Investment Rating - Investment Rating: Buy [1] - Target Price: RMB 9.32 [1] Core Views - The major shareholder, Guofa Group, has increased its stake in Suzhou Bank by 1% this year, reflecting strong confidence in the bank's long-term value and stable development [2][3] - The bank has a clear strategic goal and maintains a stable dividend level, with a projected dividend yield of 5.44% for 2024, ranking among the top in listed banks [1][4] - The bank's management team has also actively increased their holdings, signaling confidence in the bank's steady operations and growth potential [3][4] Financial Performance and Forecast - The bank's net profit for 2024 is projected to be RMB 5.095 billion, with a year-on-year growth rate of 10.75% [4][12] - The bank's return on equity (ROE) is expected to be 10.77% in 2024, with a projected price-to-earnings (PE) ratio of 5.87 [12] - The bank's non-performing loan ratio is expected to remain stable at 0.84% for 2024 [12] Strategic Initiatives - Suzhou Bank has initiated a three-year strategic plan focusing on small and medium-sized enterprises, leveraging its advantages in micro-business operations [4] - The bank's asset quality is considered strong, with a capital increase expected from the conversion of convertible bonds [4][12] Market Position - The bank is rooted in a high-quality regional market, which is expected to provide a valuation premium compared to its peers [4] - The bank's projected book value per share (BVPS) for 2025 is RMB 12.43, corresponding to a price-to-book (PB) ratio of 0.64 [4][12]

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank, reiterating its position as a top pick in the banking sector [8] Core Views - Suzhou Bank's major shareholder, Guofa Group, has significantly increased its stake, demonstrating confidence in the bank's long-term value and growth potential [4] - The bank's asset quality and robust provision coverage provide a solid foundation for stable long-term returns, with a non-performing loan (NPL) ratio below 1% and a provision coverage ratio around 4% [4] - Suzhou Bank's expansion strategy focuses on key regions in Suzhou and Jiangsu Province, with a clear path to achieving a trillion-yuan asset scale [4] Financial Performance and Projections - Suzhou Bank's net profit is projected to grow at a compound annual growth rate (CAGR) of 10.3%, 8.1%, and 9.2% from 2024 to 2026, respectively [8] - The bank's return on equity (ROE) is expected to remain stable, with a slight increase, supported by improved leverage and cost efficiency [4] - Suzhou Bank's price-to-book (PB) ratio for 2024 is 0.7x, indicating potential undervaluation compared to peers [4] Expansion Strategy - Suzhou Bank's expansion is driven by its focus on the Suzhou metropolitan area and four key regions in Jiangsu Province, contributing over 80% of its asset growth [12] - The bank's loan growth rate in 3Q24 was 14%, leading its peers, with further potential growth if the impact of reduced business loans is factored in [4] Asset Quality and Provisioning - Suzhou Bank is one of only five listed banks with an NPL ratio below 1% and a provision coverage ratio around 4%, which supports its ability to maintain stable earnings [4] - The bank's provision coverage ratio is expected to decline slightly from 522.77% in 2023 to 401.60% by 2026, reflecting a controlled approach to risk management [16] Valuation and Peer Comparison - Suzhou Bank's valuation remains attractive, with a 2024 PB ratio of 0.7x, which is a 10% discount compared to the average PB ratio of banks with similar asset quality metrics [4] - The bank's dividend yield is projected to be 4.9% in 2024 and 5.2% in 2025, making it an appealing option for income-focused investors [8]

| 1．基本情况 | | | --- | --- | | 信息披露义务人 | 苏州国际发展集团有限公司 | | 住所 | 江苏省苏州市人民路 3118 号国发大厦北楼 | | 权益变动时间 | 2024 年 10 月 9 日至 2024 年 12 月 11 日 | | 股票简称 苏州银行 | 股票代码 002966 | | 变动类型 增加 减少□ | 一致行动人 有□ 无 | | 是否为第一大股东或实际控制人 | 是 否□ | | 2．本次权益变动情况 | | | 股份种类 | 增持股数（万股） 增持比例（%） | | 股 A | 4,892.4836 1.00 | | 合 计 | 4,892.4836 1.00 | | 本次权益变动方式（可多 选） | 通过证券交易所的集中交易  通过证券交易所的大宗交易 □ | | | 其他（无偿划转） □ | 1 本次增持股份的资金来 源（可多选） 自有资金 银行贷款 □ 其他金融机构借款 □ 股东投资款 □ 其他 □ 不涉及资金来源□ 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数(万股 ...

Group 1: Financial Performance - The bank's net commission income for the first three quarters of the year was 9.27 billion yuan, a decrease of 16.25% compared to the previous year [2] - The bank aims to actively respond to market changes and policy challenges while continuing to focus on wealth management and multi-category asset allocation [2][3] Group 2: Bond Market Outlook - The bank has seen good growth in bond investment income this year, benefiting from the overall bond market conditions [4] - The bank plans to enhance its investment research capabilities and closely monitor changes in the internal and external operating environment to optimize its asset-liability structure [4] Group 3: Dividend Policy - The bank has maintained a stable cash dividend level, with a cash dividend ratio consistently above 30% [5] - The total profit distribution and cash dividend ratio for the year 2024 will be determined based on the latest operating conditions, aiming to provide shareholders with sustainable and reasonable returns [5] Group 4: Disclosure Compliance - The activity did not involve the disclosure of any significant undisclosed information, adhering to regulatory requirements [6]

Group 1: Project Reserve and Credit Growth - The bank has initiated preparations for the 2025 peak season credit projects, aiming for steady growth in overall credit scale for the coming year [1] - Current project reserves are primarily focused on corporate sectors, with efforts to identify customer needs and expedite project implementation for early revenue generation [1] Group 2: Deposit Interest Cost Management - The bank has been optimizing its deposit structure in line with market interest rate trends, achieving improvements in deposit interest costs [1] - Future strategies will involve closely monitoring deposit market trends and industry policies to balance deposit scale and quality, continuing to enhance overall deposit interest costs [1] Group 3: Provision Coverage Ratio - As of the end of September, the bank's provision coverage ratio stood at 473.66%, indicating a strong risk mitigation capacity [1] - The bank plans to maintain a relatively stable provision coverage ratio throughout the year, with ongoing enhancements in risk management practices [2] Group 4: Compliance and Disclosure - During the investor relations activity, the company ensured full communication with investors, adhering strictly to regulations without disclosing any undisclosed significant information [2]

Group 1: Regional Development and Performance - The bank focuses on the development of key regions outside its main area, with loans from these branches accounting for over 40% of the total loan balance [1] - As of September 2023, the bank's total deposit balance reached 417.8 billion yuan, an increase of 53.979 billion yuan, representing a growth rate of 14.84% [1] - Corporate deposits amounted to 197.833 billion yuan, growing by 10.97%, while personal deposits reached 219.966 billion yuan, with an increase of 18.55% [1] Group 2: Innovation and Service Development - The bank adheres to a service philosophy that supports "new productive forces," focusing on the financial needs of technology innovation enterprises throughout their lifecycle [2] - As of September 2023, the bank has partnered with over 12,000 technology innovation enterprises, with a total credit amount exceeding 120 billion yuan [2] Group 3: Communication and Compliance - During the investor relations activity, the bank's representatives engaged in thorough communication with investors, ensuring no undisclosed significant information was leaked [2]

Group 1: Financial Performance - The net income from fees and commissions for the first three quarters of 2024 was 9.27 billion yuan, a decrease of 16.25% compared to the same period last year [1] - The bank aims to actively respond to market changes and policy adjustments, focusing on wealth management and diversifying income sources [1][2] Group 2: Deposit Management - The bank has introduced a combination of deposit products with different maturities to improve deposit structure and optimize interest costs [2] - Measures include enhancing payroll, quick payment, and social security card financial services to improve the retention of settlement funds [2] Group 3: Asset Quality Outlook - As of September 2024, the non-performing loan ratio was 0.84%, with expectations for stable asset quality throughout the year [2] - The bank is committed to comprehensive risk management, focusing on prevention and monitoring to mitigate potential risks [2] Group 4: Investor Relations - The company ensured that no undisclosed significant information was leaked during the investor communication process [2]

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-060 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 本行部分董事、监事、高级管理人员及其他管理人员崔庆军、王强、沈琪、 魏纯、李伟、贝灏明、薛辉、赵刚、朱敏军、后斌、郑卫、陈洁保证向本行提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本行及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 苏州银行股份有限公司 关于部分董事、监事、高级管理人员及其他管理人员 自愿增持公司股份计划实施完毕的公告 截至本公告日，本行部分董事、监事、高级管理人员及其他管理人员自愿增 持公司股份计划已实施完毕，现将有关情况公告如下： 一、增持主体的基本情况 重要内容提示： 1. 本行董事长崔庆军先生，执行董事、行长王强先生，监事会主席沈琪先 生，纪委书记魏纯女士，执行董事、副行长李伟先生，副行长贝灏明先生，副 行长薛辉先生，副行长赵刚先生，董事会秘书朱敏军先生，风险总监后斌先生， 业务总监郑卫先生，业务总监陈洁女士计划自 2024 年 11 月 18 日起至 2024 ...

Group 1: Investor Relations Activities - The investor relations activities included performance briefings and roadshows [1] - Participants included analysts from various securities and fund companies [1] - Meetings were held in Shanghai and Beijing on November 26 and 27, 2024 [1] Group 2: Mortgage Loan Business - The bank has actively responded to national policies, maintaining positive growth in mortgage loans while ensuring stable asset quality [2] - The bank plans to continue adjusting personal housing loan policies to meet diverse customer needs [2] Group 3: Dividend Policy - The bank has maintained a cash dividend ratio above 30% in recent years, with a steady increase [3] - The total profit distribution and cash dividend ratio for 2024 will be determined based on the latest operational conditions [3] Group 4: Disclosure Compliance - The company confirmed that no undisclosed significant information was leaked during the investor meetings [4] - The reception process involved thorough communication between company representatives and investors [4]

Group 1: Regional Development - The bank focuses on the development of key regions outside its main area, with loans from these branches accounting for over 40% of the total loan balance this year [1] - The bank aims to deepen its market integration by tailoring services to regional characteristics and financial service demands [1] Group 2: Comprehensive Operations - The bank has actively sought various financial licenses to expand its development space and enhance its competitive edge [1] - As of the end of September, the bank's asset custody scale exceeded 220 billion yuan, indicating steady growth in this area [2] - The bank's leasing model has shown positive performance, and a new public fund product has recently been approved [1] Group 3: Risk Management - As of the end of September, the bank's provision coverage ratio stood at 473.66%, reflecting a strong risk mitigation capability [2] - The bank plans to maintain a stable provision coverage ratio throughout the year, supported by ongoing risk management improvements [2] Group 4: Communication and Compliance - During the investor meeting, there was thorough communication without any disclosure of undisclosed significant information [2]