苏州银行（002966）：盈利能力稳健，对公护城河稳固

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - Suzhou Bank demonstrates robust profitability with a solid moat in corporate banking, maintaining a stable profit growth trajectory and strong asset quality [3][4] - The bank's revenue for the first half of 2025 reached 6.504 billion yuan, reflecting a year-on-year increase of 1.81%, while net profit attributable to shareholders was 3.134 billion yuan, up 6.15% year-on-year [3] - The bank's net interest margin for the first half of 2025 was 1.33%, showing a slight decrease of 1 basis point from the previous quarter, indicating stable profitability [3] Financial Performance Summary - As of the end of Q2 2025, Suzhou Bank's total assets amounted to 755 billion yuan, a year-on-year increase of 14.47%, with loans growing at a rate of 11.81% [4] - The bank's total deposits reached 462.8 billion yuan, up 11.44% year-on-year, with corporate deposits growing by 7.19% and retail deposits by 15.39% [4] - The average cost of deposits decreased to 1.80%, down 31 basis points year-on-year, contributing to a reduction in the interest expense ratio [4] Asset Quality - The non-performing loan ratio remained stable at 0.83% as of the end of Q2 2025, with a high provision coverage ratio of 447.20% [5] - The bank's capital adequacy ratios were robust, with core, tier 1, and total capital adequacy ratios at 9.87%, 11.67%, and 14.57% respectively, indicating sufficient capital to support ongoing business expansion [5] Financial Projections - The forecast for net profit attributable to shareholders for 2025-2027 is 5.531 billion, 6.056 billion, and 6.474 billion yuan, representing year-on-year growth rates of 9.14%, 9.49%, and 6.90% respectively [3][6] - The price-to-book ratios for 2025-2027 are projected to be 0.70, 0.64, and 0.62 times, suggesting a favorable valuation outlook [3][6]