本行拟向中国 银联股份有限公司（以下简称"中国银联"）出具担保函，为珠海香洲村镇银行 提供担保，并确保对其开展的中国银联有关业务进行必要的指导和监督。 二、被担保人珠海香洲村镇银行基本情况 证券代码：601128 证券简称：常熟银行 公告编号：2024-011 江苏常熟农村商业银行股份有限公司 珠海香洲兴福村镇银行于 2014 年 7 月 8 日成立 ...

江苏常熟农村商业银行股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 29 日 2023 年年度股东大会会议资料 目录 | 股东大会议程 1 | | | --- | --- | | 股东大会会议须知 3 | | | 2023 年度董事会工作报告 4 | | | 2023 年度监事会工作报告 10 | | | 2023 年年度报告及摘要 15 | | | 2023 年度财务决算和 2024 年度财务预算方案 16 | | | 2023 年度利润分配方案 20 | | | 部分关联方 2024 年度日常关联交易预计额度 22 | | | 为控股村镇银行加入银联网络提供担保 33 | | | 修订《公司章程》 35 | | | 修订《董事会议事规则》 41 | | | 修订《独立董事制度》 54 | | | 续聘 | 2024 年度会计师事务所 63 | | 金融债券发行安排及授权事项 64 | | | 2023 | 年度独立董事述职报告 65 | | 2023 年度关联交易专项报告 81 | | | 2023 年度监事会对董事会及董事履职情况的评价报告 86 | | | 2023 年度监事会 ...