证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 4.74 | | 一年内最高/最低（元） | 5.11/4.04 | | 市净率 | 0.5 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 7317 | | 上证指数/深证成指 | 3088.64/9463.91 | | 注："息率"以最近一年已公布分红计算 | | 买入（维持） 事件：苏农银行披露 2023 年报及 2024 一季报，1Q24 营收同比增长 10.6%（2023：0.2%）， 归母净利润同比增长 15.8%（2023：16.0%）。1Q24 不良率环比持平为 0.91%，拨备覆盖率 环比微升 0.9pct 至 454%。 ⚫ 存款重视价格管控，资产端已更早反映定价压力，年内息差企稳更可期：1Q24 存款同比 增长 8.3%（2023：12.3%），在贷款积极投放下，预计主因优化新增存款结构，不 ...

证券代码：603323 证券简称：苏农银行 公告编号：2024-016 江苏苏州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 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"公司"）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法律责任。 重要内容提示： 会议召开时间：2024 年 5 月 10 日(星期五)上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 ( 网 址 ： https://roadshow.cnstock.com） 会议召开方式：网络平台在线交流互动 投资者可于 2024 年 5 月 9 日(星期四)16:00 前通过本行邮箱 office@szrcb.com 进行提问。本行将在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 4 月 27 日发布《2023 年年度报告》，为便于广大投资者更 全面深入地了解本行 2023 年度经营成果、财务状况，本行计划于 2024 年 5 月 10 日上午 10:00-11:00 举行 202 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, expecting a price-to-book (PB) ratio of 0.49 by the end of 2024 [2][11]. Core Insights - The company's net interest margin for 2023 is 1.74%, a decrease of 30 basis points year-on-year, primarily due to a 47 basis point drop in loan yield to 4.30% influenced by LPR adjustments and lower mortgage rates [10][11]. - Asset quality is improving, with a non-performing loan (NPL) ratio stable at 0.91% at the end of 2023 and Q1 2024, while the attention rate decreased to 1.06% in Q1 2024 [10][11]. - The company reported a net profit of 1.74 billion yuan for 2023, a 16% increase year-on-year, and a Q1 2024 net profit of 410 million yuan, up 15.8% year-on-year [13][14]. Financial Performance Summary - Total assets as of the end of 2023 were 202.57 billion yuan, with a year-on-year growth of 12.4%, and loans increased by 12.3% [15][16]. - The company expects earnings per share (EPS) of 1.07 yuan for 2024 and 1.15 yuan for 2025, with a projected net asset value of 9.74 yuan by the end of 2024 [11][12]. - The capital adequacy ratios as of Q1 2024 are 10.10% for core tier 1 capital, 10.11% for tier 1 capital, and 11.75% for total capital [11].

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.02, maintaining the previous rating of "Buy" [2][5]. Core Insights - The report highlights that Su Nong Bank has maintained high profit growth and improved asset quality, with significant contributions from non-interest income. The bank's Q1 revenue and net profit both showed double-digit growth, outperforming comparable peers [2][5]. Financial Performance Summary - For 2023, the bank's revenue is projected to be 4,046 million, with a net profit of 1,743 million, reflecting a year-on-year growth of 16.04% [12]. - The bank's EPS for 2023 is estimated at 0.97, with projections of 1.09 for 2024 [12]. - The net interest income for 2023 is expected to be 2,966 million, with a growth rate of -5.48% [12]. - The bank's total loans are projected to reach 122,291 million in 2023, with a loan-to-deposit ratio of 77.60% [12]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio has remained stable at 0.91% for three consecutive quarters, with a coverage ratio of 453% [12]. - The bank's asset quality is described as robust, with improvements in provisioning coverage and a decrease in the attention rate of loans [2][12]. Growth Projections - The report forecasts a net profit growth rate of 12.7% for 2024, 11.48% for 2025, and 10.95% for 2026, indicating a steady growth trajectory [2][12]. - The bank's strategy includes a focus on corporate loans, which have shown a year-on-year growth of 18.3% in Q1, contributing significantly to overall loan growth [2][12]. Market Position - Su Nong Bank is positioned as a leading rural commercial bank in China, established in 2004, and primarily engages in commercial banking activities [5]. - The bank's market capitalization is reported at 8,547 million, with a current stock price of 4.74 [7].

Investment Rating - The investment rating for the company is "Accumulate" [16] Core Views - The company has shown stable growth in revenue and asset quality, with total assets increasing by 12.4% year-on-year in 2023 and 11.2% in Q1 2024 [17] - The net profit attributable to shareholders for 2023 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.0% [17] - The company's return on equity (ROE) for 2023 is 11.7%, an increase of 0.8 percentage points compared to the previous year [17] - The company has maintained a high provision coverage ratio of 453% as of the end of 2023, indicating stable asset quality [17] Financial Forecasts and Valuation - The projected earnings per share (EPS) for 2024 is 1.10 yuan, with a year-on-year growth of 13.6% [15] - The company's net profit for 2024 is expected to reach 19.8 billion yuan, with a growth rate of 13.6% [17] - The price-to-earnings (PE) ratio for the current stock price is estimated at 4.3 for 2024, indicating a favorable valuation [15][17] - The company’s total assets are expected to reach 225 billion yuan by 2024, with loans growing by 15.0% year-on-year [3][15] Asset Quality Indicators - The non-performing loan (NPL) ratio is projected to remain stable at 0.91% for 2024, reflecting the company's strong asset management [3][17] - The credit cost ratio is expected to decrease to 0.47% by 2024, indicating improved credit quality [3][17] - The company has a robust capital adequacy ratio, with the core tier one capital adequacy ratio at 11.10% as of Q1 2024 [17]

苏农银行（603323.SH）2023 年年报&2024 年一季报点评 事件：4 月 26 日，苏农银行发布 2023 年及 24Q1 财报。2023 年及 24Q1 营收 分别为 40.5、11.0 亿元，YoY+0.2%、+10.6%；归母净利润分别为 17.4、4.1 亿元，YoY+16.0%、+15.8%；24Q1 末，不良率为 0.91%、拨备覆盖率为 454%。 ➢ 营收增速大幅提升，归母净利润延续 15%+增速。苏农银行 24Q1 营收同 比+10.6%，增速较 23 年+10.4pct；营收增速提升也为利润增长奠定良好基础， 24Q1 归母净利润同比+15.8%，延续较高增速。具体来看，1）24Q1 其他非息 收入同比+151.7%，为营收增速提升带来主要贡献，其中投资收益同比+169%， 或为公司较好把握了一季度债市行情。2）"量增但难抵价降"，24Q1 净利息收 入同比-11.7%，降幅较 23 年进一步扩大。 ➢ 扩表节奏放缓，信贷增速提升。1）扩表节奏整体放缓，24Q1 苏农银行总 资产同比+11.2%，较 23 年-1.2pct。2）资产结构优化，贷款占比提升，24Q1 苏农银行贷款 ...

江苏苏州农村商业银行股份有限公司 2023 年度内部控制评价报告 江苏苏州农村商业银行股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对 ...

证券代码：603323 证券简称：苏农银行 公告编号：2024-014 江苏苏州农村商业银行股份有限公司 关于召开 2023 年年度股东大会的通知 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"公司"）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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人 董事会 (三) 投票方式 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 21 日 14 点 00 分 召开地点：江苏省苏州市吴江区东太湖大道 10888 号 5 楼报告厅 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 21 日 股东大会召开日期：2024年5月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 不适用 二、 会议审议事项 本次股东大会审 ...

Financial Performance - Operating revenue for Q1 2024 reached CNY 1,095,689,000, an increase of 10.56% year-over-year[7] - Net profit attributable to shareholders was CNY 414,204,000, reflecting a growth of 15.83% compared to the same period last year[7] - Net profit excluding non-recurring gains and losses was CNY 415,468,000, up 22.07% year-over-year[7] - Net profit for Q1 2024 reached CNY 411,817 thousand, a 14.8% increase compared to CNY 358,781 thousand in Q1 2023[34] - Total operating income for Q1 2024 was CNY 1,095,689 thousand, up from CNY 991,000 thousand in Q1 2023, reflecting an increase of about 10.6%[34] - Basic earnings per share improved to CNY 0.23 in Q1 2024, compared to CNY 0.20 in Q1 2023[35] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 211,759,374,000, a 4.54% increase from the end of the previous year[7] - Total assets increased by 4.54% to RMB 211,759,374,000 as of March 31, 2024, compared to RMB 202,564,681,000 at the end of 2023[17] - Total liabilities rose by 4.74% to RMB 195,622,082,000, up from RMB 186,767,919,000[17] - The bank's total liabilities increased to CNY 195,622,082 thousand as of March 31, 2024, compared to CNY 186,767,919 thousand at the end of 2023, marking an increase of approximately 4.6%[31] Cash Flow - The net cash flow from operating activities was negative at CNY -2,395,793,000, a decline of 131.37% year-over-year[10] - In Q1 2024, the net cash flow from operating activities was -2,395,793, a significant decrease compared to 7,638,220 in Q1 2023[38] - The net cash flow from investment activities was -2,422,624, an improvement from -6,217,927 in Q1 2023[39] - The net cash flow from financing activities was 4,177,533, a turnaround from -1,955,378 in Q1 2023[39] Investment and Income - Significant changes in financial data included a 36.59% increase in interbank placements and a 52.37% increase in trading financial assets due to increased bond investments[10] - The company reported a 168.90% increase in investment income, primarily driven by bond investments[10] - The bank reported a significant increase in investment income, which rose to CNY 300,288 thousand in Q1 2024 from CNY 111,671 thousand in Q1 2023[34] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 32,332[12] - The top shareholder, Hengtong Group Co., Ltd., holds 124,959,048 shares, representing 6.93% of total shares[12] Ratios and Metrics - The weighted average return on equity increased by 0.25 percentage points to 2.59%[7] - The non-performing loan ratio remained stable at 0.91%[25] - The capital adequacy ratio improved to 11.75% from 11.59%[27] - The cost-to-income ratio decreased to 31.35% from 34.65%[25] - Core Tier 1 capital adequacy ratio was reported at 10.10% as of March 31, 2024[27] Regional Performance - The proportion of loans in Suzhou region rose to 73.01%, up from 71.89%[19] Investor Relations - The bank hosted 7 investor meetings from January 1 to March 31, 2024, including sessions with major financial institutions[14][15]

江苏苏州农村商业银行股份有限公司 信息披露暂缓与豁免管理办法 （2024 年修订） 第一章 总 则 第一条 为规范江苏苏州农村商业银行股份有限公司（以下简称"公司"） 信息披露暂缓与豁免行为，依法合规履行信息披露义务，根据《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第2号——信息披露事 务管理》《江苏苏州农村商业银行股份有限公司信息披露事务管理制度》（以下 简称"《信息披露事务管理制度》"）等规定，制定本办法。 第二条 公司按照相关法律法规及规范性文件的规定，实施信息披露暂缓与 豁免管理的，适用本办法。 第三条 本办法适用于《信息披露事务管理制度》中所列的信息披露义务人， 具体包括： （一）公司董事和董事会； （二）公司监事和监事会； （三）公司高级管理人员； （四）公司董事会秘书和信息披露事务管理部门； 第五条 公司应当采取有效措施防止暂缓或豁免披露的信息泄露，任何获悉 拟暂缓、豁免披露信息的知情人应当切实履行信息保密义务。 第二章 信息披露暂缓与豁免的适用情形 第六条 公司及相关信息披露义务人拟披露的信息被依法认定为国家机密， 按照相关法律法规披露或者履行相关义务可能导致其违反法律 ...