常熟银行（601128）：营收小幅向上，规模扩张提速

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.00 CNY, indicating an expected upside of 22% from the current price of 7.37 CNY [7]. Core Insights - The company reported a revenue of approximately 6.062 billion CNY for the first half of 2025, representing a year-on-year growth of 10.10%, with a net profit attributable to shareholders of 1.969 billion CNY, up 13.55% year-on-year [2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 490% as of June 2025, indicating a strong buffer against potential credit losses [4]. - The bank's total assets reached approximately 401.3 billion CNY by the end of June 2025, reflecting a growth of 9.46% since the beginning of the year, while total liabilities increased by 9.93% to approximately 369.3 billion CNY [3]. Revenue and Profitability - The company demonstrated stable revenue growth, with a weighted average return on equity of 13.33% and a return on total assets of 1.10% for the first half of 2025, both showing slight improvements year-on-year [2]. - The forecast for net profit growth is projected at 12.67%, 12.60%, and 12.17% for the years 2025, 2026, and 2027 respectively, indicating sustained profitability [5]. Asset and Liability Management - As of June 2025, the loan balance was approximately 251.5 billion CNY, accounting for 62.67% of total assets, with a year-to-date growth of 4.40% [3]. - Customer deposits reached approximately 310.8 billion CNY, representing an 8.46% increase since the beginning of the year, which constitutes 84.16% of total liabilities [3]. Financial Forecast - The company is expected to maintain a robust performance in terms of revenue and profit, with projected revenues of 11.7 billion CNY for 2025, growing at a rate of 7.21% [6]. - The earnings per share are forecasted to be 1.43 CNY for 2025, with a price-to-earnings ratio of 5.19, indicating a favorable valuation [6].