随着国内经济转型，银行机构普遍处于息差收窄、营收放缓的境地。然而，券商中国记者梳理上市银行 2024年年报发现，不少上市银行的国际结算量猛增，带来的收益呈现可观的正增长。 随着我国外贸"朋友圈"越来越大，服务企业出海需求以及跨境电商等中小微企业，成为商业银行拓展营收的重 要途径。 近期有国有大行的银行高管在业绩说明会上表示要提高境外机构的协同，也有股份行在其年报中直接表示 要"力争用三年时间走进同类型银行第一梯队"，此外还有一些中小银行高管表态要拓展客户国际化，拓展跨境 金融方面的收入。 不可忽视的是，不同于去年，2025年美国推出所谓的"对等关税"，中小企业出海尤其对口美国相关业务出现 了不确定性，国际金融市场的波动又将对企业出海和银行国际化转型带来哪些复杂的影响？ 国际业务对营收贡献增大 我国进出口规模于2024年再创历史新高，并实现了同比增长5%，这给国内商业银行的营收带来了提升效应。 以中国银行为例，该行跨境业务是其传统优势业务，并领先同业。2024年在境内资产总额增速放缓、盈利指 标增速和贡献度下降的情况下，中国银行在"中国香港澳门台湾地区"，以及"其他国家和地区"实现了经营规模 和业绩较快增长，且 ...

Group 1: Core Insights - The financial performance of eight major city commercial banks shows positive growth in both revenue and net profit for 2024, with Jiangsu Bank leading in both categories, surpassing 80 billion and 30 billion respectively for the first time [4][6][7] - Nanjing Bank recorded the highest revenue growth rate at 11.3%, while Hangzhou Bank led in net profit growth at 18.1%. In contrast, Chongqing Bank had the lowest growth rates in both revenue and net profit, below 4% [4][6][7] - By the end of 2024, seven out of the eight city commercial banks reported double-digit growth in total assets, with Shanghai Bank lagging at 4.6% [6][12] Group 2: Revenue and Profit Analysis - The average revenue growth rate for the eight banks was 7.1%, while the average net profit growth rate was 8.7% [7] - Jiangsu Bank's revenue and net profit were 80.82 billion and 31.84 billion respectively, maintaining its top position. Ningbo Bank followed with revenues of 66.63 billion and net profits of 27.13 billion [7][8] - The profitability ratio, measured as net profit per 100 units of revenue, showed Chengdu Bank at 56, while Changsha Bank was the lowest at 30.8 [8] Group 3: Asset Quality and Risk Management - By the end of 2024, Chongqing Bank had the highest non-performing loan (NPL) ratio at 1.25%, while Shanghai and Changsha Banks followed with ratios of 1.18% and 1.15% respectively [12] - The provision coverage ratio for Chongqing Bank was the lowest at 245.08%, with Shanghai Bank at 269.81%. In contrast, six banks maintained coverage ratios above 300%, with Hangzhou Bank leading at 541.45% [12][13] Group 4: Individual Business Performance - Ningbo Bank's net interest income grew by 17.3% to 47.99 billion, while its fee and commission income fell by 19.3% to 4.66 billion [9][10] - Chongqing Bank reported a 2.6% decrease in net interest income to 10.18 billion, but a significant increase in fee income by 115.7% to 0.89 billion [10][11]

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 11.66 CNY [2][6]. Core Views - Jiangsu Bank achieved a revenue of 80.815 billion CNY in 2024, representing an 8.78% year-on-year growth, and a net profit attributable to shareholders of 31.843 billion CNY, up 10.76% year-on-year [2][6]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, while the provision coverage ratio decreased to 350.10%, down 39.43 percentage points from the beginning of the year [2][6]. - The bank's governance structure is stable, with clear strategic planning and solid operational metrics, indicating strong asset quality and a high current dividend yield [2][6]. Financial Performance Summary - **Revenue Growth**: The bank's revenue growth accelerated to 8.78% in 2024 from 6.18% in the previous three quarters, driven by a robust expansion in interest-earning assets and effective cost control [5][6]. - **Net Profit**: The net profit for 2024 was 31.843 billion CNY, reflecting a 10.76% increase, supported by revenue growth and effective cost management [5][6]. - **Loan Growth**: Total loan balance reached 2,095.203 billion CNY, a 10.67% increase year-on-year, with corporate loans growing by 18.82% [5][6]. - **Interest Margin**: The net interest margin for the group was 1.86%, with a slight decrease in the average yield on interest-earning assets [5][6]. Asset Quality Summary - **NPL Ratio**: The NPL ratio remained at 0.89%, the lowest since the bank's listing, indicating stable asset quality [5][6]. - **Provision Coverage**: The provision coverage ratio was 350.10%, still above industry standards, despite a decrease from the previous year [5][6]. - **Loan Quality**: The report highlights a slight increase in the personal loan NPL ratio, which rose to 0.88% [5][6]. Future Projections - **Profit Growth**: The projected net profit growth rates for 2025, 2026, and 2027 are 7.4%, 8.0%, and 7.8%, respectively [6][7]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.72X, with a target PB of 0.85X for 2025 [6][7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点击注册小程序 点评： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.87 CNY [1] Core Views - Jiangsu Bank's revenue and profit growth show resilience, with a reported revenue of 80.8 billion CNY for 2024, representing an 8.8% year-on-year increase, and a net profit of 31.8 billion CNY, up 10.8% year-on-year [3][4] - The bank's return on average equity (ROAE) stands at 13.6%, a decrease of 0.9 percentage points compared to the previous year [3] Summary by Sections Financial Performance - Revenue growth accelerated, with year-on-year increases in revenue, pre-provision profit, and net profit of 8.8%, 7.6%, and 10.8% respectively, showing improvements from the first three quarters of 2024 [4] - Net interest income and non-interest income grew by 6.3% and 14.8% respectively, with non-interest income accounting for 31% of total revenue [4][8] Asset and Liability Management - By the end of 2024, the bank's interest-earning assets and net loans grew by 16.1% and 11% year-on-year, maintaining a high expansion intensity [5] - Deposits increased by 12.8% year-on-year, with a notable rise in demand deposits [6] Credit Quality - The non-performing loan (NPL) ratio remained low at 0.89%, with a coverage ratio of 350.1% [9][10] - The bank's credit loss provisions were robust, with a provision coverage ratio that supports its risk mitigation capabilities [9] Capital Adequacy - The core tier 1 capital ratio was reported at 9.12%, indicating a solid capital buffer for future growth [10] - The bank's dividend payout ratio remained stable at 30%, with a total dividend of 9.55 billion CNY for the year [10] Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, focusing on key sectors such as advanced manufacturing and small enterprises [11] - EPS forecasts for 2025-2027 have been adjusted to 1.88, 1.98, and 2.07 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 5.24, 4.97, and 4.77 [11][14]

Core Viewpoint - The recent surge in the secondary market prices of gold and bank-themed ETFs reflects a growing preference for stable assets amid global market volatility [2][4][12] Group 1: Bank-Themed ETFs - The banking sector, characterized by low valuations and high dividends, stands out among A-share listed companies, attracting significant investor interest [3][9] - As of April 18, several bank-themed ETFs, including the Huabao CSI Bank ETF, reached historical highs, with the latter showing a 0.98% increase on that day [6][10] - The largest bank-themed ETF, Huabao CSI Bank ETF, has a scale of 7.997 billion yuan, significantly leading over its closest competitor [10] - Active equity funds are also increasing their holdings in the banking sector, with a reported total market value of 55.584 billion yuan, up 22.87% quarter-on-quarter [10] Group 2: Gold-Themed ETFs - Gold-themed ETFs have also seen significant price increases, with both commodity ETFs tracking gold spot contracts and stock ETFs tracking gold-related stocks experiencing over 27% growth this year [8][11] - The largest domestic gold-themed ETF, Huazhong Gold ETF, has a scale of 59.2 billion yuan, followed by Bosera Gold ETF and E Fund Gold ETF [11] - Gold ETFs have attracted substantial net inflows this year, with Huazhong Gold ETF alone receiving 20.9 billion yuan [11] Group 3: Market Conditions and Investor Sentiment - The current uncertain environment has led to increased funds flowing into stable assets like bank and gold-themed ETFs [8][12] - The banking sector's fundamentals are considered stable, with a dividend yield of approximately 6.1%, ranking second among all primary industries [12] - Recent announcements of targeted A-share stock issuances by major state-owned banks signal confidence in the banking sector's future performance, potentially alleviating investor concerns [13]

证券研究报告 | 公司点评报告 2025 年 04 月 19 日 江苏银行（600919.SH） 营收增速回暖，个贷不良双降 总量研究/银行 江苏银行披露 2024 年度报告，24A 营业收入、PPOP、归母利润同比增速分别 为 8.78%、7.60%、10.76%，增速分别较 24Q1~3 变动+2.60pct、+0.54pct、 +0.70pct，营收、PPOP、归母净利润增速保持回升。累计业绩驱动上，规模、 其他非息、有效税率下降为主要正贡献，净息差收窄、成本收入比上升为主要 负贡献；另外，单季度来看，24Q4 息差、中收对业绩边际贡献由负转正，带动 24Q4 单季度归母净利润实现 16.5%的增速。 核心观点： 亮点：（1）营收增速回暖。24 年全年公司实现营业收入增速 8.8%，归母净利 润增速 10.8%，环比 24Q1~3 分别回升 2.6pct、0.7pct。其中 Q4 单季度营收和 归母净利润增速分别为 18.5%、16.5%，环比大幅回升，主要是 23Q4 基数较低。 （2）规模保持较快增长。2024 年公司总资产、贷款、存款增速分别为 16.1%、 16.3%、12.8%。24Q4 单季 ...

Investment Rating - The investment rating for Jiangsu Bank is "Buy" (maintained) [7] Core Views - Jiangsu Bank's net profit attributable to shareholders increased by 10.8% year-on-year in 2024, with revenue growth of 8.8%, indicating an improvement in performance compared to previous quarters [2][5] - The bank's non-performing loan (NPL) ratio remained stable at 0.89% at the end of 2024, with a provision coverage ratio of 350%, slightly down from the previous quarter [4][5] - The bank's net interest margin decreased by 4 basis points to 1.67% in Q4 2024, primarily due to a decline in asset yield [3] Summary by Sections Performance Overview - Jiangsu Bank's net profit attributable to shareholders for 2024 was CNY 31,843 million, reflecting a 10.8% increase year-on-year, while revenue reached CNY 80,815 million, up 8.8% [2][12] - The growth in performance was driven by a rebound in net interest income and non-interest income, with respective year-on-year growth rates of 6.3% and 3.3% [2] Interest Margin Analysis - The net interest margin for Q4 2024 was 1.67%, down 4 basis points from the previous quarter, influenced by a decrease in asset yield [3] - The asset yield fell by 13 basis points to 3.82%, while the cost of liabilities decreased by 6 basis points to 2.12% [3] Asset Quality - The NPL ratio at the end of Q4 2024 was 0.89%, unchanged from the previous quarter, with a focus on the stability of the bank's asset quality [4] - The bank's NPL generation rate was stable at 1.71%, with personal loan NPLs decreasing to 0.88% [4] Profit Forecast and Valuation - Forecasts for Jiangsu Bank's net profit from 2025 to 2027 are projected to grow at rates of 8.43%, 8.07%, and 8.31%, respectively [5][12] - The target price is set at CNY 14.05 per share, indicating a potential upside of 42% based on a price-to-book (PB) ratio of 0.98 for 2025 [5]