常熟银行（601128）：延续中高速增长

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank [4] Core Views - The bank continues to achieve mid-to-high-speed growth, with revenue maintaining double-digit growth and a low non-performing loan ratio showing improvement [1][7] - In Q1 2025, the bank reported a revenue of 2.971 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 1.084 billion yuan, up 13.87% year-on-year [7][8] - The asset quality remains at an excellent level, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 489.56% [7][8] Financial Data and Valuation - Total revenue (in million yuan) is projected to grow from 9,870 in 2023 to 13,785 in 2027, with year-on-year growth rates of 12.1%, 10.5%, 6.7%, 8.2%, and 9.5% respectively [3][30] - Net profit attributable to shareholders is expected to increase from 3,282 million yuan in 2023 to 5,380 million yuan in 2027, with growth rates of 19.6%, 16.2%, 11.5%, 12.2%, and 12.8% respectively [3][30] - The current price-to-earnings (P/E) ratio is 5.8, projected to decrease to 3.9 by 2027, indicating potential undervaluation [3][30] Investment Recommendations - The bank's focus on serving the "three rural issues and small enterprises" market segment is expected to support its growth despite recent pressures on small and micro retail operations [7] - The report suggests that with supportive domestic policies and a projected GDP growth of around 5%, the bank's risk exposure in small micro retail is likely to ease, enhancing its growth potential [7]