常熟银行（601128）：2024业绩点评：息差保持韧性

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 6.96 CNY [5]. Core Views - Changshu Bank reported a revenue growth of 10.53% for 2024, with a pre-provision profit growth of 10.59% and a net profit growth of 16.20%, indicating strong performance [1][10]. - The bank's asset scale increased by 9.61% year-on-year, with total loans growing by 8.28% [1]. - Retail loan growth was modest at 2.17% year-on-year, reflecting a slowdown in consumer demand and increased competition in the market [2]. - Corporate loans and bill discounts saw stronger growth, with increases of 16.11% and 23.81% respectively, as the bank focuses on supporting technology startups and small enterprises [2]. - The net interest margin for Q4 2024 was 2.59%, showing resilience despite a slight decline [3][9]. - Non-interest income decreased by 14.63% year-on-year, impacting overall profit growth [9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 500.51% [10]. Summary by Sections Financial Performance - Revenue for 2024 was 10,909 million CNY, with a growth rate of 10.53% [12]. - Net profit for 2024 reached 3,813 million CNY, reflecting a growth of 16.20% [12]. - The cost-to-income ratio increased to 41.37%, up 12.28 percentage points year-on-year [9]. Asset and Liability Management - Total assets grew by 9.61% year-on-year, with loans making up 64.85% of the earning assets [1]. - Retail deposits increased by 15.57% year-on-year, with a retail deposit ratio of 71.19% [2]. Risk and Quality Indicators - The non-performing loan generation rate for 2024 was estimated at 1.37%, indicating some pressure in retail credit [10]. - The bank's focus on risk management has led to improvements in the attention and overdue rates [10]. Future Outlook - For 2025, revenue is expected to grow by 9.71%, with net profit growth projected at 13.39% [10]. - The bank aims to enhance customer service and deepen its engagement with existing clients to drive growth [10].