常熟银行2024年中报点评：优质成长性农商行

Investment Rating - The investment rating for Changshu Bank is "Buy - A" with a target price of 9.32 CNY, which corresponds to a 0.90X price-to-book ratio for 2024 [3][8]. Core Views - Changshu Bank's performance in the first half of 2024 showed a revenue growth rate of 12.03%, with a pre-provision profit growth rate of 22.76% and a net profit growth rate of 19.58%, indicating strong growth that aligns with expectations [1][8]. - The growth in net profit for the second quarter of 2024 was primarily supported by scale expansion and cost reduction, while narrowing net interest margins and increased provisioning pressures negatively impacted performance [1][6]. Financial Performance Summary - Revenue and Profitability: - Revenue for the first half of 2024 increased by 12.03% year-on-year, with a net profit growth of 19.58% [1][9]. - The second quarter saw a net profit growth of 19.31%, driven by asset growth and cost management [1]. - Asset and Loan Growth: - Total assets grew by 15.57% year-on-year by the end of the second quarter of 2024, with a notable increase in interest-earning assets [2]. - Corporate loans (excluding discounts) increased by 14.01% year-on-year, while retail loan growth was below expectations [2][9]. - Interest Margin and Non-Interest Income: - The net interest margin for the second quarter of 2024 was 2.75%, reflecting a year-on-year decline of 23 basis points [6]. - Non-interest income grew by 46.70% year-on-year in the second quarter, significantly contributing to revenue growth [6][9]. - Cost Management: - The cost-to-income ratio decreased to 35.10%, down 6.77 percentage points year-on-year, positively impacting net profit growth [6][9]. - Asset Quality: - The non-performing loan ratio stood at 0.76% at the end of the first half of 2024, remaining stable compared to the previous quarter [7]. - The provision coverage ratio was 538.81%, indicating strong risk resistance capabilities [7][9]. Future Outlook - The bank is expected to maintain robust growth in the second half of 2024, supported by the gradual easing of interest income pressures and strong asset quality [7][8].