常熟银行（601128）：规模加速扩张业绩保持高增长

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 6.92 CNY [5]. Core Insights - Changshu Bank's performance in the first three quarters of 2025 shows a revenue growth rate of 8.15%, a pre-provision profit growth rate of 10.09%, and a net profit growth rate of 12.82%, maintaining a leading position in the industry [1]. - The bank's asset scale is expanding rapidly, with total assets growing by 10.89% year-on-year as of the end of Q3 2025, and the loan balance increasing by 7.13% year-on-year, marking the first improvement in loan growth since 2024 [1][2]. - Retail loan growth has accelerated, with a year-on-year increase of 2.53% and a significant contribution from personal business loans [2]. - The bank's net interest margin has stabilized, supported by a decrease in funding costs [4][10]. Summary by Sections Financial Performance - In Q3 2025, Changshu Bank's total assets reached a year-on-year growth of 10.89%, with a quarterly increase of 10 billion CNY, primarily driven by loan growth [1]. - The bank's net interest margin for the first three quarters of 2025 was 2.57%, with a slight decline compared to the previous year [10]. - Non-interest income showed a significant increase in fee and commission income, which grew by 250.23% due to agency wealth management services [10]. Asset and Liability Management - The total liabilities of Changshu Bank increased by 10.97% year-on-year, with deposits growing by 9.69%, indicating a strong liability side [3]. - The bank's loan-to-deposit ratio is expected to improve as the cost of liabilities continues to decrease [11]. Future Outlook - The bank is expected to maintain a revenue growth of 9.71% and a profit growth of 13.39% in 2025, with a focus on retail and small micro-businesses [11]. - The strategy includes deepening existing customer relationships and expanding into new markets, particularly in the technology and innovation sectors [11].