Changshu Bank(SH:601128) Guoxin Securities·2025-08-08 01:33Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company demonstrated strong resilience in its performance, achieving a revenue of 6.06 billion yuan in the first half of 2025, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.97 billion yuan, up 13.5% year-on-year. The interim dividend payout ratio has increased to 25%, compared to approximately 20% in the previous two years [1][4] - Non-interest income saw significant growth, with a year-on-year increase of 57.3%, accounting for 23.5% of total revenue, an increase of about 7 percentage points from the same period last year. The net interest margin for the first half of the year was 2.58%, down 3 basis points from the first quarter and down 13 basis points from the full year of 2024 [1][4] Summary by Sections Financial Performance - Total assets reached 401.3 billion yuan, with total loans of 251.5 billion yuan, reflecting growth of 9.5% and 4.4% respectively compared to the beginning of the year. New credit issued in the first half was 10.6 billion yuan, a decrease of about 5.9 billion yuan year-on-year [2] - The overall non-performing loan (NPL) ratio stood at 0.76%, unchanged from March and down 1 basis point from the beginning of the year. The personal operating loan NPL ratio was 1.13%, up 18 basis points from the beginning of the year [3] Profit Forecast and Financial Indicators - The company has slightly adjusted its net profit forecasts for 2025-2027 to 4.31 billion yuan, 4.98 billion yuan, and 5.80 billion yuan respectively, with year-on-year growth rates of 13.1%, 15.5%, and 16.4% [4][10] - The current stock price corresponds to a price-to-book (PB) ratio of 0.81x, 0.72x, and 0.63x for 2025-2027 [4] Asset Quality - The company continues to enhance its efforts in the disposal of non-performing personal operating loans, maintaining a stable overall NPL ratio and provision coverage ratio at 490% [3][10]