平安证券：常熟银行中期分红抬升，关注转债进程，维持“强烈推荐”评级

Core Viewpoint - Changshu Bank achieved a net profit attributable to shareholders of 1.97 billion yuan in the first half of 2025, representing a year-on-year growth of 13.5% [1] Financial Performance - As of June 30, 2025, Changshu Bank's total assets reached 401.2 billion yuan, an increase of 9.45% compared to the beginning of the year [1] - Loans increased by 4.40% and deposits grew by 8.46% year-to-date [1] - The mid-term dividend payout ratio is set at 25.27%, showing a significant increase compared to previous years [1] Business Strategy - The company focuses on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and expanding into underserved areas [1] - Retail and small micro-business segments are steadily developing, with expectations of benefiting from the recovery in demand from small enterprises and retail customers [1] Capital Structure - As of August 12, the company's convertible bond balance reached 6 billion yuan, with the closing price on that date (7.88 yuan) exceeding the redemption price (7.85 yuan) [1] - Successful conversion of these bonds could further enhance the company's capital strength [1] Investment Outlook - The bank maintains its profit forecast and is optimistic about the growth potential of its small micro-business segment, sustaining a "strong buy" rating [1]