编号：2024-23 | --- | --- | --- | |------------------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 □分析师会议 | | | | | | | 投资者关系活动类 | □媒体采访 | □ 业绩说明会 | | 别 | □ 新闻发布会 □现场参观 | □ 路演活动 | | | □ 其他（请文字说明其他活动内容） 调研人员：汇丰前海证券孙怡， | Lazard Michelle Liu ， Alliance | | 活动参与人员 | Berinstein Trevor Kwong | ，泰康基金季怡轩，泰康资管陈功 | | | | 上市公司接待人员：董事会秘书朱敏军、风险管理部副总 经理朱国玉及计划财务部和董事会办公室相关人员 | | 时间 | 2024 年 ...

证券研究报告 2024 年 09 月 03 日 湘财证券研究所 公司研究 苏州银行（002966）业绩点评 业绩增速基本稳定，非息贡献扩大 相关研究： 1.《苏州银行：信贷扩张动能足， 资产质量稳定》 2024.05.14 公司评级：买入（维持） % 1 个月 3 个月 12 个月 相对收益 3.54 2.54 24.18 注：相对收益与沪深 300 相比 绝对收益 -0.97 -6.25 10.29 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 2024H1 与 2024Q1，苏州银行总资产同比增长 13.7%/16.8%，贷款同比增长 14.5%/19.8%，存款同比增长 13.4%/16.4%，资产规模保持稳健增长，异地 分支行机构贷款占比提高 2.7%至 40.5%。2024H1，企业贷款增长动能足， 企业贷款同比增长 25.8%，增量企业贷款主要投向制造业、租赁与商务服 务业以及房地产业。上半年，个人贷款同比下滑 1.5%，主要是经营贷业务 明显压缩，消费贷增长仍然较快。 2024H1 与 2024Q1，苏州 ...

银行 证 券 研 究 报 告 2024 年 09 月 01 日 苏州银行 (002966) ——业绩增长维持第一梯队，重点区域助力高质量扩张 报告原因：有业绩公布需要点评 | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） 一年内最高/最低（元） 市净率 息率（分红/股价） 流通 A 股市值（百万元） 上证指数 / 深证成指 | 7.01 8.30/6.09 0.6 5.56 25,136 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 11.25 | | 资产负债率 % | 92.50 | ...

证券研究报告 银行 报告日期：2024 年 09 月 03 日 资产质量优异 资产规模稳步提升 ——苏州银行（002966.SZ）2024 年半年报点评报告 事件： 苏州银行发布 2024 年半年度报告，公司上半年实现营业收入 63.88 亿元，同比增长 1.88%；净利润 30.44 亿元，同比增长 11.20%。 其中归属于母公司股东的净利润 29.53 亿元，同比增长 12.10%。 投资评级：增持（首次覆盖） 资产规模稳步增长。2024H1，苏州银行资产总额 6595.14 亿元， 较上年末增加 576.73 亿元，增幅 9.58%；各项存款余额 4152.30 亿元，较上年末增加 514.10 亿元，增幅 14.13%；各项贷款余额 3251.16 亿元，较上年末增加 317.15 亿元，增幅 10.81%。公司净 利润维持双位数增长，主要受益于资产质量稳定和优秀的成本管 控能力。 资产质量维持稳定。2024H1，苏州银行不良贷款余额 27.37 亿元， 较年初上升 2.76 亿元；不良贷款率 0.84%，与年初基本一致，公 司不良率稳定在较低位；拨备覆盖率 486.8%，拨贷比 4.1%，公 司拨 ...

业绩增速稳健，拨备覆盖率维持高位 ——苏州银行 24H1 中报点评 核心观点 ⚫ 业绩增速稳健，净利润保持两位数增长。截至 24H1，苏州银行营收、PPOP、归母 净利润累计同比增速（下同）分别较 24Q1 变动-0.2pct、1.2pct 和-0.2pct 至 1.9%、 -0.6%以及 12.1%，归母净利润增速保持上市城商行靠前水平。拆分来看，净息差收 窄及扩表放缓影响下，24H1 净利息收入同比增速环比继续下降 2.2pct 至-3.0%；净 手续费收入同比延续负增长，但幅度环比收窄 9.6pct 至 19.9%；净其他非息收入同 比增速环比回落 20.9pct 至 36.2%。此外，得益于其他债权投资的公允价值变动， 其他综合收益较年初增长 49.9% ⚫ 扩表有所放缓，对公贷款保持较快增长。截至 24H1，苏州银行总资产、贷款同比增 速分别环比回落 3.1pct、5.3pct 至 13.7%、14.5%，对公贷款同比增速保持在 20% 以上，增量主要来自涉政类、房地产和制造业，个人经营贷规模较年初有所下降。 24H1 净息差环比 24Q1 收窄 4BP（24Q1 较 23 年收窄 16BP），降幅 ...

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Bank, expecting the stock to outperform the market by over 20% within the next six months [4][18]. Core Views - Suzhou Bank has demonstrated steady profit growth with a 12.1% year-on-year increase in net profit attributable to shareholders, supported by resilient revenue levels despite a slight decline in net interest income [5][9]. - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 0.84%, indicating stability in its credit portfolio [9][15]. - The report highlights the bank's strategic expansion outside Suzhou, with 66% of new loans issued in regions beyond its home city, contributing to a 14.5% year-on-year growth in total loans [9]. Financial Performance Summary - For the first half of 2024, Suzhou Bank reported total operating income of 6.39 billion yuan, a year-on-year increase of 1.88%, and total assets of 659.5 billion yuan, reflecting a growth of 9.58% compared to the previous year [5][9]. - The bank's net interest margin (NIM) for the first half of 2024 was 1.48%, showing a slight contraction from the previous quarter, while the cost of interest-bearing liabilities decreased to 2.20% [7][9]. - Non-interest income increased by 12.5% year-on-year, with significant contributions from other non-interest income sources, which grew by 36.2% [6][9]. Asset Quality and Risk Management - The bank's NPL generation rate is estimated at 0.46%, with a coverage ratio of 487%, indicating a strong capacity to absorb potential losses [9][15]. - The report notes a slight increase in the personal loan NPL ratio to 1.33%, emphasizing the need for vigilance in managing retail asset quality risks [9][15]. Future Outlook - The report projects steady growth in earnings per share (EPS) for 2024-2026, with expected EPS of 1.39 yuan, 1.54 yuan, and 1.71 yuan respectively, corresponding to profit growth rates of 10.4%, 10.9%, and 11.2% [9][14]. - The bank's strategic focus on enhancing its wealth management capabilities and expanding its branch network is expected to further strengthen its competitive position in the market [9].

一、召开会议基本情况 1.股东大会届次：2024年第一次临时股东大会。 2.股东大会召集人：本行董事会。本行第五届董事会第十七次会议审议通过 了《关于召开苏州银行股份有限公司2024年第一次临时股东大会的议案》。 3.会议召开的合法、合规性：本次股东大会的召开符合相关法律法规和本行 章程的规定。 | 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-045 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 苏州银行股份有限公司（以下简称"本行"）2024年第一次临时股东大会定 于2024年9月20日下午召开，会议有关事项通知如下： 4.会议召开的日期、时间： （1）现场会议召开时间：2024年9月20日下午15:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024年9月20日上午9:15-9:25、9:30-11:30，下午13:00-15 ...

苏州银行股份有限公司 2024 年第一次临时股东大会会议材料 苏州银行股份有限公司 2024 年第一次临时股东大会会议材料 （股票代码：002966） 苏州银行股份有限公司 2024 年第一次临时股东大会会议材料 会议议程 召开时间：2024 年 9 月 20 日（星期五）下午 15:30 召开地点：苏州工业园区钟园路 728 号苏州银行大厦 4 楼会议 室 召集人：公司董事会 一、主持人宣布会议开始； 二、宣读股东大会会议须知； 三、审议各项议案，听取相关报告； 四、股东发言或提问； 五、报告现场出席会议的股东及股东代理人人数及其代表的有 表决权股份数量； 六、推选本次会议计票人、监票人； 七、投票表决； 八、与会代表休息（工作人员统计投票结果）； 九、宣布现场表决结果； 十、见证律师宣读法律意见书； 召开方式：现场会议+网络投票 十一、宣布会议结束。 苏州银行股份有限公司 2024 年第一次临时股东大会会议材料 会议须知 为维护全体股东的合法权益，确保本行股东大会顺利进行，根据 《中华人民共和国公司法》、《上市公司股东大会规则》及本行章程等 规定，特制订本须知： 一、为保证股东大会的严肃性和正常秩序，除出 ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank (002966.SZ) with a current price of 7.01 CNY [1]. Core Views - Suzhou Bank demonstrated strong resilience in performance, achieving a revenue of 6.4 billion CNY in the first half of 2024, a year-on-year increase of 1.9%, and a net profit of 2.95 billion CNY, up 12% year-on-year [1][2]. - The bank's net interest margin (NIM) was 1.48%, showing a narrowing trend but with a deceleration in the rate of decline [2]. - Non-interest income grew by 12.5% year-on-year, accounting for 35% of total revenue, indicating a shift towards diversified income sources [2]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% and a strong provisioning coverage ratio of 486.8% [3][4]. - The capital adequacy ratios are robust, with a core Tier 1 capital ratio of 9.4% and a total capital adequacy ratio of 14% [3][4]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was 6.4 billion CNY, with a net profit of 2.95 billion CNY, reflecting a 12% increase year-on-year [1]. - The bank's net interest income and non-interest income growth rates were -3% and 12.5%, respectively, indicating a mixed performance in income sources [1][2]. Asset Quality - The NPL ratio stood at 0.84%, with a slight increase from the previous quarter, while the overdue loan ratio was 0.93% [3]. - The bank's provisioning coverage ratio was 486.8%, indicating strong risk mitigation capabilities [3]. Capital Adequacy - The core Tier 1 capital ratio was reported at 9.4%, with a total capital adequacy ratio of 14% [3][4]. - The bank has a 5 billion CNY convertible bond with a low conversion ratio, suggesting potential for capital enhancement [3]. Future Outlook - The bank's EPS forecasts for 2024-2026 are 1.45 CNY, 1.63 CNY, and 1.80 CNY, respectively, with a current price-to-book (PB) ratio of 0.59 [4]. - The report emphasizes the bank's strong growth potential in both corporate and retail banking sectors, supported by a favorable economic environment [4].

Investment Rating - The investment rating for Suzhou Bank is not explicitly stated in the provided documents, but the analysis indicates a positive outlook based on performance metrics and growth potential. Core Insights - Suzhou Bank reported a revenue of 6.388 billion yuan for the first half of 2024, representing a year-on-year growth of 1.88%, while the net profit attributable to shareholders reached 2.953 billion yuan, up 12.10% year-on-year [1] - The bank's total assets stood at 659.5 billion yuan at the end of the first half of 2024, reflecting a year-on-year increase of 13.7% [1] - The growth in corporate loans was particularly strong, with a year-on-year increase of 25.8%, indicating the bank's commitment to supporting the real economy [1] - The bank's non-interest income also showed significant growth, with a 12.5% increase year-on-year, contributing to the rapid growth in net profit [1] - The non-performing loan (NPL) ratio remained stable at 0.84%, indicating solid asset quality [1] Financial Performance Summary - Total revenue for Suzhou Bank is projected to grow from 11,762.96 million yuan in 2022 to 13,990.12 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.51% [2] - The net profit attributable to shareholders is expected to increase from 3,918.44 million yuan in 2022 to 6,342.44 million yuan in 2026, reflecting a CAGR of 10.65% [3] - The bank's earnings per share (EPS) is projected to rise from 1.07 yuan in 2022 to 1.73 yuan in 2026 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 5.32 in 2022 to 4.05 in 2026, indicating potential undervaluation [3] Risk and Capital Adequacy - The bank's capital adequacy ratios are robust, with a core Tier 1 capital adequacy ratio of 9.43%, a Tier 1 capital adequacy ratio of 10.81%, and a total capital adequacy ratio of 13.95% as of the end of the first half of 2024 [1] - The bank's provision coverage ratio slightly decreased to 486.8%, but it remains at a high level, indicating strong risk mitigation capabilities [1]