常熟银行（601128）：营收韧性强，非息贡献升

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrated strong revenue resilience with a 10% year-on-year increase in revenue for Q1 2025, reaching 30 billion yuan, and a 13.8% increase in net profit attributable to shareholders, totaling 11 billion yuan [4][5] - Non-interest income has significantly contributed to the overall performance, with a remarkable 62% year-on-year growth in non-interest income, now accounting for 22% of total revenue [9][11] - The bank's net interest margin (NIM) remains under pressure, recorded at 2.61%, down 10 basis points from 2024, influenced by factors such as insufficient effective financing demand and intensified competition [8][11] Summary by Sections Financial Performance - Q1 2025 revenue and net profit growth rates were 10% and 13.8% respectively, with a return on average equity (ROAE) of 14.9%, up 0.2 percentage points year-on-year [4][5] - The bank's non-interest income reached 6.5 billion yuan, with a year-on-year increase of 62%, driven by higher fees from services like precious metals and insurance [9] Asset and Loan Growth - As of the end of Q1 2025, the bank's interest-earning assets and loans grew by 8.3% and 6.1% year-on-year, respectively, indicating a slight slowdown in asset expansion [6] - New loans added in Q1 2025 amounted to 8.8 billion yuan, with a notable focus on corporate loans, which accounted for 66 billion yuan of the new loans [6] Deposit Trends - The growth rate of interest-bearing liabilities and deposits was 8.6% and 9% year-on-year, respectively, showing a decline compared to the end of 2024 [7] - The bank's deposit structure is showing signs of improvement, with a slight increase in the proportion of fixed-term deposits [7] Risk and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 0.76%, with a strong risk coverage capability indicated by a provision coverage ratio of 489.6% [10] - Capital adequacy ratios as of Q1 2025 were 10.8% for core tier 1 and 13.7% for total capital, reflecting a solid capital position [10] Earnings Forecast and Valuation - The report projects earnings per share (EPS) for 2025-2027 at 1.41, 1.56, and 1.65 yuan, with corresponding price-to-book (PB) ratios of 0.68, 0.60, and 0.54 [11][12]