根据年报 详解苏州银行2023年报&2024一季报：开门红成色较好，净利润保持稳健增长 苏州银行(002966.SZ)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.13 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,697 11,811 12,045 12,645 13,280 分析师 戴志锋 增长率yoy% 8.7% 1.0% 2.0% 5.0% 5.0% 执业证书编号：S0740517030004 净利润（百万元） 3,918 4,601 5,153 5,668 6,238 Email： daizf@zts.com.cn 增长率yoy% 26.1% 17.4% 12.0% 10.0% 10.0% 每股收益（元） 1.07 1.25 1.41 1.55 1.70 分析师 邓美君 净资产收益率 11.49% 12.27% 12.49% 12.54% 11.65% 执业证书编号：S0740519050002 P ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" with a target price of 9.21, maintaining the previous rating of "Buy" [1][2]. Core Insights - Suzhou Bank demonstrates excellent asset quality and outstanding growth potential, with stable revenue and profit growth, and rapid loan and deposit growth [1][2]. - The bank's net profit growth is expected to maintain a double-digit increase throughout the year, supported by solid asset quality and a decrease in credit impairment [1][2]. - The bank's loan growth rate is projected at 17.1% and deposit growth at 16.4% year-on-year, with significant increases in new loans [1][2]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 11,866 million, with a growth rate of 0.88%, and for 2024, it is expected to reach 12,369 million, reflecting a growth rate of 4.24% [1]. - Net profit attributable to shareholders is forecasted to be 4,601 million for 2023, increasing to 5,203 million in 2024, indicating a growth of 13.10% [1]. - The bank's earnings per share (EPS) is expected to rise from 1.22 in 2023 to 1.36 in 2024 [1]. Asset Quality - The bank maintains a non-performing loan (NPL) ratio of 0.84% as of Q1 2024, with a stable outlook on asset quality [1]. - The bank's provisioning is considered sufficient, and its risk appetite remains low, contributing to overall manageable risk levels [1]. Market Position - Suzhou Bank is the only city commercial bank in Suzhou with independent legal person status, focusing on corporate, personal, and funding businesses [2]. - The bank aims to enhance its market share by targeting small and micro enterprises, agriculture, and technology finance sectors [2].

Investment Rating - The investment rating for Suzhou Bank is "Strong Buy" (maintained) [1][7][12] Core Views - Non-interest income has slightly improved revenue, and profit growth remains stable. The bank's net profit attributable to shareholders in Q1 2024 increased by 12.3% year-on-year, while the full year 2023 saw a growth of 17.4%. The absolute profit level has declined but still maintains a rapid growth rate [4][7] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% as of Q1 2024, unchanged from the end of 2023. The provisioning coverage ratio is high at 492%, indicating strong risk mitigation capabilities [7][10] Summary by Sections Financial Performance - In 2023, the bank achieved operating income of 11.9 billion yuan, with a year-on-year growth of 0.9%. For Q1 2024, operating income was 3.2 billion yuan, reflecting a growth of 2.1% year-on-year. The net profit attributable to shareholders for 2023 was 4.6 billion yuan, with a year-on-year increase of 17.4%, while Q1 2024 net profit was 1.5 billion yuan, up 12.3% year-on-year [3][4][9] Asset Quality - The bank's NPL ratio remained stable at 0.84% as of Q1 2024, with a non-performing loan generation rate of 0.29% at the end of 2023. The overdue rate decreased to 0.72%, indicating a low absolute level of asset quality [7][10] - The provisioning coverage ratio decreased slightly to 492% in Q1 2024, but remains at a high level, ensuring stable risk coverage [7][10] Revenue Composition - Non-interest income contributed significantly to revenue recovery, with a 57.1% year-on-year increase in other non-interest income in Q1 2024. However, net interest income saw a decline of 0.8% year-on-year due to pressure on interest margins [4][7] - The bank's total assets reached 648.2 billion yuan in Q1 2024, a year-on-year growth of 16.8%, with loans growing by 19.8% year-on-year [4][9] Future Outlook - The bank's management anticipates continued support for revenue growth from regional advantages and ongoing reforms. The EPS forecast for 2024-2026 is adjusted to 1.39, 1.54, and 1.71 yuan, respectively, with corresponding profit growth rates of 10.4%, 10.9%, and 11.2% [7][10]

公司研究 | 年报点评 苏州银行 002966.SZ 买入（维持） 营收增速回暖，保持强劲扩表 股价（2024年04月26日） 7.13元 目标价格 8.18元 52周最高价/最低价 7.83/6.09元 ——苏州银行23A&24Q1季报点评 总股本/流通A股（万股） 366,674/356,380 A股市值（百万元） 26,144 核心观点 国家/地区 中国 行业 银行 ⚫ 营收增速回暖，利润增速有所回落。截至24Q1，苏州银行营收、PPOP、归母净利 报告发布日期 2024年04月28日 润累计同比增速（下同）分别较2023年末变化+1.2pct、2.0pct、-5.1pct。其中净 利息收入增速延续回落，较23年末继续下降2.5pct，主要是净息差明显收窄的结 果；净手续费及佣金收入增速较23年末大幅下降23.6pct，伴随苏银基金于2024 1周 1月 3月 12月 绝对表现% -5.69 -0.7 2 1.94 年4月正式获准展业，手续费及佣金收入有望得到提振；低基数效应叠加24Q1债 相对表现% -6.89 -1.84 -5.51 11.41 券市场表现强势，净非息收入增速较23年末大幅抬升55. ...

公司研 究 证 券研究 报 告 城商行 2024年04月28日 苏 州银行（002966）2023年报及 2024一季报点评 推 荐 （维持） 目标价：8.72元 业绩保持双位数高增，资产质量稳健优异 当前价：7.13元 事项： 华创证券研究所  4月26日晚，苏州银行披露2023年报和2024年一季报，2023年/1Q24实现 证券分析师：贾靖 营业收入 118.66 亿元/32.25 亿元，同比增长 0.88%/2.11%；实现归母净利润 46.01亿元/14.55亿元，同比增长17.41%/12.29%。2023/1Q24不良贷款率环比 邮箱：jiajing@hcyjs.com 均持平在0.84%，拨备覆盖率1Q24稳定在相对高位491.7%。 执业编号：S0360523040004 评论： 证券分析师：徐康  净利息收入拖累营收增速边际放缓，其他非息收入表现不弱，对营收起到一定 电话：021-20572556 支撑。优质资产质量下拨备继续反哺利润，净利润保持双位数高增。1）净利 邮箱：xukang@hcyjs.com 息收入：2023/1Q24苏州银行净利息收入分别同比增1.70%/-0.84%， ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank (002966 SZ) [1][3] Core Views - Revenue growth remains stable, with 2023 revenue reaching 11 87 billion yuan, up 0 9% YoY, and Q1 2024 revenue at 3 23 billion yuan, up 2 1% YoY [1] - Net profit growth slows down, with 2023 net profit at 4 60 billion yuan, up 17 4% YoY, and Q1 2024 net profit at 1 46 billion yuan, up 12 3% YoY [1] - Asset growth remains stable, with total assets reaching 648 2 billion yuan by Q1 2024, up 16 8% YoY [1] - Net interest margin continues to decline, with 2023 daily average NIM at 1 68%, down 19bps YoY, and Q1 2024 NIM at 1 52%, down 7bps QoQ [1] - Asset quality fluctuates at a good level, with NPL ratio at 0 88% by Q1 2024, up 0 04 percentage points from end-2023 [1] Financial Performance Revenue and Profit - 2023 revenue: 11 87 billion yuan, up 0 9% YoY [1] - 2024E revenue: 12 18 billion yuan, up 2 6% YoY [2] - 2023 net profit: 4 60 billion yuan, up 17 4% YoY [1] - 2024E net profit: 5 07 billion yuan, up 10 2% YoY [2] Asset and Liability - 2023 total assets: 601 8 billion yuan, up 14 7% YoY [1] - 2024E total assets: 692 1 billion yuan, up 15 0% YoY [4] - 2023 total loans: 281 1 billion yuan, up 17 4% YoY [4] - 2024E total loans: 337 4 billion yuan, up 20 0% YoY [4] Asset Quality - 2023 NPL ratio: 0 84%, down 0 04 percentage points YoY [4] - 2024E NPL ratio: 0 84%, flat YoY [4] - 2023 provision coverage ratio: 523%, down 8 percentage points YoY [4] - 2024E provision coverage ratio: 468%, down 55 percentage points YoY [4] Profitability - 2023 ROE: 12 8%, up 0 8 percentage points YoY [2] - 2024E ROE: 12 8%, flat YoY [2] - 2023 ROA: 0 84%, up 0 01 percentage points YoY [2] - 2024E ROA: 0 82%, down 0 02 percentage points YoY [2] Capital Adequacy - 2023 core tier 1 capital adequacy ratio: 9 38%, down 0 25 percentage points YoY [4] - 2024E core tier 1 capital adequacy ratio: 8 91%, down 0 47 percentage points YoY [4] Valuation - 2024E PE: 5 2x [2] - 2024E PB: 0 61x [2] - 2024E dividend yield: 6 0% [2]

证券研究报告 | 季报点评 2024年04月28日 苏州银行（002966.SZ） 收入增速回升，资产质量保持稳定优异 事件：苏州银行发布2023年报及2024一季报，2023年营收、利润分别同比 买入（维持） 增长0.9%、17.4%，24Q1分别增长2.1%、12.3%，24Q1末不良率0.84%， 股票信息 近2个季度均持平。 业绩：收入增速边际提升，利润保持两位数增长。苏州银行23A、24Q1收入 行业 城商行 增速分别为0.9%、2.1%，边际有一定回暖。利润增速分别为17.4%、12.3%， 前次评级 买入 继续保持两位数增长。 4月26日收盘价(元) 7.13 1、利息净收入 23A、24Q1 分别同比+1.7%、-0.8%。2023 全年净息差 总市值(百万元) 26,143.86 为1.68%，较三季报下降3bps，24Q1继续下行16bps至1.52%，预计主要 总股本(百万股) 3,666.74 是资产端利率仍有下行压力（一季度重定价+年初以来新发贷款利率下降）。 其中自由流通股(%) 97.19 2、非息收入：2023、24Q1手续费净收入分别同比下滑6.0%、30.0%，预计 30日 ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [2][3] Core Views - Suzhou Bank's revenue growth has shown signs of recovery, with a reported revenue of 11.9 billion yuan in 2023, reflecting a year-on-year increase of 0.88%. The revenue growth rate for Q4 2023 and Q1 2024 was -2.20% and +2.11%, respectively, indicating a rebound [3] - The net profit attributable to shareholders increased by 12.29% in Q1 2024, following a 2.46% growth in Q4 2023, as the pressure from provisioning decreased [3] - The bank's total assets reached 648.2 billion yuan by the end of Q1 2024, up 16.80% year-on-year, driven by a robust loan growth of 19.82% [4] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.84% as of the end of 2023 and Q1 2024, maintaining stability over three consecutive quarters [5] Summary by Sections Financial Performance - In 2023, Suzhou Bank achieved a revenue of 11.9 billion yuan, with a slight slowdown in growth. The forecast for net profit attributable to shareholders for 2024-2026 is 5.35 billion, 6.35 billion, and 7.31 billion yuan, respectively, with year-on-year growth rates of 16.28%, 18.71%, and 15.12% [3][9] - The bank's net interest margin (NIM) was 1.68% in 2023 and decreased to 1.52% in Q1 2024, indicating slight pressure on interest income [4][21] Asset Quality - The NPL ratio remained stable at 0.84% for both the end of 2023 and Q1 2024, with a decrease in the attention rate to 0.77% in Q1 2024. The corporate loan NPL ratio decreased to 0.75%, while the retail loan NPL ratio increased to 1.02% [5][21] - The provisioning coverage ratio was 491.66% at the end of Q1 2024, indicating a strong buffer against potential loan losses [5] Market Position - Suzhou Bank's market capitalization is approximately 26.14 billion yuan, with a current share price of 7.13 yuan. The stock has shown a trading range between 6.09 and 7.85 yuan over the past year [6][9]

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [苏Table_州Title] 银行（002966.SZ） [公Tab司le_评Inve级st] 买入 当前价格 7.13元 营收增速平稳，拨备覆盖率下行 合理价值 10.60元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-27 ⚫ 苏州银行发布2023年报和2024年一季度报告，23年营收、PPOP、 [相Tab对le_P市icQ场uote表] 现 归母利润同比增速分别为0.9%、-3.8%、17.4%；24Q1营收、PPOP、 归母净利润同比分别增长 2.1%、-1.8%、12.3%。从 23 年累计业绩驱 10% 4% 动来看，规模扩张、其他收支、拨备计提减少形成正贡献，净息差收窄、 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 净手续费收入、成本收入比上升等因素形成一定拖累，2024Q1业绩驱 -8% 动因素与23年基本类似，其他非息贡献提升，手续费拖累加剧。 -14% ⚫ 亮点：（1）存贷规模高增。公司 23 年贷款同比增长 17.1%，24Q1 ...

苏州银行（002966.SZ）2023年年报&2024年一季报点评 信贷投放积极，营收增速提升 2024年04月28日 事件：4月26日，苏州银行发布2023年及24Q1财报。2023年及24Q1营收 推荐 维持评级 分别为118.7、32.3亿元，YoY+0.9%、+2.1%；归母净利润分别为46.0、14.6 当前价格： 7.13元 亿元，YoY+17.4%、+12.3%；24Q1末，不良率为0.84%、拨备覆盖率为492%。 ➢ 营收增速边际提升，主要支撑来自其他非息收入。苏州银行24Q1营收同比 增速较23年+1.2pct至2.1%。1）主要支撑因素是24Q1其他非息同比+57.1%， [Table_Author] 主要拖累项是24Q1中收同比-29.5%。2）一季度息差降幅较大，量增难补价降， 净利息收入同比-0.8%。3）拨备反哺力度略有下降，但仍为归母净利润带来重要 贡献，24Q1归母净利润同比+12.3%，增速较23年-5.1pct。 ➢ 存贷两旺，扩表提速。1）资负两端增速均提升，24Q1 末总资产、贷款总 额、总负债同比增速分别为16.8%、19.8%、16.7%，分别较23年末+2.1p ...