Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].

Core Viewpoint - The article highlights the strong performance of Changshu Bank in the first half of 2025, with significant growth in both revenue and net profit, indicating resilience in its financial performance [2][3]. Financial Performance - In the first half of 2025, Changshu Bank achieved an operating income of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.97 billion yuan, up 13.5% year-on-year [2]. - The weighted average return on equity (ROAE) was 13.3%, reflecting a slight increase of 0.05 percentage points year-on-year [2]. Revenue and Profit Growth - The revenue and net profit growth rates for the first half of 2025 were 10.1% and 13.5%, respectively, with slight changes from the first quarter [3]. - In the second quarter of 2025, the revenue and net profit growth rates were 10.2% and 13.2%, showing stability in performance [3]. Asset and Loan Growth - As of the end of the second quarter of 2025, the total assets and loan growth rates were 9.2% and 5.2%, respectively, with a slight increase in asset growth compared to the previous quarter [5]. - The bank added approximately 1.8 billion yuan in loans during the second quarter, which was a decrease of 1.9 billion yuan year-on-year [5]. Deposit Growth - The total liabilities and deposit growth rates at the end of the second quarter of 2025 were 9% and 9.9%, respectively, indicating an acceleration in deposit growth [6]. - The bank added 1.7 billion yuan in deposits during the second quarter, which was an increase of 2.5 billion yuan year-on-year [6]. Interest Margin and Cost Control - The bank is expected to see a narrowing of the interest margin decline in the second quarter due to effective cost control measures on liabilities [7]. - The bank has adjusted deposit rates multiple times this year, which is anticipated to improve the cost structure and mitigate pressure on interest margins [7]. Capital Supplementation - The bank has a 6 billion yuan convertible bond with a low conversion ratio, and the current stock price is close to the strong redemption price, indicating potential for capital supplementation [8]. - The stable double-digit growth in revenue and profit enhances the bank's internal capital replenishment capability, supporting future expansion and growth [8].

业绩韧性较强，维持较好增长。公司披露2025年半年度业绩快报，2025年上半年实现营收60.6亿元，同比增长10.1%（2025Q1，10.0%），归母净利润19.7亿元，同比增长13.5%（2025Q 零售信贷需求依然疲软，同时公司也主动降速来夯实做小做散的根基。期末公司资产总额近4013亿元，贷款总额2515亿元（不含应计利息），较年初分别增长了9.5%和4.4%。其中，上半年合 加强存款成本管控，压降长期储蓄存款比例。期末公司存款余额3108亿元（不含应付利息），较年初增长了8.5%，低于去年同期14.0%的增速。面临信贷需求不足，债券市场波动加大的环境， 不良率和拨备覆盖率维持平稳，绝对水平优于同业。期末不良率0.76%，与3月末持平，较年初下降1bp。期末拨备覆盖率490%，与3月末持平，较年初下降了约11个百分点，不良处置压力预期 投资建议：维持2025-2027年归母净利润至44/52/62亿元的预测，对应同比增速为15.7%/18.1%/18.4%，当前股价对应2025-2027年PB值为0.75x/0.66x/0.58x。公司微贷依然承压，但 风险提示：宏观经济复苏不及预期会拖累公司净息差和 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated strong revenue and profit resilience, with a year-on-year revenue increase of 10.1% to 6.06 billion yuan and a net profit increase of 13.5% to 1.97 billion yuan in the first half of 2025 [3][4] - The return on average equity (ROAE) improved to 13.3%, up by 0.05 percentage points year-on-year [3][4] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 489.5% [7][9] Revenue and Profitability - The company's revenue and net profit growth rates for the first half of 2025 were 10.1% and 13.5%, respectively, showing resilience in performance [4] - The second quarter of 2025 saw a revenue growth of 10.2% and a net profit growth of 13.2% compared to the same period last year [4] - The bank's total assets and loans grew by 9.2% and 5.2% year-on-year, respectively, indicating a steady expansion [4][5] Asset and Liability Management - The bank's total liabilities and deposits grew by 9% and 9.9% year-on-year, respectively, with a notable increase in deposit growth in the second quarter [5] - The loan-to-deposit growth rate difference widened to 4.7 percentage points, indicating a good match in growth between loans and deposits [5] Interest Margin and Cost Control - The report anticipates a narrowing of the interest margin decline due to effective cost control on liabilities and adjustments in deposit rates [6] - The bank has adjusted its deposit rates multiple times this year, which is expected to gradually alleviate the trend towards longer-term deposits [5][6] Capital Adequacy and Future Growth - The company has a strong capital replenishment capability, supported by a 6 billion yuan convertible bond that is expected to convert favorably [8] - The bank's earnings growth forecast for 2025-2027 is maintained at 11.4%, 10.7%, and 6%, respectively, with adjusted EPS estimates of 1.28, 1.42, and 1.50 yuan [9][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit of 1.97 billion yuan, up 13.5% year-on-year, indicating stable growth [1] - The company is actively reducing the pace of credit expansion to solidify its foundation for smaller-scale operations, as retail credit demand remains weak [1][2] - The company has managed to maintain a stable non-performing loan ratio of 0.76% and a provision coverage ratio of 490%, which is better than its peers [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.06 billion yuan, a 10.1% increase year-on-year, and a net profit of 1.97 billion yuan, reflecting a 13.5% growth [1] - The total assets reached approximately 401.3 billion yuan, with total loans amounting to 251.5 billion yuan, marking a growth of 9.5% and 4.4% respectively compared to the beginning of the year [1] Deposit Management - The company’s deposit balance stood at 310.8 billion yuan, growing by 8.5% year-on-year, which is lower than the 14.0% growth seen in the same period last year [2] - The company is focusing on reducing high-cost long-term deposits and encouraging clients to shorten deposit terms to balance its asset-liability structure and lower deposit costs [2] Profit Forecast and Valuation - The forecast for net profit for 2025-2027 is set at 4.41 billion yuan, 5.21 billion yuan, and 6.17 billion yuan respectively, with year-on-year growth rates of 15.7%, 18.1%, and 18.4% [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.75x for 2025, 0.66x for 2026, and 0.58x for 2027, indicating a favorable valuation [3] Market Position - The company maintains a competitive edge in the small and micro-enterprise lending sector, with a comprehensive network in Jiangsu and opportunities for expansion into other provinces through village banks [3]

Core Viewpoint - Changshu Bank reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience in its operations [1][2]. Financial Performance - The bank achieved a revenue of 6.06 billion yuan, representing a year-on-year increase of 10.1%, and a net profit attributable to the parent company of 1.97 billion yuan, up 13.5% year-on-year [1][2]. - The weighted average return on equity (ROAE) was 13.3%, an increase of 0.05 percentage points compared to the previous year [1]. Revenue and Profit Growth - Revenue and net profit maintained double-digit growth, with year-on-year growth rates of 10.1% and 13.5%, respectively, showing slight changes from the first quarter of 2025 [2]. - In the second quarter of 2025, revenue and net profit growth rates were 10.2% and 13.2%, respectively, indicating stable performance [2]. Asset and Loan Growth - As of the end of the second quarter of 2025, total assets and loans grew by 9.2% and 5.2% year-on-year, respectively, with a slight increase in asset growth compared to the previous quarter [2][3]. - New loans in the second quarter amounted to approximately 1.8 billion yuan, a decrease of 1.9 billion yuan year-on-year, continuing a trend of reduced loan issuance [2]. Deposit Growth - Deposit growth accelerated, with total liabilities and deposits increasing by 9% and 9.9% year-on-year, respectively, showing improved growth rates compared to the previous quarter [3]. - The bank added 1.7 billion yuan in deposits during the second quarter, significantly higher than the previous year due to a low base effect [3]. Interest Margin and Cost Control - The bank is expected to see a narrowing of interest margin declines due to effective cost control measures on liabilities, despite a downward trend in loan rates [3][4]. - Recent adjustments to deposit rates have begun to show immediate effects, with a focus on reducing funding costs [4]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.76%, unchanged from the previous quarter, indicating stable asset quality [4]. - The provision coverage ratio was 489.5%, reflecting strong risk mitigation capabilities [4]. Capital and Growth Potential - The bank has a strong internal capital replenishment capability, supported by the conversion of convertible bonds, which provides a solid foundation for future growth [5]. - The bank's unique business model and focus on small and micro enterprises position it well for continued growth in the retail sector [5][6]. Profit Forecast and Valuation - The bank's projected net profit growth rates for 2025-2027 are 11.4%, 10.7%, and 6%, with adjusted earnings per share (EPS) forecasts of 1.28, 1.42, and 1.5 yuan, respectively [6]. - Current price-to-book (PB) and price-to-earnings (PE) ratios indicate attractive valuation levels, supporting a "buy" rating [6].

证券研究报告 | 公司点评报告 2025 年 07 月 22 日 常熟银行（601128.SH） 业绩坚挺，等待溢价 总量研究/银行 2025 年 7 月 21 日，常熟银行披露 2025 年半年度业绩快报，营收保持两位数 的相对高增长，归母净利润稳健中高速增长，不良率稳定，拨备覆盖率稳定。 核心观点： ❑ 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9870 | 10909 | 11763 | 12481 | 13350 | | 同比增长 | 12.1% | 10.5% | 7.8% | 6.1% | 7.0% | | 营业利润(百万元) | 4053 | 4869 | 5206 | 5665 | 6080 | | 同比增长 | 20.5% | 20.1% | 6.9% | 8.8% | 7.3% | | 归母净利润(百万元) | 3282 | 3813 | 4222 | 4 ...

Core Viewpoint - The first half performance forecast of Changshu Bank shows a notable increase in revenue and net profit despite a challenging banking environment, indicating resilience in its operations [1][3]. Financial Performance - For the first half of 2025, Changshu Bank reported revenue of 6.062 billion and net profit attributable to shareholders of 1.969 billion, reflecting year-on-year growth rates of 10.1% and 13.55% respectively [1][4]. - The bank's total assets reached 401.251 billion, with total loans at 251.471 billion, marking a 4.4% increase compared to the end of the previous year [4]. - The non-performing loan ratio decreased to 0.76%, down from 0.77% at the beginning of the year, while the provision coverage ratio fell to 489.53% [4][5]. Loan and Deposit Dynamics - The growth in total loans was lower than the growth in deposits, which increased by 4.06 percentage points, potentially impacting the net interest margin [3][4]. - As of the first quarter, the bank's loan distribution was 38.6% for corporate loans and 54.18% for retail loans, with corporate loans growing by 7.3% while retail loans saw a minimal increase of 0.24% [5]. Key Ratios and Indicators - The annualized return on total assets and the weighted average return on equity increased by 0.02 and 0.05 percentage points respectively [3]. - The bank's basic earnings per share rose to 0.59 from 0.52 year-on-year [4]. Strategic Positioning - Changshu Bank has established a strong market position focusing on "three rural issues and two small enterprises," creating a competitive edge through its "Changyin Microfinance Model" [5].

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

江苏常熟农村商业银行股份有限公司 证券代码：601128 证券简称：常熟银行 公告编号：2025- 江苏常熟农村商业银行股份有限公司（以下简称"本行"）董事会及全体董 事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以本行2025年半年度报告中披露的数据为准，提请投资者注意投 资风险。 一、2025年半年度主要财务数据和指标 单位：百万元 币种：人民币 | 项目 | | | | 增减变动（%） | | | | --- | --- | --- | --- | --- | --- | --- | | | （未经审计） | | （未经审计） | | | | | 营业收入 | 6,062 | | 5,506 | | 10.10 | | | 营业利润 | 2,440 | | 2,190 | | 11.42 | | | 利润总额 | 2,458 | | 2,179 | | 12.80 | | | 归属于本行普通股股东的净利润 | | 1,969 | | | | | | ...