| 证券代码：002966 | 证券简称：苏州银行 | 公告编号：2024-062 | | --- | --- | --- | | 转债代码：127032 | 转债简称：苏行转债 | | 苏州银行股份有限公司 关于徐州分行获准开业的公告 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。 苏州银行股份有限公司（以下简称"本行"）近日收到《江苏金融监管局关 于苏州银行股份有限公司徐州分行开业的批复》（苏金复〔2024〕364 号），同意 本行徐州分行开业。 徐州分行地址：徐州市云龙区秦郡路 1 号淮海经济区金融服务中心三区 5 号楼 1-101 局部、1-201 局部以及 1-1801 室。 本行将按照有关规定办理徐州分行开业前的相关手续。 特此公告。 苏州银行股份有限公司董事会 2024 年 12 月 12 日 ...

证券研究报告 苏州银行 (002966 CH) 股东积极增持，经营质量稳健 华泰研究 动态点评 投资评级(维持): 买入 目标价(人民币): 9.32 2024年12月12日│中国内地 2024 年 12 月 11 日，苏州银行公告称 5%以上股东国发集团增持公司股份达 1%。今年以来，公司大股东和管理层积极增持，体现对其长期价值的高度认 可和稳健发展的坚定信心。苏州银行植根优质区域，战略目标清晰，业绩增 长稳健。公司保持稳定分红水平，股息优势较为突出（24E 股息率 5.44%， 上市银行前列）。截至 12/11，公司转债距强赎价仅 1.3%，若成功转股有望进 一步夯实资本水平，护航稳健经营。我们维持此前业绩预测，给予买入评级。 大股东再度增持，彰显长期价值 大股东年内多次增持，彰显对苏州银行发展的坚定认可。据公司公告，苏州 国际发展集团有限公司（国发集团）于 10 月 9 日至 12 月 11 日间累计增持 公司股份 4892 万股，占比 1%。国发集团由苏州市财政局全资控股，为苏州 银行第一大股东，自 23 年 12 月持股突破 10%股东资格获批复以来，这已是 今年以来第 3 次增持苏州银行股份。今年 ...

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]

Investment Rating - The report gives a "Buy" rating for Suzhou Bank (002966 SZ) with a 2024 PB valuation of 0 69X [2][4] Core Views - Suzhou Bank is steadily moving towards its "Trillion Suzhou Bank" goal under its new three-year strategy starting in 2024 with accelerated expansion in non-local markets [2][4] - The bank has clear growth potential in credit scale with short-term focus on corporate loans and long-term emphasis on retail loans [2][4] - It maintains a robust risk preference and excellent asset quality with a non-performing loan (NPL) ratio of 0 84% as of September 2024 [7] - The bank's management has shown strong commitment through two rounds of share purchases totaling over 7 75 million yuan and maintains a stable dividend payout ratio of around 30% [2][4] Strategic Expansion - Suzhou Bank aims to achieve a total asset size of 1 trillion yuan by 2026 or 2027 with an annualized compound growth rate of 18 4% or 13 5% respectively [4][38] - The bank is expanding its presence across Jiangsu Province with the approval of its Xuzhou branch in May 2024 bringing its total branches to 182 [38][39] - Non-local loans now account for over 40% of total loans with a 19% growth in non-local loans as of June 2024 [4][38] Credit Growth and Asset Quality - Corporate loans including bills accounted for 72% of total loans as of September 2024 with significant growth in infrastructure and government-related loans [5] - Retail loans decreased by 5 5% in the first three quarters of 2024 due to risk control measures particularly in personal business loans [5] - The bank's NPL ratio remained stable at 0 84% as of September 2024 with a low net NPL formation rate of 0 59% [7] - Asset quality is stringent with no gap between Stage 3 loans and NPLs and minimal Stage 3 financial investments [7][28] Profitability and Valuation - The net interest margin (NIM) was 1 41% in the first three quarters of 2024 reflecting a conservative risk preference [6] - The bank's 2024 expected dividend yield is 5 33% with a stable dividend payout ratio of around 30% [2][4] - The report forecasts a 2024 PB valuation of 0 69X and a PE valuation of 6 0X based on the closing price on November 29 2024 [8][109] Regional Economic Advantages - Suzhou Bank benefits from the strong economic foundation of Suzhou City which ranks sixth in GDP nationally and has a robust manufacturing sector [48][49] - The bank's loan market share in Suzhou is approximately 3 5% with potential for growth as the bank expands its asset size and capacity to undertake large projects [43][48]

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 ...