常熟银行：业绩维持双位数增长，关注率略有提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 8.37 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders reached 2.976 billion yuan, up 18.17% year-on-year. The revenue growth rate slightly decreased by 0.74 percentage points compared to the first half of 2024, mainly due to a slowdown in the growth of other non-interest income [2][6] - The company achieved an investment income of 1.339 billion yuan, a significant increase of 92.54% year-on-year, primarily due to the realization of gains from trading financial assets [6] - The net interest margin for the first three quarters was 2.75%, showing resilience and expected to remain among the highest in the listed banks [6] - The company's non-performing loan ratio and attention ratio were 0.77% and 1.52%, respectively, indicating a slight increase in attention ratio, which is expected to stabilize under current policies [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 8.37 billion yuan, with a year-on-year growth of 11.30%. The net profit attributable to shareholders was 2.976 billion yuan, reflecting an 18.17% increase year-on-year. The growth rate of revenue decreased slightly compared to H1 2024 due to a decline in other non-interest income growth [2][6] - The company’s investment income for the same period was 1.339 billion yuan, marking a 92.54% increase year-on-year, attributed to the realization of gains from trading financial assets [6] Asset Quality and Risk Management - As of Q3 2024, the company reported a non-performing loan ratio of 0.77% and an attention ratio of 1.52%, with both ratios showing slight increases. The attention ratio's rise is attributed to the weakened repayment capacity of some small and micro enterprises [6] - The company maintained a provision coverage ratio of 528.40%, indicating a strong risk mitigation capacity [6] Future Outlook - The company is projected to achieve revenues of 10.93 billion yuan, 12.01 billion yuan, and 13.44 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.74%, 9.86%, and 11.90% [7] - The net profit attributable to shareholders is expected to be 3.883 billion yuan, 4.446 billion yuan, and 5.165 billion yuan for the same years, with growth rates of 18.33%, 14.51%, and 16.17% [7]