Changshu Bank(SH:601128) Tianfeng Securities·2025-10-30 13:20Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [7]. Core Insights - The company has maintained high profitability with a revenue of 9.052 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.15% and a net profit attributable to shareholders of 3.357 billion yuan, up 12.82% year-on-year [1][2]. - The net interest margin is expected to stabilize at 2.57%, down 1 basis point from the first half of 2025 [2]. - The asset quality remains robust with a non-performing loan ratio of 0.76% and a loan provision coverage ratio of 463% [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income of 7.068 billion yuan, accounting for 78.08% of total revenue, with a year-on-year increase of 2.39% [2]. - Non-interest income reached 1.984 billion yuan, showing a significant year-on-year growth of 35.24% [2]. - The total interest-earning assets amounted to 3.9 trillion yuan, with a year-on-year growth of 10.97% [3]. - The total interest-bearing liabilities were 3.6 trillion yuan, reflecting an increase of 11.22% year-on-year [3]. Asset and Liability Structure - As of the third quarter of 2025, the composition of interest-earning assets includes loans (63.17%), financial investments (27.17%), interbank lending (2.95%), and deposits with the central bank (6.70%) [3]. - The liability structure shows that deposits account for 87.30% of total interest-bearing liabilities, with a year-on-year growth of 9.69% [3]. Profitability Forecast - The company is projected to achieve a net profit growth of 12.56%, 11.71%, and 11.38% for the years 2025, 2026, and 2027 respectively [5]. - The earnings per share are expected to be 1.29 yuan in 2025, with a price-to-earnings ratio of 5.35 [6].