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 - 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].

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 ...

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 investment rating for Changshu Bank is not explicitly stated in the report, but the overall performance and future outlook suggest a positive sentiment towards the bank's stock [1]. Core Views - Changshu Bank reported a year-on-year increase in net profit attributable to shareholders of 19.60% for 2023, outperforming the average growth rates of commercial banks and rural commercial banks [1][2]. - The bank's operating income grew by 12.05% year-on-year, indicating robust financial health and a strong competitive position in the market [1]. - The bank's return on equity (ROE) for the year was 13.69%, reflecting a slight increase of 0.63 percentage points compared to the previous year [1]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth rate slightly decreased by 50 basis points to 12.05% in 2023, while net profit growth decreased by 1.50 percentage points to 19.60%, both remaining significantly above industry averages [1][2]. - **Asset and Liability Growth**: Total assets and total liabilities grew by 16.18% and 16.51% year-on-year, respectively, reaching new highs [1]. - **Net Interest Margin**: The net interest margin for 2023 was 2.86%, down 9 basis points from the previous quarter and 16 basis points year-on-year, but still significantly higher than peers [1][2]. - **Asset Quality**: The non-performing loan ratio remained stable at 0.75%, with a provision coverage ratio of 537.88%, indicating strong risk management capabilities [1][2]. - **Village and Town Bank Performance**: The village and town banking segment showed impressive growth, with total assets, loans, and deposits increasing by 18.87%, 17.19%, and 23.61% year-on-year, respectively [1]. - **Capital Adequacy**: The core tier one capital adequacy ratio was reported at a healthy level, with a recent upgrade in credit rating from AA+ to AAA, enhancing investor confidence [1][2]. Earnings Forecast - The forecast for net profit growth for Changshu Bank is projected at 19.55%, 18.39%, and 17.52% for the years 2024 to 2026, respectively, indicating a positive growth trajectory [1][2].

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].