证券研究报告 苏农银行 (603323 CH) 24 年信贷预计平稳，不良稳中改善 | 华泰研究 | | | 动态点评 | | --- | --- | --- | --- | | 2025 年 | 2 月 | 06 日│中国内地 | 区域性银行 | 2 月 5 日苏农银行发布 2024 年业绩快报，2024 年公司营收、归母净利润分 别同比+3.0%、+10.5%、增速较 1-9 月分别-1.8pct、-1.7pct。苏农银行资 产质量走势较为平稳，不良率稳中下行，公司发展战略清晰、城区拓展空间 广阔，维持买入评级。 资产平稳增长，信贷边际改善 据业绩快报，2024年末苏农银行总资产、总贷款、总存款同比+5.3%、+5.8%、 +8.0%，较 9 月末分别+0.9pct、+0.9pct、-1.5pct。信贷投放边际回暖，存 款增速略有下滑。24Q4 单季新增贷款 23 亿元（24Q3 单季新增贷款-39 亿 元）；受主动调整信贷结构及需求偏弱的影响，公司 2024 年全年新增贷款 规模 70 亿元，较 23 年的 132 亿元有所下滑。展望后续，一揽子政策驱动 下经济逐步回暖，信贷需求有望逐步改善。 不良稳中 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 4.17 billion yuan in 2024, representing a year-on-year growth of 3.0%, while the net profit attributable to shareholders reached 1.93 billion yuan, up 10.5% year-on-year [5][8] - The non-performing loan (NPL) ratio decreased to 0.90% in Q4 2024, indicating stable asset quality, with a provision coverage ratio of 425% [5][8] - Credit growth was steady, with loans increasing by 5.8% year-on-year, and deposits growing by 8.0% [5][8] Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 4.17 billion yuan, with a year-on-year growth rate of 2.99% for 2025 and 4.70% for 2026 [6][11] - The net profit attributable to shareholders is expected to grow by 10.53% in 2024, 9.61% in 2025, and 10.85% in 2026 [6][11] - The company’s price-to-book (P/B) ratio is currently at 0.51, indicating potential undervaluation [8][13] Performance Comparison - The company’s stock closed at 5.29 yuan, with a market capitalization of 9.707 billion yuan [2][13] - The company’s dividend yield stands at 3.40%, which is competitive within the banking sector [2][13] - Compared to its peers, the company maintains a favorable return on equity (ROE) of 11.44% for 2024 [13]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a stable overall performance with a 3.0% year-on-year increase in operating income to 4.17 billion yuan and a 10.5% increase in net profit attributable to shareholders to 1.93 billion yuan in 2024 [1][2] - The total assets grew by 5.3% year-on-year to 213.4 billion yuan, with loans increasing by 5.8% to 129.3 billion yuan and deposits rising by 8.0% to 170.2 billion yuan, indicating a strong customer base [1][2] - The company maintained a stable asset quality with a non-performing loan ratio of 0.90% at the end of 2024, a slight decrease from previous periods [2] Summary by Relevant Sections Financial Performance - The company achieved an operating profit of 2.11 billion yuan in 2024, reflecting a 10.8% year-on-year growth, and a total profit of 2.15 billion yuan, up 12.3% year-on-year [2] - The weighted average ROE for 2024 was 11.3%, a decrease of 0.4 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio was 0.90% at the end of 2024, down 0.01 percentage points from both the previous quarter and the beginning of the year [2] - The provision coverage ratio stood at 425%, which decreased by 5 percentage points from the previous quarter and by 28 percentage points from the beginning of the year [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.93 billion, 2.09 billion, and 2.25 billion yuan respectively, with year-on-year growth rates of 10.5%, 8.7%, and 7.5% [3] - The diluted EPS is projected to be 1.05, 1.14, and 1.23 yuan for the same period [3] Valuation Metrics - The current PE ratio is 5.0, 4.6, and 4.3 for the years 2024, 2025, and 2026 respectively, while the PB ratio is 0.6, 0.5, and 0.5 [3]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a stable overall performance with a 3.0% year-on-year increase in operating income to 4.17 billion yuan and a 10.5% increase in net profit attributable to shareholders to 1.93 billion yuan in 2024 [1][2] - The total assets grew by 5.3% year-on-year to 213.4 billion yuan, with loans increasing by 5.8% to 129.3 billion yuan and deposits rising by 8.0% to 170.2 billion yuan, indicating a strong customer base [1][2] - The company maintained a stable asset quality with a non-performing loan ratio of 0.90% at the end of 2024, a slight decrease from previous periods [2] Summary by Relevant Sections Financial Performance - Operating income for 2024 was 4.17 billion yuan, up 3.0% year-on-year, while net profit attributable to shareholders reached 1.93 billion yuan, reflecting a 10.5% increase [2][4] - The weighted average ROE for 2024 was 11.3%, a decrease of 0.4 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio at the end of 2024 was 0.90%, down 0.01 percentage points from both the previous quarter and the beginning of the year [2] - The provision coverage ratio stood at 425%, showing a decrease of 5 percentage points from the previous quarter and a 28 percentage point decline from the beginning of the year [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.93 billion, 2.09 billion, and 2.25 billion yuan respectively, with year-on-year growth rates of 10.5%, 8.7%, and 7.5% [3][4] - The diluted EPS is projected to be 1.05, 1.14, and 1.23 yuan for the years 2024, 2025, and 2026 respectively [3][4]

Financial Performance - Operating income for the year was RMB 4.17 billion, a year-on-year growth of 2.99%[5] - Net profit attributable to shareholders was RMB 1.93 billion, up 10.50% from the previous year[5] - Basic earnings per share increased to RMB 1.07, representing a growth of 10.31%[2] Assets and Liabilities - Total assets reached RMB 213.36 billion, an increase of 5.33% compared to the beginning of the year[5] - Total loans amounted to RMB 129.33 billion, growing by 5.75% year-on-year[5] - Total deposits were RMB 170.25 billion, reflecting an 8.03% increase from the previous year[5] - Shareholders' equity attributable to the parent company reached RMB 17.90 billion, up 13.39%[2] Loan Quality - Non-performing loan ratio stood at 0.90%, a slight decrease from 0.91%[4] - Provision coverage ratio was 425.09%, indicating a decrease of 27.76 percentage points[4] Cautionary Note - The company warns that the preliminary financial data may differ from the final annual report, with expected discrepancies not exceeding 10%[6]

证券代码：603323 证券简称：苏农银行 公告编号：2025-001 江苏苏州农村商业银行股份有限公司 第七届董事会第六次会议决议公告 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。 同意 13 票；弃权 0 票；反对 0 票。 五、关于制定本行风险偏好的议案 本行第七届董事会第六次会议于 2025 年 1 月 22 日在本行东太湖办公大楼 411 会议室（苏州市吴江区东太湖大道 10888 号）以现场方式召开，会议通知已 于 2025 年 1 月 10 日以邮件方式发出。本次会议应参加表决董事 13 人，实际参 加表决董事 13 人，董事陈志明先生因公务原因委托董事唐林才先生出席并表决。 会议由董事长徐晓军先生主持。会议的召开和表决符合《公司法》等法律法规 及本行《章程》的有关规定。 会议对如下议案进行了审议并表决： 一、关于制定《2025 年度行长经营目标责任书》的议案 同意 13 票；弃权 0 票；反对 0 票。 二、关于制定《董事会对行长的授权书》的议案 同意 ...

证券代码：603323 证券简称：苏农银行 公告编号：2025-002 江苏苏州农村商业银行股份有限公司 第七届监事会第六次会议决议公告 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"）监事 会及全体监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。 本行第七届监事会第六次会议于 2025 年 1 月 22 日在本行东太湖办公大楼 401 会议室（苏州市吴江区东太湖大道 10888 号）以现场方式召开，会议通知已 于 2025 年 1 月 12 日以邮件方式发出。本次会议应到监事 9 名，实际到会监事 9 名。会议由监事长孙开年先生主持。会议符合《公司法》及本行《章程》的规定， 会议所形成的决议合法、有效。 会议对如下议案进行了审议并表决： 六、关于修订《江苏苏州农村商业银行股份有限公司洗钱和恐怖融资风险自 评估管理办法》的议案 二、2024 年度董事会合规职责履行评价报告 同意 9 票；弃权 0 票；反对 0 票。 三、2024 年度经营层合规职责履行评价报告 同意 9 票；弃权 0 票；反对 0 票。 四、关于制定本行风险偏好的议 ...

江苏苏州农村商业银行股份有限公司 首次公开发行部分限售股（自律锁定）上市流通公告 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： 本次股票上市类型为首发股份；股票认购方式为网下，上市股 数为 259,342,799 股。 本次股票上市流通总数为 259,342,799 股。 本次股票上市流通日期为 2024 年 11 月 29 日。 证券代码：603323 证券简称：苏农银行 公告编号：2024-044 一、本次限售股上市类型：首次公开发行限售股（自律锁定） 经中国证券监督管理委员会《关于核准江苏吴江农村商业银行股份有限公司 首次公开发行股票的批复》（证监许可[2016]2360 号）核准，公司首次公开发行人 民币普通股（A 股）股票 111,500,000 股，并于 2016 年 11 月 29 日在上海证券交 易所挂牌上市。本行首次公开发行前总股本为 1,002,411,020 股，首次公开发行 后总股本为 1,113,911,020 股。 本次上市 ...

华泰联合证券有限责任公司 二、公司首次公开发行股票和相关股本情况 关于江苏苏州农村商业银行股份有限公司 首次公开发行部分限售股上市流通的专项意见 华泰联合证券有限责任公司(以下简称"华泰联合"或"保荐机构")作为 江苏苏州农村商业银行股份有限公司(以下简称"苏农银行"或"公司")首次 公开发行股票并上市及公开发行可转换公司债券并上市的保荐机构,根据《证券 发行上市保荐业务管理办法》《上海证券交易所股票上市规则》和《上海证券交 易所上市公司自律监管指引第 11 号 -- 持续督导》等相关规定,对苏农银行首 次公开发行部分限售股上市流通事项进行了认真、审慎的核查,现将核查情况说 明如下: 一、保荐人进行的核查工作 华泰联合保荐代表人通过与公司相关人员交谈、查阅首次公开发行部分限售 股上市流通的信息披露文件、首次公开发行相关披露文件等方式进行了核查。 截至 2024 年 11 月 21 日公司总股本数量由 1,113,911,020 股增加至 1.835.037.670 股,本次上市流通的限售股股份由 181.358.529 股 增 加 至 259,342,799 股。 三、本次限售股上市流通的有关承诺 根据相关法 ...

江苏苏州农村商业银行股份有限公司 投资者关系活动记录表 证券代码：603323 证券简称：苏农银行 编号：2024-011 | --- | --- | --- | |------------------|-------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...