研報掘金丨天風證券:首予常熟銀行“買入”評級,目標價9.59元
天風證券研報指出,常熟銀行(601128.SH)爲農商零售標杆,以“支農支小”爲初心,將服務重心聚焦於個體工商戶、小企業主等羣體,堅持“做小做散”不斷下沉深耕普惠金融領域。江蘇經濟呈體量大、增速快的強勁發展勢頭,而常熟市地處長三角經濟帶腹地,綜合實力多年位居全國百強縣前列。公司收入主要源自於堅實的利息淨收入,非息收入佔比低,且中間收入有較大向上改善空間。2025年乃至未來近幾年公司存款結構有望得到調整,部分高成本存量儲蓄到期重定價可能助公司進一步推行成本控制。使用分紅貼現模型測算目標價爲9.59元,對應25年0.91xPB,首次覆蓋,給予“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.