在巩固传统业务的同时，常熟银行积极构建多元化增长体系，在创新点、机会点上持续发力。聚焦重点 客群、重点业务，打造24个增长中心，重点发力科创金融、财富管理、线上运营等新兴领域。在科创金 融领域，该行聚焦"首创首贷首投"的初早期科创企业，建立"六单机制"，搭建"五位一体"科创金融生 态，提供信贷、股权融资、招商、供应链等综合化服务。截至2025年3月末，该行支持科技企业超2000 家，贷款余额超120亿元。在财富管理方面，该行加大理财、保险和贵金属等中间业务销售，通过提升 中间业务收入，优化营收结构，缓解对息差收入的过度依赖。在线上运营方面，该行打造以手机银行、 常银生活、常银直播为核心的全媒体运营体系，借助互联网思维，构建"引客—获客—活客—留客"的线 上化运营体系，该行通过公众号、视频号已经连接360万个社交账号，企业微信添加人数超90万人，初 步形成线上客群的服务闭环。 4月25日，常熟银行（601128）发布2025年一季度报告。面对复杂的外部环境，常熟银行交出了一份稳 健的答卷。截至报告期末，该行总资产3890亿元，总存款突破3000亿元，达到3090亿元，总贷款2496亿 元。一季度，该行实现营业收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and profit growth in 2024, with a revenue of 5.687 billion yuan, up 7.7% year-on-year, and a net profit attributable to shareholders of 426 million yuan, up 17.6% year-on-year [6][8] - The company is expanding its global marketing strategy and has successfully increased its market presence, particularly in the high-margin polymer materials sector [8][12] - The company has completed the construction and production of its second phase of capacity in its lubricant additive subsidiary, which has improved overall capacity utilization [8][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a year-on-year increase of 7.7%, and a net profit of 4.26 billion yuan, reflecting a 17.6% increase [6][8] - The fourth quarter of 2024 saw revenue of 1.422 billion yuan, which was stable year-on-year but down 1.6% quarter-on-quarter, while net profit rose by 41.3% year-on-year to 112 million yuan [7][11] Product Segmentation - The polymer materials segment achieved a sales volume of 123,600 tons, a 6.4% increase year-on-year, with a slight price decrease of 0.6% to 37,200 yuan per ton [8] - Revenue from light stabilizers reached 2.086 billion yuan, up 11.3% year-on-year, while antioxidant revenue was 1.730 billion yuan, up 8.0% year-on-year [8][17] Future Outlook - The company is expected to achieve revenues of 6.750 billion yuan, 7.841 billion yuan, and 8.415 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 510 million yuan, 595 million yuan, and 657 million yuan [13][15] - The projected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10 times respectively, indicating a favorable valuation outlook [13][15]