Investment 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]

Core Insights - Changshu Bank reported a revenue of 6.062 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.10% [1] - The net profit attributable to shareholders reached 1.969 billion yuan, with a year-on-year increase of 13.51% [1] Revenue Breakdown - Net interest income, the main source of revenue, was 4.64 billion yuan, showing a slight increase of 0.83% year-on-year [2] - Non-interest income surged to 1.422 billion yuan, marking a significant year-on-year growth of 57.26% [2] - Within non-interest income, net commission and fee income skyrocketed by 637.77% to 142 million yuan, while other income rose by 492.74% to 110 million yuan [2] Business Strategy - Changshu Bank is committed to a "light capital" development approach, focusing on market trends to engage in bond trading and actively pursuing self-managed wealth management and insurance intermediary services [3] - The bank aims to enhance its fee income management, resulting in substantial growth in net commission and fee income [3] Financial Ratios - The annualized return on total assets (ROA) was 1.10%, an increase of 0.02 percentage points year-on-year [5] - The annualized weighted average return on equity (ROE) stood at 13.34%, up by 0.06 percentage points year-on-year [5] - The net interest margin narrowed to 2.58%, a decrease of 0.13 percentage points from the end of the previous year [5] Asset Quality - As of mid-2025, total assets reached 401.227 billion yuan, reflecting a year-to-date increase of 9.45% [5] - The non-performing loan ratio was 0.76%, a slight decrease of 0.01 percentage points from the beginning of the year [5] - The provision coverage ratio was 489.53%, down by 10.98 percentage points from the start of the year [5] Deposit and Loan Growth - Total deposits amounted to 310.778 billion yuan, with a year-to-date growth of 8.46%, while total loans reached 251.471 billion yuan, up by 4.40% [6] - Personal loans constituted 54.20% of total loans, with personal operating loans making up 37.56% [6] Regional Focus - Deposits are primarily concentrated in the Changshu area, with over 50% of total deposits coming from this region [9] - The bank has been actively absorbing and merging village and town banks to enhance its market penetration [10] Dividend Distribution - Changshu Bank announced a mid-year profit distribution plan, proposing a cash dividend of 0.15 yuan per share, totaling 497 million yuan, which represents 25.27% of the net profit attributable to shareholders for the first half of 2025 [14][15]

证券研究报告 | 公司点评报告 2025 年 07 月 22 日 常熟银行（601128.SH） 业绩坚挺，等待溢价 总量研究/银行 2025 年 7 月 21 日，常熟银行披露 2025 年半年度业绩快报，营收保持两位数 的相对高增长，归母净利润稳健中高速增长，不良率稳定，拨备覆盖率稳定。 核心观点： ❑ 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9870 | 10909 | 11763 | 12481 | 13350 | | 同比增长 | 12.1% | 10.5% | 7.8% | 6.1% | 7.0% | | 营业利润(百万元) | 4053 | 4869 | 5206 | 5665 | 6080 | | 同比增长 | 20.5% | 20.1% | 6.9% | 8.8% | 7.3% | | 归母净利润(百万元) | 3282 | 3813 | 4222 | 4 ...

Core Viewpoint - The first half performance forecast of Changshu Bank shows a notable increase in revenue and net profit despite a challenging banking environment, indicating resilience in its operations [1][3]. Financial Performance - For the first half of 2025, Changshu Bank reported revenue of 6.062 billion and net profit attributable to shareholders of 1.969 billion, reflecting year-on-year growth rates of 10.1% and 13.55% respectively [1][4]. - The bank's total assets reached 401.251 billion, with total loans at 251.471 billion, marking a 4.4% increase compared to the end of the previous year [4]. - The non-performing loan ratio decreased to 0.76%, down from 0.77% at the beginning of the year, while the provision coverage ratio fell to 489.53% [4][5]. Loan and Deposit Dynamics - The growth in total loans was lower than the growth in deposits, which increased by 4.06 percentage points, potentially impacting the net interest margin [3][4]. - As of the first quarter, the bank's loan distribution was 38.6% for corporate loans and 54.18% for retail loans, with corporate loans growing by 7.3% while retail loans saw a minimal increase of 0.24% [5]. Key Ratios and Indicators - The annualized return on total assets and the weighted average return on equity increased by 0.02 and 0.05 percentage points respectively [3]. - The bank's basic earnings per share rose to 0.59 from 0.52 year-on-year [4]. Strategic Positioning - Changshu Bank has established a strong market position focusing on "three rural issues and two small enterprises," creating a competitive edge through its "Changyin Microfinance Model" [5].