存贷增速均边际上升，资负结构更加均衡 光大银行2025Q1 末贷款本金总额4.11 万亿元，较年初增长5.24%，增速高于2024年四个季度，贷款放 量有所加快。吸收存款方面，2025Q1 末存款余额为4.27 万亿元，同比增加3.49%，逆转了2024Q2-Q4 连续三个季度的同比负增长，资负结构更加均衡，更好匹配贷款的增长。高息存款收紧后，2024 年光 大银行存款成本率同比下降14BP 至2.18%，部分对冲了资产端收益率下降的影响，预计随着存款增长 加快，负债压力减轻，净息差降幅或继续收窄。 不良率环比持平，高分红+低估值属性较强 营收结构改善，利润增速保持平稳 光大银行2025 年一季度实现营收330.86 亿元（YoY-4.06%），营收降幅边际收窄；归母净利润124.64 亿 元（YoY+0.31%），盈利增速相对平稳。收入结构更加均衡，2025Q1 单季实现净利息收入225.38 亿元 （YoY-6.84%），虽同比下降但降幅较2024 年全年有所收窄；2025Q1 单季实现非息收入105.48 亿元 （YoY+2.46%），主要中收和投资净收益均同比正增长贡献。考虑到实体需求有待恢复、银行业 ...

Core Viewpoint - Everbright Bank reported a revenue of 33.1 billion yuan in Q1 2025, a year-on-year decline of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, with a reduction in revenue decline by 3 percentage points and a decrease in net profit decline by 2 percentage points compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline narrowed by 3 percentage points compared to 2024, with a net interest margin drop of 5 basis points [2] - Fee and commission income increased by 3.27% year-on-year, with a growth rate improvement of 23 percentage points compared to 2024 [2] - Other non-interest income grew by 1.52% year-on-year, with investment net income surging by 302.96%, although fair value losses amounted to 3.1 billion yuan due to increased volatility in the bond market [2] Asset Quality Summary - The non-performing loan ratio remained stable at 1.25% compared to the end of the previous year, while the provision coverage ratio decreased by 6.2 percentage points to 174.44% [3] - The credit cost for Q1 2025 was 0.86%, a year-on-year decrease of 21 basis points [3] Asset and Liability Summary - As of the end of Q1 2025, total assets and loans reached 7.23 trillion yuan and 4.11 trillion yuan, respectively, with year-on-year growth rates of 4.80% and 5.24% [4] - The net increase in loans for the quarter was 177 billion yuan, with significant growth in loans to technology, green finance, and inclusive finance sectors [4] - Total deposits amounted to 4.27 trillion yuan, reflecting a year-on-year increase of 3.49% [4] Investment Recommendation - Everbright Bank's narrowing interest margin decline and growth in fee income suggest potential for better performance in the medium to long term, supported by a recovery in retail demand and wealth management business [4]

投资要点 光大银行2025Q1 营收降幅收窄，风险指标改善。 业绩概览 2025Q1营收同比下降4.1%，降幅较24A收窄3.0pc；归母净利润同比增长0.3%，增速较24A 放缓1.9pc。 2025Q1 末不良率1.25%，持平于24A 末水平；2025Q1末拨备覆盖率174%，较24A 末下降6pc。 营收降幅收窄 息差环比下行 25Q1 单季息差环比下降13bp 至1.37%，主要受资产收益率下行幅度大于负债成本率影响。①25Q1 资产 收益率环比下降25bp 至3.31%，判断主要受市场利率下行影响。②25Q1 负债成本率环比下降12bp 至 2.00%，判断主要得益于存款成本改善。 风险指标改善 25Q1 末光大银行不良率环比持平于1.25%；关注率和逾期率分别为1.71%和2.01%，较24A 分别改善 13bp 和1bp。动态指标来看，25Q1 光大银行真实不良TTM 生成率0.98%，环比基本持平。 盈利预测与估值 预计2025-2027 年归母净利润同比增长0.9%/2.5%/4.1%，对应BPS 8.51/8.98/9.48元。现价对应PB 0.45/0.42/0.40 倍。目标价4.3 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown an improvement in loan and deposit growth rates, with stable asset quality [1] - In Q1 2025, the company achieved revenue of 33.086 billion yuan, a year-over-year decrease of 4.06%, but the decline is narrowing [4][5] - The net profit attributable to shareholders was 12.464 billion yuan, reflecting a year-over-year increase of 0.31%, indicating stable profitability [4] - The revenue structure has become more balanced, with net interest income of 22.538 billion yuan (YoY -6.84%) and non-interest income of 10.548 billion yuan (YoY +2.46%) [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 41.7 billion, 41.8 billion, and 42.4 billion yuan respectively, with growth rates of +0.05%, +0.20%, and +1.51% [4] Summary by Sections Financial Performance - As of Q1 2025, total loans amounted to 4.11 trillion yuan, growing by 5.24% compared to the beginning of the year, which is an acceleration from the previous year [5] - Total deposits reached 4.27 trillion yuan, a year-over-year increase of 3.49%, reversing three consecutive quarters of negative growth [5] - The deposit cost rate decreased by 14 basis points to 2.18% in 2024, partially offsetting the decline in asset yield [5] Asset Quality - The non-performing loan ratio remained stable at 1.25%, indicating overall asset quality is sound [6] - The provision coverage ratio was 174.44%, down 6.15 percentage points from the end of 2024 [6] - The company has a high dividend payout ratio, with cash dividends reaching 30.14% of net profit attributable to ordinary shareholders, up from 28.41% in 2023 [6] Valuation Metrics - As of April 28, 2025, the price-to-book (PB) ratio was 0.48, suggesting potential for valuation improvement [6] - The current stock price corresponds to PB ratios of 0.45, 0.44, and 0.42 for the years 2025-2027 [4][7]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's revenue decline has narrowed, with a year-on-year decrease of 4.1% in Q1 2025, which is an improvement of 3.0 percentage points compared to the end of 2024. The net profit attributable to the parent company increased by 0.3% year-on-year, although the growth rate slowed by 1.9 percentage points compared to 2024 [2][5] - The bank's asset quality indicators have improved, with a non-performing loan ratio of 1.25% at the end of Q1 2025, unchanged from the end of 2024. The provision coverage ratio decreased by 6 percentage points to 174% [4][5] Summary by Relevant Sections Revenue and Profitability - In Q1 2025, the company's revenue decreased by 4.1% year-on-year, with core revenue down by 5.0%, but the decline was less severe than in previous periods. The net profit attributable to the parent company grew by 0.3%, reflecting a slowdown in growth compared to the previous year [2][5] - The total assets of the bank grew by 4.8% year-on-year, with loans and deposits increasing by 5.2% and 3.5%, respectively [2] Interest Margin - The interest margin for Q1 2025 decreased by 13 basis points to 1.37%, primarily due to a larger decline in asset yield compared to the cost of liabilities. The asset yield fell by 25 basis points to 3.31% [3] Risk Indicators - The non-performing loan ratio remained stable at 1.25%, with improvements in the attention and overdue loan ratios. The attention loan ratio was 1.71%, and the overdue loan ratio was 2.01%, both showing slight improvements compared to the end of 2024 [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is expected to grow by 0.9%, 2.5%, and 4.1% for the years 2025 to 2027, with corresponding book values per share of 8.51, 8.98, and 9.48 yuan. The target price is set at 4.38 yuan per share, indicating a potential upside of 15% from the current price [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained from the previous rating [5]. Core Views - The report indicates that the company's revenue for Q1 2025 is 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders is 12.5 billion yuan, showing a slight increase of 0.31% year-on-year. The non-performing loan ratio remains stable at 1.25% [1][2]. - The decline in net interest margin is expected to narrow, supported by improved costs of interest-bearing liabilities and growth in fee income [2][4]. - The bank's asset quality remains stable, with a provision coverage ratio of 174.44%, down 6.2 percentage points from the end of the previous year [3][4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 are -4.06% and 0.31%, respectively, which are improvements compared to the previous year's declines of 3 percentage points and 2 percentage points [2]. - Net interest income decreased by 6.84% year-on-year, but the decline is less severe than in the previous year, attributed to improvements in the cost of interest-bearing liabilities [2]. - Fee and commission income increased by 3.27% year-on-year, with a notable acceleration in growth compared to the previous year [2]. - Other non-interest income grew by 1.52% year-on-year, with significant growth in investment income, although affected by market volatility [2]. Asset Quality - The non-performing loan ratio is stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3]. - The credit cost for Q1 2025 is 0.86%, down 21 basis points year-on-year [3]. Asset and Liability Management - Total assets and loans as of Q1 2025 are 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4]. - The bank has focused on increasing loans in technology finance, manufacturing finance, green finance, and inclusive finance, with significant increases in these areas [4]. - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4]. Investment Recommendations - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining a "Buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1][2] - The decline in net interest margin has narrowed, primarily due to improvements in the cost of interest-bearing liabilities [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 174.44% [3] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, showing a narrowing decline compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline was less severe than in 2024, attributed to improved costs of interest-bearing liabilities [2] - Fee and commission income grew by 3.27% year-on-year, with a significant increase in growth rate compared to 2024 [2] - Other non-interest income increased by 1.52% year-on-year, with a notable rise in investment net income by 302.96% [2] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3] - The credit cost for Q1 2025 was 0.86%, down by 21 basis points year-on-year [3] Asset and Liability Management - Total assets and loans at the end of Q1 2025 were 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4] - The bank's focus on technology finance, manufacturing finance, green finance, and inclusive finance led to significant increases in loans to these sectors [4] - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4] Investment Recommendation - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining the previous "Buy" rating [4]

Core Viewpoint - The company reported a 4.1% year-on-year decrease in revenue for Q1 2025, while net profit attributable to shareholders increased by 0.3%, aligning with expectations [1] Development Trends - The improvement in funding costs accelerated, with a net interest margin (NIM) of 1.39%, down 16 basis points year-on-year and 14 basis points quarter-on-quarter [2] - The cost of interest-bearing liabilities decreased by 39 basis points year-on-year and 12 basis points quarter-on-quarter to 1.99%, indicating a significant improvement in funding costs [2] - Total assets, loans, and deposits grew by 3.9%, 4.5%, and 5.8% respectively compared to the beginning of the year, with loan growth primarily from technology and green loans [2] - The bank's non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, down 6.15 percentage points from the beginning of the year [3] Fee Income and Non-Interest Revenue - Net fee income increased by 3.3% year-on-year, a significant recovery from a 19.5% decline in 2024 [3] - The wealth management business stabilized, with retail AUM reaching 3.05 trillion yuan [3] - Other non-interest income grew by 1.5% year-on-year, supported by high investment income that offset losses from fair value changes [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with A-shares trading at 0.4x P/B for 2025E and 2026E, and a target price of 4.58 yuan, indicating a 20.2% upside [4] - H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.56 HKD, reflecting a 9.2% upside [4]

Core Viewpoints - The bank's Q1 2025 operating income, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of -4.06%, -4.38%, and 0.31% respectively, with changes of +2.99 percentage points, +5.26 percentage points, and -1.91 percentage points compared to Q4 2024 [1] Group 1: Highlights - Loan growth rebounded with a year-on-year increase of 5.24% by the end of Q1 2025, up 1.36 percentage points from Q4 2024, driven by targeted credit allocation in key sectors such as technology, green finance, and inclusive finance [2] - Deposit growth showed recovery with a year-on-year increase of 3.49% by the end of Q1 2025, up 4.92 percentage points from Q4 2024, resulting in an additional 202.7 billion yuan in deposits for the quarter [2] - The bank's fee and commission income grew by 3.27% year-on-year in Q1 2025, marking the first positive growth in this area since 2021, with expectations for continued growth throughout the year as macroeconomic conditions improve [2] - Investment income saw a significant increase, with net investment income rising by 303.0% year-on-year, despite a 212.6% negative change in fair value gains and losses [2] Group 2: Concerns - The net interest margin continued to narrow, measuring 1.39% in Q1 2025, down 14 basis points from Q4 2024, with asset yield under pressure [3] - The bank's non-performing loan ratio remained stable at 1.25%, while the provision coverage ratio decreased to 174.44%, indicating a need for further strengthening of the provision buffer [3] Group 3: Investment Recommendations - The bank announced a total dividend of 0.189 yuan per share for 2024, with a payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, suggesting ongoing investment value [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company shows recovery in credit growth and deposit growth, with loans increasing by 5.24% year-on-year and deposits by 3.49% year-on-year as of Q1 2025 [2][3] - The non-interest income has turned positive for the first time since 2021, with a 3.27% increase in net fee and commission income [2] - Investment income has significantly increased, although fair value changes showed a negative growth of 212.6% [2] Summary by Sections Performance - Q1 2025 operating revenue, PPOP, and net profit growth rates are -4.06%, -4.38%, and 0.31% respectively, showing a decline compared to the previous year [1][12] - The company’s net interest margin for Q1 2025 is estimated at 1.39%, a decrease of 14 basis points from Q4 2024 [3][12] Non-Interest Income - The company reported a 3.27% year-on-year increase in net fee and commission income in Q1 2025, marking a positive turnaround [2][31] - Other non-interest income increased by 1.52% year-on-year, despite significant losses in fair value changes [2][31] Asset Quality - The non-performing loan ratio remains stable at 1.25%, with a provision coverage ratio of 174.44%, which has decreased by 6.15 percentage points [3][12] - The company’s new non-performing loan generation rate is estimated at 1.01%, showing stability in new bad loans [3][12] Capital and Shareholder Information - The company plans to distribute a total dividend of 0.189 CNY per share for 2024, with a dividend payout ratio of 30.14% [3] - The latest closing price corresponds to a dynamic dividend yield of 4.96% for both A and H shares [3]