Changshu Bank(SH:601128) Ping An Securities·2025-08-13 03:43Investment Rating - The investment rating for the company is "Strongly Recommended" [14] Core Views - The company reported a 10.1% year-on-year increase in operating income for the first half of 2025, reaching 6.06 billion yuan, and a 13.5% increase in net profit attributable to shareholders, totaling 1.97 billion yuan [3][4] - The total asset scale of the company reached 401.2 billion yuan by the end of June 2025, with a year-to-date growth of 9.45% [3] - The mid-term dividend payout ratio is set at 25.27%, indicating a significant increase compared to previous years [9] Summary by Sections Financial Performance - The company's net interest income increased by 0.8% year-on-year, while non-interest income saw a substantial growth of 44.6% [4][5] - The net interest margin at the end of the first half of 2025 was 2.58%, maintaining a competitive position within the industry [4][6] - The company’s loan growth was 4.4% year-to-date, while deposits grew by 8.46% [3][9] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, indicating strong asset quality [9][11] - The company’s provision coverage ratio was reported at 489%, reflecting robust risk mitigation capabilities [9][11] Future Outlook - The company is expected to maintain a steady growth trajectory, with projected earnings per share (EPS) of 1.33 yuan, 1.52 yuan, and 1.73 yuan for 2025, 2026, and 2027 respectively [9][12] - The focus on retail and small micro-businesses is anticipated to drive future growth, supported by a recovering demand in these segments [9][10]