Investment Rating - The report maintains a "Recommended" rating for Suzhou Bank, with a target price corresponding to 0.6 times the 2024 PB based on the closing price on August 30, 2024 [3][4]. Core Views - Suzhou Bank's net profit attributable to shareholders increased by 12.1% year-on-year in the first half of 2024, driven by strong corporate credit demand and effective cost control on liabilities, which helped to narrow the decline in net interest margin [3]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.84% and a low NPL generation rate of 0.47% annualized, indicating a solid foundation for sustained profit release [3][4]. Financial Performance Summary - In the first half of 2024, Suzhou Bank achieved revenue of 6.39 billion yuan, a year-on-year increase of 1.9%, and a net profit of 2.95 billion yuan, up 12.1% year-on-year [2]. - The bank's net interest income decreased by 3.0% year-on-year, while other non-interest income rose by 36.2%, becoming a major support for revenue [2]. - The bank's total assets and loan amounts grew by 13.7% and 14.5% year-on-year, respectively, although the growth rate showed a slight decline compared to the previous quarter [2]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.39 yuan, 1.52 yuan, and 1.67 yuan, respectively [3][4]. - The report indicates a steady growth in net profit, with projected growth rates of 17.4%, 10.9%, 9.4%, and 9.8% for the years 2023 to 2026 [4][46]. Asset Quality Indicators - The non-performing loan ratio is expected to improve slightly, projected at 0.83% for 2024 and 0.81% for 2025 [47]. - The bank's provision coverage ratio is high at 487%, indicating robust risk mitigation capabilities [2][47]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 6 in 2023 to 4 by 2026, while the price-to-book (P/B) ratio is expected to decline from 0.7 to 0.5 over the same period [4][46].

苏州银行股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定 代表人： 行长： 财务部门负责人： 盖章 单位：人民币万元 非经营性资金占用 资金占用 方名称 占用方与上市公 司的关联关系 上市公司核算 的会计科目 2024 年 初占用资 金余额 2024 年半年度 占用累计发生 金额 (不含利 息) 2024 年半 年度占用资 金的利息 (如有) 2024 年半 年度偿还 累计发生 金额 2024 年 6 月末占用 资金余额 占用形成 原因 占用性质 控股股东、实际控制人及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 前控股股东、实际控制人及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 其他关联方及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 总计 无 无 无 无 无 无 无 无 无 - 其它关联资金往来 资金往来 方名称 往来方与上市公 司的关联关系 上市公司核算 的会计科目 2024 年 初往 ...

Financial Performance - Operating income for the first half of 2024 reached RMB 6,387,986 thousand, an increase of 1.88% compared to RMB 6,270,047 thousand in the same period of 2023[12]. - Net profit for the first half of 2024 was RMB 3,043,815 thousand, reflecting an 11.20% increase from RMB 2,737,228 thousand in the first half of 2023[12]. - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 2,952,705 thousand, up 12.10% from RMB 2,633,946 thousand in the same period last year[12]. - Basic earnings per share for the first half of 2024 were RMB 0.74, representing a 7.25% increase from RMB 0.69 in the first half of 2023[12]. - The diluted earnings per share for the first half of 2024 were RMB 0.64, up 6.67% from RMB 0.60 in the same period of 2023[12]. - The net profit after deducting non-recurring gains and losses for the first half of 2024 was RMB 2,920,396 thousand, reflecting a 14.62% increase from RMB 2,547,822 thousand in the first half of 2023[12]. - The total income tax expense for the first half of 2024 was 537,162 thousand RMB, representing a 19.98% increase from 447,718 thousand RMB in the previous year[66]. Asset and Liability Management - Total assets as of June 30, 2024, amounted to RMB 659,514,377 thousand, a 9.58% increase from RMB 601,841,456 thousand at the end of 2023[12]. - The net assets attributable to shareholders of the parent company as of June 30, 2024, were RMB 47,256,650 thousand, a 3.91% increase from RMB 45,479,985 thousand at the end of 2023[12]. - The total liabilities of the group reached CNY 610.03 billion, an increase of CNY 55.85 billion or 10.08% compared to the previous year[87]. - The company's total equity reached CNY 49.49 billion, an increase of CNY 1.82 billion or 3.82% year-over-year[94]. Loan and Deposit Growth - The total loans and advances issued as of June 30, 2024, reached CNY 312,487,129, an increase of 11.15% compared to December 31, 2023[19]. - The total deposits absorbed as of June 30, 2024, amounted to CNY 423,989,426, reflecting a growth of 13.84% from December 31, 2023[19]. - The balance of various deposits was RMB 415.230 billion, up RMB 51.410 billion, with a growth rate of 14.13%[32]. - The balance of various loans was RMB 325.116 billion, an increase of RMB 31.715 billion, reflecting a growth rate of 10.81%[32]. Risk Management - The non-performing loan ratio stands at 0.84% as of June 30, 2024, unchanged from December 31, 2023[21]. - The provision coverage ratio stood at 486.80%, with a provision-to-loan ratio of 4.10%, indicating stable asset quality[34]. - The bank emphasizes risk management, focusing on credit risk, market risk, operational risk, and liquidity risk, with a comprehensive risk management framework in place[139]. - The bank's liquidity management strategies include enhancing liability management and optimizing asset structure to ensure liquidity risk remains within a safe range, with all liquidity regulatory indicators meeting requirements[147]. Income and Expense Analysis - Net interest income decreased to RMB 4,149,919 thousand, down RMB 129,928 thousand or 3.04% year-on-year[37]. - Total interest income rose to RMB 10,486,159 thousand, an increase of RMB 505,590 thousand or 5.07% from the previous year[38]. - Total interest expenses increased to RMB 6,336,239 thousand, up RMB 635,517 thousand or 11.15% compared to the same period last year[38]. - The bank's total operating expenses decreased to RMB 2,804,812 thousand, down RMB 278,016 thousand or 9.02% from the previous year[36]. Digital Transformation and Customer Engagement - The number of personal users on the Suzhou Bank App reached 5.78 million, with an annual increase of 221,300 users[168]. - The bank's digital RMB service system included 142,900 personal wallets and 23,200 corporate wallets by the end of the reporting period[168]. - The bank has focused on digital transformation and integrated operations to enhance service quality for the real economy[156]. Corporate Governance and Compliance - The bank has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[180]. - The bank has not engaged in any non-compliant external guarantees during the reporting period[181]. - The bank's compliance risk management focuses on enhancing legal awareness and improving compliance mechanisms, including the development of a digital compliance system[148]. Related Party Transactions - The bank approved a major related party transaction with Suzhou Industrial Park State-owned Capital Investment Operation Holding Co., Ltd. for a credit limit of RMB 158,046 million[187]. - The bank's major related party transactions included a credit amount of RMB 280,000 million with Jiangsu Shagang Group Co., Ltd. and its affiliates[189]. - The bank's related party transactions adhered to the principles of honesty and fairness, with no significant impact on the company's operating results and financial status[186].

苏州银行股份有限公司（以下简称"本行"）近日收到本行股东监事丁建国、 顾春浩先生的书面辞呈。因工作原因，丁建国、顾春浩先生辞去本行股东监事职 务，辞任后均不再担任本行及控股子公司任何职务，自 2024 年 8 月 30 日起生效。 截至公告披露日，丁建国、顾春浩先生未持有本行股份。 | 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-044 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于监事辞职的公告 本行及监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。 2024 年 8 月 30 日 丁建国、顾春浩先生确认其与本行监事会无不同意见，也无任何与辞任有 关而需通知本行股东及债权人的事项。 丁建国、顾春浩先生在本行任职期间恪尽职守、勤勉尽责，本行谨向丁建 国、顾春浩先生为本行所做的贡献表示衷心感谢。 特此公告。 苏州银行股份有限公司监事会 ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-037 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 首次公开发行 A 股前已发行股份上市流通提示性公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1.本次限售股上市流通数量为21,921,780股，占本行总股本的0.5979%。 2.本次限售股上市流通日期为2024年8月5日（星期一）。 一、首次公开发行前已发行股份情况及上市后股份变动情况 经中国证券监督管理委员会《关于核准苏州银行股份有限公司首次公开发行 股票的批复》（证监许可〔2019〕905号）核准，本行向社会公开发行人民币普 通股（A股）333,333,334股。经深圳证券交易所《关于苏州银行股份有限公司人 民币普通股股票上市的通知》（深证上〔2019〕442号）同意，本行于2019年8 月2日在深圳证券交易所挂牌上市。 首次公开发行前，本行总股本3,000,000,000股，发行后本行总股本 3,333,333,334股，包括有限 ...

招商证券股份有限公司 关于苏州银行股份有限公司首次公开发行前已发行股份 部分解除限售并上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为苏州 银行股份有限公司（以下简称"苏州银行"或"公司"）持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法 规和规范性文件的要求，对苏州银行首次公开发行前已发行股份部分解除限售并 上市流通事项进行了审慎核查。具体情况如下： 一、首次公开发行前已发行股份情况及上市后股份变动情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准苏州银行 股份有限公司首次公开发行股票的批复》（证监许可〔2019〕905 号）核准，苏 州银行向社会公开发行人民币普通股（A 股）333,333,334 股。经深圳证券交易 所《关于苏州银行股份有限公司人民币普通股股票上市的通知》（深证上〔2019〕 442 号）同意，苏州银行于 2019 年 8 月 2 日在深圳证券交易所挂牌上市。 首次公开发行前，苏州银行总股本 3,000,000,000 ...

| --- | --- | --- | |------------------|---------------------------------|----------------------------------------------------| | | 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 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 调研人员：广发证券李佳鸣，海通资管卓怡霖，德汇投资 | | | | 冯振伟，蜂巢基金张佳宇，晨燕资产詹凌燕，施罗德基金 | | | 高莘，大筝资产徐海涛 | | | 活动参与人员 | | | | | | 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、计划财务部总经理助理沈若弢及董事会办公 | | | 室相关人员 | | | 时间 | 2024 年 7 月 30 日 | | | 地点 | 苏州银行总行 12 | 楼会议室 | | 形式 | 现场会议 | | | | | 主要就苏州银行相关经营 ...

苏州银行股份有限公司投资者关系活动记录表 编号：2024-21 | --- | --- | --- | |------------------|--------------------------------|------------------------------------------------------| | | □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 | □路演活动 | | | □现场参观 | | | | 其他：券商分析师集体接待日活动 | | | | | 调研人员：中信建投马鲲鹏，兴业证券陈绍兴，海通证券 | | | | 林加力、徐凝碧，华福证券张宇、郭其伟，汇丰前海孙怡， | | | | 平安证券袁喆奇、许淼，国盛证券马婷婷、倪安峰，开源 | | | | 证券刘呈祥、吴文鑫，长江证券马祥云、盛悦菲，民生证 | | | | 券余金鑫，信达证券张晓辉，国泰君安刘源，浙商证券徐 | | | | 安妮，中信证券李鑫，华泰证券贺雅亭，中泰证券乔丹， | | | | 国信证券陈俊良，光大证券赵晨阳、董文欣，东吴证券葛 ...

苏州银行股份有限公司（以下简称"本行"）于 2024 年 7 月 12 日以电子邮件 和书面方式向全体监事发出关于召开第五届监事会第九次会议的通知，会议于 2024 年 7 月 22 日在苏州工业园区钟园路 728 号苏州银行大厦现场召开，本行应 出席监事 9 人，实际出席监事 8 人，委托出席监事 1 人，监事会主席沈琪委托监 事潘奕君表决。监事会主席沈琪因故不能出席，由过半数的监事共同推举监事潘 奕君主持会议，总行相关部门负责人列席会议。本次会议召开符合《公司法》《深 圳证券交易所股票上市规则》和本行章程的规定，合法有效，审议通过了以下议 案： 一、审议通过了关于修订《苏州银行股份有限公司资本应急管理办法》的议 案 | 证券代码：002966 | 证券简称：苏州银行 公告编号：2024-036 | | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | 苏州银行股份有限公司 第五届监事会第九次会议决议公告 本行及监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。 本议案同意票 9 票，反对票 0 票，弃权票 0 票。 二、审议通过了关于调整 ...