Investment Rating - The investment rating for Suzhou Bank is "Strongly Recommended" [1][15]. Core Views - Suzhou Bank reported a 3.01% year-on-year increase in operating revenue and a 10.2% increase in net profit attributable to shareholders for the year 2024 [4][9]. - The bank's total assets grew by 15.3% year-on-year, with loans increasing by 13.6% and deposits by 14.6% as of the end of 2024 [4][9]. - The asset quality is improving, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio rising to 483% by the end of 2024 [9][11]. Summary by Sections Financial Performance - Operating net income for 2024 is projected at 12,068 million yuan, with a year-on-year growth of 2.2% [6]. - Net profit attributable to shareholders is expected to reach 5,080 million yuan in 2024, reflecting a growth of 10.4% [6][13]. - The bank's return on equity (ROE) is forecasted to be 12.6% in 2024, increasing to 13.2% by 2026 [6][13]. Asset Quality - The NPL ratio is expected to improve slightly from 0.84% in 2023 to 0.81% in 2025 [13]. - The provision coverage ratio is projected to decrease from 523% in 2023 to 432% in 2025, indicating a solid buffer against potential loan losses [13]. Growth Projections - The bank's total assets are expected to grow from 698,907 million yuan in 2024 to 805,568 million yuan in 2025 [13]. - Loan growth is anticipated to be robust, with projections of 17% growth rates for the coming years [13]. - The bank's earnings per share (EPS) are forecasted to be 1.28 yuan in 2024, increasing to 1.57 yuan by 2026 [6][9]. Market Position - Suzhou Bank benefits from a favorable regional environment that supports strong credit demand, alongside ongoing expansion in personnel and branches to enhance its competitive edge in wealth management [9].

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [2][7]. Core Insights - Suzhou Bank reported a revenue of 12.2 billion yuan for 2024, reflecting a year-on-year growth of 3.0%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.2% year-on-year. The asset quality is better than expected, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio increasing to 483% [5][7][8]. Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 12.2 billion yuan, with a year-on-year growth rate of 3.0%. The net profit for 2024 is expected to be 5.1 billion yuan, with a growth rate of 10.2% [6][10]. - The forecast for net profit growth from 2024 to 2026 is 10.2%, 8.4%, and 9.2% respectively [7][10]. - The bank's total loans are expected to reach approximately 333.4 billion yuan in 2024, with a growth rate of 13.6% [10]. Asset Quality and Capital Position - Suzhou Bank's NPL ratio is at 0.83%, with a provision coverage ratio of 483%, indicating strong asset quality and risk management [7][8]. - The bank's loan-to-deposit ratio (LDR) is projected to be 79.95% in 2025, reflecting a stable capital position [10]. Market Comparison - As of February 10, 2025, Suzhou Bank's closing price is 7.60 yuan, with a market capitalization of approximately 30.2 billion yuan. The price-to-earnings (P/E) ratio for 2024 is 6.02, and the price-to-book (P/B) ratio is 0.69 [2][12].

Investment Rating - The investment rating for Suzhou Bank is maintained as "Buy" with a target price of RMB 9.40 [8][11]. Core Views - Suzhou Bank's revenue and net profit for 2024 are expected to grow by 3.0% and 10.2% year-on-year, respectively, with a return on equity (ROE) of 11.68% [1][5]. - The bank's total assets, loans, and deposits are projected to increase by 15.3%, 13.6%, and 14.6% year-on-year by the end of 2024, indicating stable credit expansion [2]. - The non-performing loan (NPL) ratio is expected to improve slightly, with a coverage ratio of 483% as of the end of 2024, reflecting a solid asset quality [3]. - The bank has a notable dividend yield of 5.21% for 2024, positioning it among the top ten listed banks in terms of dividend advantage [4]. - The target price is based on a price-to-book (PB) ratio of 0.80 for 2025, reflecting the bank's strong regional presence and clear strategic goals [5]. Summary by Sections Financial Performance - For 2024, Suzhou Bank's revenue is projected at RMB 12,223 million, with a net profit of RMB 5,068 million, reflecting a growth rate of 10.16% [19]. - The bank's NPL ratio is expected to decrease to 0.83% by 2024, with a core tier 1 capital adequacy ratio of 8.65% [19]. Asset Quality - The NPL ratio is forecasted to improve to 0.82% by 2025, with a further decline to 0.81% by 2026, indicating a positive trend in asset quality [19]. - The bank's provisioning coverage is expected to remain robust, supporting its asset quality management [3]. Capital and Dividends - The bank's dividend policy remains stable, with a projected dividend yield of 5.74% for 2025, enhancing its attractiveness to investors [4]. - The completion of the convertible bond conversion is expected to strengthen the bank's capital base, supporting future growth [2]. Valuation - The estimated book value per share (BVPS) for 2025 is projected at RMB 11.75, with a corresponding PB ratio of 0.65 [5]. - The average PB ratio for comparable banks is 0.62, indicating that Suzhou Bank may enjoy a valuation premium due to its strategic positioning [5].

Investment Rating - The report maintains a "Recommended" rating for Suzhou Bank, with a target price of 8.46 CNY, compared to the current price of 7.60 CNY [4][8]. Core Insights - Suzhou Bank reported a revenue of 12.223 billion CNY for 2024, reflecting a year-on-year growth of 3.01%, and a net profit attributable to shareholders of 5.068 billion CNY, up 10.15% year-on-year. The non-performing loan ratio decreased by 1 basis point to 0.83%, while the provision coverage ratio increased by 9.8 percentage points to 483.46% [2][8]. - The revenue growth accelerated in Q4 2024 to 9.6%, significantly higher than the less than 2.5% growth in the previous three quarters, supported by a low base effect and strong growth in non-interest income [8]. - The bank's asset quality improved, with a decrease in the non-performing loan ratio and an increase in the provision coverage ratio, indicating a solid safety cushion [8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue (million CNY): 2023: 11,866; 2024E: 12,225; 2025E: 12,629; 2026E: 13,300 [2]. - Net profit (million CNY): 2023: 4,601; 2024E: 5,073; 2025E: 5,624; 2026E: 6,242 [2]. - **Growth Rates**: - Revenue growth rates: 2024E: 3.02%; 2025E: 3.31%; 2026E: 5.31% [2]. - Net profit growth rates: 2024E: 10.25%; 2025E: 10.87%; 2026E: 10.97% [2]. - **Valuation Ratios**: - Price-to-earnings (PE) ratio: 2025E: 6.04; Price-to-book (PB) ratio: 2025E: 0.72 [10][11]. Asset Quality - The non-performing loan ratio is projected to remain stable at 0.83% for 2025 and 2026, while the provision coverage ratio is expected to decrease to 430% by 2025 and 394% by 2026 [10][11]. - The bank's capital adequacy ratio is forecasted to decline from 14.03% in 2023 to 11.78% by 2026, indicating a potential tightening of capital [10].

Core Viewpoint - Suzhou Bank reported a revenue of 12.223 billion yuan for 2024, reflecting a year-on-year growth of 3.01%, and a net profit of 5.068 billion yuan, which is a 10.15% increase compared to the previous year [1] Financial Performance - The bank achieved an operating income of 12.223 billion yuan in 2024, marking a 3.01% increase year-on-year [1] - The net profit for the year reached 5.068 billion yuan, representing a year-on-year growth of 10.15% [1] - Basic earnings per share stood at 1.31 yuan [1] Asset Quality - As of the end of 2024, the non-performing loan ratio was 0.83%, a decrease of 0.01 percentage points from the end of the previous year [1] - The provision coverage ratio was reported at 483.46% [1]

Financial Performance - In 2024, Suzhou Bank achieved operating income of RMB 12.223 billion, a 3.01% increase compared to RMB 11.866 billion in 2023[5] - The net profit attributable to shareholders of the listed company reached RMB 5.068 billion, reflecting a growth of 10.15% from RMB 4.601 billion in the previous year[5] - Basic earnings per share rose to RMB 1.31, a 7.38% increase from RMB 1.22 in 2023[5] - The weighted average return on equity was 11.68%, down by 0.32 percentage points from 12.00% in the previous year[5] Asset and Deposit Growth - Total assets as of December 31, 2024, amounted to RMB 693.804 billion, representing a 15.28% increase from RMB 601.841 billion at the end of 2023[7] - The total deposits reached RMB 416.965 billion, marking a 14.61% increase from the previous year[7] - The total loans increased to RMB 333.359 billion, reflecting a growth of 13.62% compared to the previous year[7] - Shareholder equity attributable to the listed company increased to RMB 52.911 billion, a growth of 16.34% from RMB 45.480 billion in 2023[5] Loan Quality - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points from 0.84% in the previous year[5] - The provision coverage ratio stood at 483.46%, indicating a decrease of 39.31 percentage points from the previous year's 522.77%[5]

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-016 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第八次提示性公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 9. 赎回类别：全部赎回 10. 最后一个交易日可转债简称：Z 苏转债 11. 根据安排，截至 2025 年 3 月 6 日收市后仍未转股的"苏行转债"将被 强制赎回。本次赎回完成后，"苏行转债"将在深圳证券交易所摘牌。投资者持 有的"苏行转债"存在被质押或冻结情形的，建议在停止转股日前解除质押或冻 结，以免出现因无法转股而被强制赎回的情形。 1 12. 风险提示： ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第七次提示性公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 4. 赎回日：2025 年 3 月 7 日 5. 停止交易日：2025 年 3 月 4 日 6. 停止转股日：2025 年 3 月 7 日 12. 风险提示：本次"苏行转债"赎回价格可能与其停止交易和停止转股前 的市场价格存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转 股，可能面临损失，敬请投资者注意投资风险。 一、赎回情况概述 7. 发行人资金到账日 ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-013 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于"苏行转债"赎回实施的第五次提示性公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 4. 赎回日：2025 年 3 月 7 日 5. 停止交易日：2025 年 3 月 4 日 10. 最后一个交易日可转债简称：Z 苏转债 11. 根据安排，截至 2025 年 3 月 6 日收市后仍未转股的"苏行转债"将被 强制赎回。本次赎回完成后，"苏行转债"将在深圳证券交易所摘牌。投资者持 有的"苏行转债"存在被质押或冻结情形的，建议在停止转股日前解除质押或冻 ...

苏州银行股份有限公司 关于"苏行转债"赎回实施的第六次提示性公告 本行及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1."苏行转债"赎回价格：101.35 元/张（含息税，当期年利率为 1.50%）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2. 有条件赎回条款触发日：2025 年 1 月 21 日 3. 赎回登记日：2025 年 3 月 6 日 4. 赎回日：2025 年 3 月 7 日 | 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2025-014 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 5. 停止交易日：2025 年 3 月 4 日 6. 停止转股日：2025 年 3 月 7 日 自 2024 年 12 月 12 日至 2025 年 1 月 21 日，苏州银行股份有限公司（以下 简称"本行"）股票价格已有 15 个交易日的收盘价不低于"苏行转债"当期转 股价格 6.19 元/股的 130%（含 130%， ...