| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-027 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司董事会 2024 年 5 月 13 日 苏州银行股份有限公司 苏州银行股份有限公司（以下简称"本行"）已于 2024 年 4 月 27 日披露了 本行 2023 年年度报告，相关内容详见巨潮资讯网（http://www.cninfo.com.cn）。 为使广大投资者能够进一步了解本行 2023 年度的经营情况，本行定于 2024 年 5 月 17 日（星期五）15:00-16:30 在全景网举办 2023 年度业绩网上说明会（以下简 称"说明会"）。本次说明会将采用视频和网络互动方式，投资者可登陆"全景路 演"（http://rs.p5w.net/）参与。出席本次说明会的人员有：董事长崔庆军先生、行 长王强先生、副行长李伟先生、副行长贝灏明先生、副行长薛辉先生、财务部门 负责人徐峰先生、独立董事李志青先生。为充分尊重投资者，提升交流的针对性， 现就本次说明会提前向投资者公开征集问题，广泛听取投资者的意见和 ...

2024年05月10日 公 司点评 公 买入 / 首次 司 苏州银行(002966) 研 究 目标价: 昨收盘:7.43 苏州银行 2023 年年报&2024 年一季报点评：营收增速边际改善， 异地扩张持续推进 事件：苏州银行发布23年及24Q1财报，23年实现营业收入/归母净 ◼ 走势比较 利润 118.66/46.01 亿元，同比+0.88%/+17.41%；24Q1 实现营业收入/归 母净利润32.25/14.55亿元，同比+2.11%/+12.29%。23年/24Q1加权ROE 太 10% 为 12.00%/3.32%，同比+0.48pct/+0.13pct。截至 24Q1 末，公司不良率 2% 0.84%，与23年末持平；拨备覆盖率491.66%，较23年末-31.11pct。 平 洋 (6%)01/5/32 22/7/32 3/01/32 51/21/32 62/2/42 9/5/42 +2.11营 %，收 营增 收速 增边 速际 边提 际升 上，中 行收 ；有 归所 母承 净压 利。 润23 同年 比、 分24 别Q1 +营 17收 .4同 1%比 、分 +1别 2.+ 20 9. %8 ，8 ...

上 市 公 司 银行 公 2024年04月28日 苏州银行 (002966) 司 研 究 ——信贷增长超预期，战略规划有序推进，ROE 稳步提升 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：苏州银行披露2023年报及2024年一季报，2023年/1Q24实现营收119亿元/32亿 买入 （维持） 元，同比增长0.9%/2.1%；实现归母净利润46亿元/15亿元，同比增长17.4%/12.3%；1Q24 不良率季度环比持平0.84%，拨备覆盖率季度环比下降31.1pct至492%。 证 ⚫ 我们判断，1Q24是苏州银行全年营收压力最大时点，确保ROE逐步回升是苏州银行最核心的 券 市场数据： 2024年04月26日 业绩目标。2023年/1Q24苏州银行营收分别同比增长0.9%/2.1%，归母净利润分别同比增长 研 收盘价（元） 7.13 究 17.4%/12.3%，业绩表现基本符合预期。1Q24年化ROE为13.3%，同比提升0.3pct。从驱 一年内最高/最低（元） 7.85/6.09 报 动因子来看，① 息差负贡献边际扩大，掣肘一季度营收表现。2023/1Q24 利息净收入分别同 市净率 0. ...

| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-025 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 蒋华先生确认与本行董事会无不同意见，也无任何与辞任有关而需通知本 行股东及债权人的事项。 特此公告。 苏州银行股份有限公司董事会 2024 年 5 月 6 日 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"）董事会近日收到蒋华先生提交 的辞任函。蒋华先生因个人原因，向本行董事会提请辞去本行业务总监职务，自 2024 年 5 月 6 日生效。蒋华先生辞任后将不再担任本行及控股子公司任何职务。 截至公告披露日，蒋华先生持有本行 11,200 股股份。辞任后蒋华先生将按照相 关法律、法规及相关规定对其持有的本行股份进行管理。 苏州银行股份有限公司 关于高级管理人员辞任的公告 ...

苏州银行股份有限公司（以下简称"本行"）近日收到《国家金融监督管理 总局江苏监管局关于筹建苏州银行徐州分行的批复》（苏金复〔2024〕129 号）， 同意本行筹建苏州银行股份有限公司徐州分行。筹建工作完成后，本行将按照有 关规定和程序向国家金融监督管理总局江苏监管局提交开业申请。 特此公告。 苏州银行股份有限公司董事会 2024 年 5 月 6 日 | 证券代码：002966 | 证券简称：苏州银行 公告编号：2024-026 | | --- | --- | | 转债代码：127032 | 债券简称：苏行转债 | 苏州银行股份有限公司 关于获准筹建徐州分行的公告 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。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady growth in net profit, achieving a 12.3% year-on-year increase in Q1 2024, supported by a favorable bond market that boosted non-interest income [3][8] - The asset quality remains excellent, with a non-performing loan ratio of 0.84% in Q1 2024, indicating stability [26] - The company has adjusted its revenue and profit forecasts for 2024 and 2025, reflecting a more conservative outlook on credit growth and profitability [5] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 12,045 million, Net Profit of 3,918 million - 2023A: Revenue of 11,697 million, Net Profit of 4,601 million - 2024E: Revenue of 11,811 million, Net Profit of 5,153 million - 2025E: Revenue of 12,645 million, Net Profit of 5,668 million - 2026E: Revenue of 13,280 million, Net Profit of 6,238 million [1] - **Earnings Per Share (EPS)**: - 2022A: 1.07 - 2023A: 1.25 - 2024E: 1.41 - 2025E: 1.55 - 2026E: 1.70 [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 6.67 - 2023A: 5.68 - 2024E: 5.07 - 2025E: 4.61 - 2026E: 4.19 [1] Asset Quality and Loan Performance - The company has maintained a low non-performing loan ratio of 0.84% and a high provision coverage ratio of approximately 491.65% [26] - In Q1 2024, the company achieved a significant increase in loan disbursement, with a quarterly increase of 58.2% year-on-year [18][20] - The structure of loans has shifted towards corporate lending, with corporate loans accounting for 83.9% of new loans in 2023 [20] Deposit and Funding Structure - The company has seen a strong increase in deposits, with a total of 472.6 billion added in Q1 2024, representing a 28.7% increase year-on-year [18] - The trend towards term deposits continues, with term deposits increasing by 25.2% year-on-year, making up 70.4% of total deposits [23] Non-Interest Income - Non-interest income grew by 5.4% year-on-year in Q1 2024, primarily driven by an increase in trading income [24]

Investment Rating - The report maintains an "Accumulate" rating for Suzhou Bank [1][6] Core Views - The bank's net interest margin for 2023 is 1.68%, down 19 basis points year-on-year and 3 basis points quarter-on-quarter, primarily due to the reduction in loan rates and the impact of LPR adjustments [1][4] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84% at the end of 2023 and Q1 2024, while the provision coverage ratio decreased slightly to 492% in Q1 2024 [1][5] - The bank's total assets grew by 14.7% year-on-year at the end of 2023 and 16.8% year-on-year at the end of Q1 2024, with loans increasing by 17.4% and 20.3% respectively [2][4] Summary by Sections Financial Performance - In 2023, the bank achieved a revenue of 11.9 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 4.6 billion yuan, up 17.4% [3][4] - For Q1 2024, the bank reported a revenue of 3.23 billion yuan, a 2.1% increase year-on-year, and a net profit of 1.46 billion yuan, up 12.3% [3][4] Asset Quality - The non-performing loan ratio remained stable at 0.84% for both the end of 2023 and Q1 2024, while the attention loan ratio decreased to 0.77% in Q1 2024 [5] - The provision coverage ratio was 523% at the end of 2023 and decreased to 492% in Q1 2024 [5] Capital Adequacy - As of the end of Q1 2024, the core Tier 1 capital adequacy ratio was 9.39%, the Tier 1 capital adequacy ratio was 10.77%, and the total capital adequacy ratio was 13.92% [5] Earnings Forecast - The bank's EPS is projected to be 1.39 yuan in 2024 and 1.54 yuan in 2025, with a projected PB of 0.59 times by the end of 2024 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.13 [1]. Core Insights - The company has shown steady growth in net profit, achieving a 12.3% year-on-year increase in Q1 2024, supported by a favorable bond market that boosted non-interest income [2][7]. - The asset quality remains excellent, with a non-performing loan ratio of 0.84% in Q1 2024, indicating stability and low future pressure on asset quality [23]. - The company has increased its focus on corporate loans, particularly in the real estate sector, which has contributed to a significant rise in loan issuance [15][17]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue (in million CNY): 2022A: 11,697; 2023A: 11,811; 2024E: 12,045; 2025E: 12,645; 2026E: 13,280 - Year-on-year growth rates: 2022A: 8.7%; 2023A: 1.0%; 2024E: 2.0%; 2025E: 5.0%; 2026E: 5.0% [1]. - Net profit (in million CNY): 2022A: 3,918; 2023A: 4,601; 2024E: 5,153; 2025E: 5,668; 2026E: 6,238 - Year-on-year growth rates: 2022A: 26.1%; 2023A: 17.4%; 2024E: 12.0%; 2025E: 10.0%; 2026E: 10.0% [1]. - **Earnings Per Share (EPS)**: - EPS forecast: 2022A: 1.07; 2023A: 1.25; 2024E: 1.41; 2025E: 1.55; 2026E: 1.70 [1]. - **Return on Equity (ROE)**: - ROE forecast: 2022A: 11.49%; 2023A: 12.27%; 2024E: 12.49%; 2025E: 12.54%; 2026E: 11.65% [1]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 2022A: 6.67; 2023A: 5.68; 2024E: 5.07; 2025E: 4.61; 2026E: 4.19 [1]. - Price-to-Book (P/B) ratio: 2022A: 0.74; 2023A: 0.66; 2024E: 0.61; 2025E: 0.55; 2026E: 0.44 [1]. Asset Quality and Loan Performance - The company has maintained a low non-performing loan ratio of 0.84% in Q1 2024, with a stable asset quality outlook [23]. - Loan issuance has significantly increased, with a 58.2% year-on-year growth in Q1 2024, primarily driven by corporate loans [15][17]. - The company has focused on increasing its corporate loan portfolio, particularly in the real estate sector, which has seen a 15.8% increase in loan issuance compared to 2022 [17]. Deposit and Funding Structure - The company has experienced a high growth in deposits, with a total of 472.6 billion CNY added in Q1 2024, representing a 28.7% increase year-on-year [15]. - The trend towards term deposits continues, with a 25.2% year-on-year increase in term deposits, raising their proportion to 70.4% of total deposits [20].

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]