%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨常熟银行（ ） 601128.SH [营Ta收b增le_速T领itle跑] ，资产质量稳定 ——常熟银行 年业绩快报点评 2023 报告要点 [常Ta熟bl银e_行Su发m布ma2r0y2]3年业绩快报，营业收入同比增长12.04%，预计依旧领跑上市银行，归母净 利润同比增长 19.61%。年末贷款总额较期初增长 15.0%，增量小幅同比少增，预计更兼顾贷 款的资产质量与增长的平衡。净息差预计环比小幅下滑，但仍大幅领先同业。不良贷款率环比 持平于0.75%，拨备覆盖率环比小幅提升0.92pct至537.88%，资产质量指标总体稳定。预计 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4] Core Views - The company is expected to achieve a revenue growth of 12.04% year-on-year for 2023, with a net profit growth of 19.61%, indicating strong performance in a competitive environment [3][4] - The company's total assets are projected to grow by 16.2% year-on-year, with loans and deposits increasing by 15.0% and 16.2% respectively [4][8] - The non-performing loan ratio is maintained at 0.75%, and the provision coverage ratio has slightly increased to 537.88% [4][8] Summary by Sections Investment Rating - The company maintains an "Outperform the Market" rating based on its strong performance and risk management [2][4] Financial Performance - Revenue for 2023 is projected at 8,809 million yuan, with a year-on-year growth of 9.43% [5] - Net profit is expected to reach 2,744 million yuan, reflecting a year-on-year increase of 19.48% [5] - The average return on equity (ROE) is forecasted to improve to 13.94% in 2023 [8] Asset Quality - The non-performing loan ratio remains stable at 0.75%, positioning the company among the top tier of listed banks [4][8] - The provision coverage ratio has increased slightly, indicating a solid buffer against potential loan losses [4][8] Valuation - The estimated reasonable value of the stock ranges from 8.92 to 11.03 yuan, with a projected price-to-earnings (PE) ratio of 7.46 to 9.22 times for 2023 [4][8] - The company is valued at a price-to-book (PB) ratio of 1.00 times based on the projected earnings [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 9.87 billion yuan in 2023, representing a year-on-year increase of 12.04%, and a net profit attributable to ordinary shareholders of 3.28 billion yuan, up 19.61% year-on-year [4] - The total asset size reached 334.48 billion yuan at the end of 2023, reflecting a year-on-year growth of 16.19%, with a non-performing loan ratio of 0.75% [4][5] - The report highlights the company's strong asset quality, with a non-performing loan coverage ratio of 537.88% [4][5] - The report anticipates that the company's revenue for 2024 and 2025 will be 11.18 billion yuan and 12.92 billion yuan, respectively, with net profits of 3.92 billion yuan and 4.79 billion yuan [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.87 billion yuan, a 12.04% increase year-on-year, and a net profit of 3.28 billion yuan, up 19.61% year-on-year [4] - The total assets reached 334.48 billion yuan, with a growth rate of 16.19% year-on-year [4][5] - The non-performing loan ratio remained stable at 0.75%, and the non-performing loan coverage ratio increased by 0.92 percentage points to 537.88% [4][5] Loan and Deposit Growth - The company experienced strong asset expansion in Q4 2023, with total assets growing to 334.48 billion yuan, while loan growth slowed to 15% [5] - The report indicates that the company’s loan structure and the government bond issuance pace are aligned, suggesting a shift towards investment-type assets [5] Future Outlook - The report projects revenue for 2024 and 2025 at 11.18 billion yuan and 12.92 billion yuan, respectively, with net profits of 3.92 billion yuan and 4.79 billion yuan [5] - The report emphasizes the potential for growth in the small and micro retail market, supported by the new leadership team's confidence and recent share purchases [5]

Investment Rating - The investment rating for the company is "Buy" with a current price of 6.92 CNY and a reasonable value of 10.91 CNY, maintaining the previous rating of "Buy" [3]. Core Views - The company reported a revenue growth of 12.04% year-on-year for 2023, with a net profit growth of 19.61%. The growth rates have slightly decreased compared to the first three quarters of 2023 [1][2]. - In Q4 2023, the revenue and net profit increased by 10.5% and 15.0% year-on-year, respectively, indicating a significant recovery in revenue growth compared to Q4 2022 [1]. - The company continues to enhance its provisioning efforts, maintaining high asset quality with a non-performing loan ratio of 0.75%, which is a decrease of 6 basis points from 2022 [2]. - The company’s total assets and loans grew by 16.19% and 15.00% year-on-year, respectively, although loan growth has slowed due to factors such as early mortgage repayments and new credit card regulations [1][2]. - The company’s total liabilities and deposits increased by 16.52% and 16.16% year-on-year, with a significant increase in deposits in Q4 2023 [1]. Summary by Sections Financial Performance - Revenue for 2023 increased by 12.04% year-on-year, while net profit grew by 19.61%. Q4 2023 saw a revenue increase of 10.5% and net profit increase of 15.0% compared to Q4 2022 [1]. - The company’s total assets and loans grew by 16.19% and 15.00% year-on-year, with total liabilities and deposits increasing by 16.52% and 16.16% year-on-year [1][2]. Asset Quality - The non-performing loan ratio for 2023 is 0.75%, stable compared to the previous year, and the provisioning coverage ratio is 537.88%, up from the previous year [2]. - The company has implemented effective risk control measures, particularly in its micro-loan business, contributing to stable asset quality [2]. Earnings Forecast - The company is expected to maintain robust growth, with projected net profit growth rates of 16.7% and 16.2% for 2024 and 2025, respectively. The earnings per share (EPS) is forecasted to be 1.41 CNY and 1.63 CNY for 2024 and 2025 [2]. - The current A-share price corresponds to a price-to-earnings (PE) ratio of 4.9X for 2024 and 4.2X for 2025, and a price-to-book (PB) ratio of 0.7X for 2024 and 0.6X for 2025 [2].

上 市 公 司 银行 公 2024年03月04日 常熟银行 (601128) 司 研 究 ——营收领跑行业，开门红存贷两旺，维持“买入”评级 / 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年业绩快报，全年实现营收98.7亿元，同比增长12.0%；实现归 买入 （维持） 母净利润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 券 市场数据： 2024年03月04日 ⚫ 快报关注点一：全年营收预计夺魁，2024年有望延续接近双位数增长的亮眼表现。2023 研 收盘价（元） 6.92 年常熟银行营收同比增长12%（9M23为12.5%），略超我们在前瞻中的预期（11.5%）， 究 一年内最高/最低（元） 8.02/6.24 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为21.1%）。我们 报 告 市净率 0.8 预计，营收亮眼表现一方面源自规模较快增长下的以量补价（根据我们模型估算，预计2023 息率（分红/股价） - 年息差同比降幅较前三季度基本持平约 16bps），另一方面源自 ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (601128.SH) with a current price of 6.92 CNY [1] Core Views - Changshu Bank reported a revenue of 9.87 billion CNY for 2023, representing a year-on-year growth of 12%, and a net profit attributable to shareholders of 3.28 billion CNY, up 19.6% year-on-year [3][4] - The bank's return on average equity (ROAE) stands at 13.69%, an increase of approximately 0.63 percentage points year-on-year [3] Revenue and Profitability - The bank's revenue and net profit growth rates for 2023 are 12% and 19.6% respectively, placing it among the top performers among banks that have released earnings reports [4] - In Q4 2023, the bank's revenue and net profit growth rates were 10.5% and 15% year-on-year, showing resilience despite a slight decline from previous quarters [4] Asset and Loan Growth - As of the end of 2023, Changshu Bank's total assets, loans, and non-loan assets grew by 16.2%, 15%, and 18.6% year-on-year respectively [5] - The bank's loan growth rate is expected to remain high at around 15% as it prepares for a strong start in 2024 [5] Deposit and Liability Management - Total liabilities and deposits grew by 16.5% and 16.2% year-on-year, with market liabilities increasing by 18.1% [5] - The bank's deposit-to-loan growth rate difference is 1.2 percentage points, indicating a healthy balance between deposits and loans [5] Interest Margin and Cost Control - The bank faces some pressure on its net interest margin (NIM) due to insufficient effective demand, but it is optimizing its loan structure to mitigate pricing pressures [5] - The bank has reduced deposit rates multiple times in 2023, which is expected to continue into 2024, helping to manage funding costs [5] Asset Quality - The non-performing loan (NPL) ratio remains low at 0.75%, unchanged from the previous quarter, indicating stable asset quality [6][7] - The provision coverage ratio is at 538%, reflecting strong risk mitigation capabilities [6][7] Earnings Forecast and Valuation - The bank's earnings per share (EPS) forecasts for 2023-2025 are 1.21, 1.43, and 1.67 CNY respectively, with corresponding price-to-book (PB) ratios of 0.75, 0.66, and 0.58 [7][8] - The current price-to-earnings (PE) ratios are projected to be 5.72, 4.83, and 4.15 for the same period [7][8]

公 银行 司 2024年 3月 5日 报 常熟银行(601128.SH) 告 营收盈利维持高增，资产质量保持稳健 强烈推荐（维持） 事项： 常熟银行发布 2023 年业绩快报，常熟银行 2023 年归母净利润同比增长 股价：6.92 元 19.61%，营业收入同比增长12.04%，不良贷款率0.75%，拨备覆盖率537.88%。 规模方面，截至2023年末，常熟银行资产规模同比增长16.19%，其中贷款规 公 主要数据 模同比增长15.0%，存款规模同比增长16.16%。 司 行业 银行 平安观点： 事 公司网址 www.csrcbank.com 大股东/持股 交通银行股份有限公司/9.01%  营收保持高增，盈利保持稳健。常熟银行 2023 年归母净利润同比增长 项 实际控制人 19.6%（+21.1%，23Q1-3），增速水平保持相对稳健，预计仍处于可比同 点 总股本(百万股) 2,741 业前列。2023年营业收入同比增长12.0%（+12.6%，23Q1-3），增速略 流通A股(百万股) 2,643 评 流通B/H股(百万股) 有放缓预计受到息差收窄的负面影响，但绝对水平预计仍处在行业前列， 总市值 ...

证 券 研 究 报 告 常熟银行（601128）2023 年业绩快报点评 推荐（维持） 业绩近 20%高增，资产质量依旧优异 目标价：8.64 元 事项： 3 月 4 日晚，常熟银行披露 2023 年业绩快报，实现营业收入 98.70 亿元，同比 增长 12.0%，较 9M23 下降 0.5pct；营业利润 40.53 亿元，同比增长 20.5%，较 9M23 下降 0.8pct；归母净利润 32.82 亿元，同比增长 19.6%，较 9M23 下降 1.5pct。 评论： 营收增速小幅收窄，主要是息差承压。4Q23 营收同比增长 10.5%，较 3Q23 下 降 2.4pct，在信贷增长不弱的情况下，主要是受息差收窄影响，假设 4Q23 净 利息收入占比 87%，测算 4Q23 净息差为 2.47%（分母为总资产），环比降幅 为 32bp（测算数据不一定准确，主要是看趋势），大于前三季度息差降幅，主 要是增速较快的个人经营性贷款利率下行较多。 业绩增速近 20%高增，得益于良好的风控水平。4Q23 归母净利润同比增长 15%，较 3Q23 下降 6.5pct，主要由于营业支出增长较快，4Q23 营业支出同比 ...

[Table_Industry] 常熟银行2023 业绩快报：业绩高增长韧性强，资产质量保持稳健 常熟银行(601128)/银行 证券研究报告/公司点评报告 2024年3月4日 [Table_Industry] [评Ta级ble：_I增nve持st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：6.92元 指标 2021 2022 2023E 2024E 2025E 营业收入（百万元） 7,656 8,808 9,870 10,553 11,660 [ 分T 析ab 师le _ 戴A 志u 锋th ors] 增长率yoy% 16.3% 15.0% 12.1% 6.9% 10.5% 执业证书编号：S0740517030004 净利润（百万元） 2,188 2,742 3,281 3,612 3,946 增长率yoy% 21.3% 25.3% 19.7% 10.1% 9.2% Email：daizf@zts.com.cn 每股收益（元） 0.80 1.00 1.20 1.32 1.44 分析师 邓美君 净资产收益率 11.59% 12.94% 13.93% 13.86% 13.48% ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [4]. Core Views - Changshu Bank's 2023 performance is strong, with a revenue increase of 12.04% year-on-year, reaching 9.87 billion, and a net profit growth of 19.61%, totaling 3.28 billion [1][2]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.75% and a provision coverage ratio of 538% [2][12]. - For 2024, the bank is expected to outperform the industry due to lower exposure to mortgage loans and a favorable deposit structure, which will support its net interest margin [1][2]. Financial Performance - In 2023, total assets reached 334.5 billion, a year-on-year increase of 16.2%, while total loans amounted to 222.4 billion, growing by 15.0% [1][12]. - The bank's deposits totaled 247.9 billion, reflecting a steady growth of 1.9% from the previous quarter [1][12]. - The projected net profit for 2024 and 2025 is estimated at 3.88 billion and 4.54 billion, respectively, indicating continued growth [2][3]. Business Outlook - The bank's loan growth in Q4 2023 was 3.9 billion, with a year-on-year increase of 1.8% [1][12]. - The bank's strategy focuses on benefiting from the reduction in deposit rates, which is expected to enhance its interest margin [1][2]. - The report highlights that if the economy stabilizes, there will be potential for further recovery in small and micro-enterprise demand, providing additional upside for the bank's performance [2].