常熟银行：点评报告：营收保持高增

Investment Rating - The investment rating for the company is "Add" [4][9]. Core Insights - The company reported a robust revenue growth of 12% year-on-year for the first half of 2024, with net profit increasing by 19.6% [2]. - Total assets grew by 15.6% year-on-year, with loans increasing by 11.3% and financial investments rising by 25.8% [2]. - The net interest margin decreased by 7 basis points to 2.79% compared to the beginning of the year [2]. - The asset quality remains stable, with a non-performing loan ratio of 0.76%, slightly up by 1 basis point [2]. - The forecast for net profit from 2024 to 2026 is set at 3.773 billion, 4.294 billion, and 4.748 billion respectively, maintaining the profit predictions unchanged [2]. Summary by Sections Revenue and Profit Growth - Revenue for the first half of 2024 reached 9.87 billion, with a growth rate of 12.05% projected for the following years [3]. - Net profit for the same period was 3.282 billion, with a forecasted growth rate of 19.60% for 2024 [3]. Asset and Loan Growth - Total assets are projected to reach 334.456 billion in 2024, with a growth rate of 15.6% [8]. - The total loan amount is expected to grow to 222.439 billion by 2024 [8]. Profitability Metrics - The earnings per share (EPS) is projected to be 1.20 in 2024, with a price-to-earnings (P/E) ratio of 5.76 [3]. - The price-to-book (P/B) ratio is expected to be 0.75 in 2024 [3].