Changshu Bank(SH:601128) Guoxin Securities·2025-10-30 01:30Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 9.05 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.15%, with a net profit of 3.56 billion yuan, up 12.82% year-on-year [1][3] - The non-performing loan ratio remained stable at 0.76%, and the company released profits through a decrease in asset impairment losses, which fell by 23.7% year-on-year in the third quarter [1][2] - The net interest margin showed a year-on-year increase of 2.4%, with a net interest income growth rate improving in the first three quarters [2][3] Summary by Sections Financial Performance - Revenue for the first three quarters of 2025 was 9.05 billion yuan, with a 4.41% increase in the third quarter [1] - Net profit reached 3.56 billion yuan, reflecting an 11.86% growth in the third quarter [1] - The annualized weighted ROE was 15.02%, the highest since the company was listed [1] Loan Growth - Total loans amounted to 256.8 billion yuan, with a year-on-year growth of 7.1%, showing a 1.9 percentage point increase from the first half of the year [2] - Corporate loans and personal loans grew by 10.6% and 2.5% year-on-year, respectively [2] - Personal operating loans showed a quarterly increase, indicating marginal improvement despite overall weak demand [2] Profitability Metrics - The net interest margin for the first three quarters was 2.57%, with a year-on-year decline of 18 basis points, but the decline rate has narrowed [2] - The company is actively managing deposit costs, leading to a higher proportion of demand deposits [2] Future Outlook - The company forecasts net profits of 4.3 billion yuan, 4.98 billion yuan, and 5.8 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 15.5%, and 16.4% [3][4] - The current stock price corresponds to PB values of 0.71x, 0.64x, and 0.56x for 2025-2027 [3]