Core Viewpoint - Xiamen Bank reported a slight increase in operating income for 2024 but a decline in net profit, indicating challenges in the current banking environment and a need for strategic transformation [1][2]. Financial Performance - In 2024, Xiamen Bank achieved operating income of 5.759 billion yuan, a year-on-year increase of 2.79%, while net profit attributable to shareholders was 2.595 billion yuan, a decrease of 2.6% [1]. - The Q1 2025 report showed a decline in both operating income and net profit, with operating income at 1.214 billion yuan and net profit at 645 million yuan [2]. - Investment income decreased by 203 million yuan compared to the same period last year, contributing to the overall revenue decline [2]. Interest Income and Margin - Net interest income fell by 46 million yuan year-on-year due to a narrowing interest margin, which is critical as it accounts for over 70% of the bank's operating income [3]. - The bank's deposit cost rate decreased to 2.15%, down 30 basis points from the previous year, indicating efforts to manage costs amid a challenging interest rate environment [3]. Loan and Deposit Growth - As of the end of Q1, total loans and advances reached 210.578 billion yuan, a growth of 2.49% from the end of the previous year, while total deposits increased by 3.37% to 221.376 billion yuan [3]. - The bank's management anticipates that overall revenue and profit will reach a low point in Q1 before gradually improving throughout the year [3]. Strategic Focus on Taiwan Market - Xiamen Bank aims to strengthen its position as a model bank for cross-strait financial cooperation, with a significant increase in the number of Taiwanese enterprise clients and their contributions to deposits [4]. - The bank plans to explore targeted financial services for Taiwanese agricultural entrepreneurs and support mergers and acquisitions as many Taiwanese enterprises transition to the next generation [5]. - The strategy includes expanding supply chain finance services to a broader range of Taiwanese clients beyond Fujian and Chongqing [5].

丨证券研究报告丨 %% %% [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨厦门银行（601187.SH） [Table_Title] 分红比例新高，利息压力改善 ——2024 年年报&2025 年一季报点评 报告要点 [Table_Summary] 厦门银行 2024 全年分红比例同比提升近 1pct 至 31.5%（占归母净利润比例），2024 年度股息 率 5.38%，在 A 股上市银行中位居前列。从长期角度，考虑厦门银行目前的资产规模基数并不 庞大，且底层资产质量没有历史包袱，新一届董事长履新后，有望在未来提升扩表速度，具备 成长空间。短期一季度业绩下滑主要受到投资收益波动影响，今年后续关注负债成本及利息净 收入改善趋势，以及银行业整体零售风险改善节奏。目前估值仅 0.57x2025PB，维持"买入" 评级。 分析师及联系人 厦门银行（601187.SH） cjzqdt11111 [Table_Title 分红比例新高，利息压力改善 2] —— ...

Core Insights - In the first quarter of 2025, 14 out of 17 A-share listed city commercial banks reported positive revenue growth, with an average growth rate of 2.96%, a decline from 5.61% in the same period last year [1][3][6] - The net profit for 14 banks also showed positive growth, averaging 5.49%, down from 7.05% year-on-year [1][6][7] - The asset scale of A-share listed city commercial banks increased by 6.53% compared to the end of the previous year, up from 4.65% year-on-year [2][9] Revenue Performance - Qingdao Bank led the revenue growth with a year-on-year increase of 9.69%, followed by Xi'an Bank (8.14%), Nanjing Bank (6.53%), and Jiangsu Bank (6.21%) [3][5] - Three banks reported negative revenue growth: Beijing Bank (-3.18%), Guiyang Bank (-16.91%), and Xiamen Bank (-18.42%) [4][5] - Jiangsu Bank achieved the highest revenue among the listed banks, totaling 22.304 billion yuan, while Xiamen Bank had the lowest at 1.214 billion yuan [4][5] Net Profit Performance - Hangzhou Bank led in net profit growth with a 17.3% increase, followed by Qilu Bank (16.47%) and Qingdao Bank (16.42%) [7][8] - Negative net profit growth was reported by Beijing Bank (-2.44%), Guiyang Bank (-6.82%), and Xiamen Bank (-14.21%) [7][8] - Jiangsu Bank reported the highest net profit at 9.78 billion yuan, while Xiamen Bank had the lowest at 0.645 billion yuan [7][8] Asset Scale and Quality - As of March 31, 2025, eight A-share listed city commercial banks had asset scales exceeding 1 trillion yuan, with Beijing Bank and Jiangsu Bank surpassing 4 trillion yuan [9][10] - The overall asset quality showed improvement, with seven banks reporting non-performing loan ratios below 1%, the lowest being Chengdu Bank at 0.66% [11][12]

Core Insights - Financial investment business is evolving from traditional tools to a new revenue engine for listed banks amid narrowing net interest margins and sluggish profit growth [2][3] - Bond investments are showing strong yield elasticity during the market interest rate decline in 2024, effectively cushioning the impact of declining net interest income on financial statements [2][3] Group 1: Financial Performance - In 2024, 42 listed A-share banks reported a total net profit of 2.14 trillion yuan, averaging daily earnings of approximately 58.58 billion yuan [3] - The total financial investment amount reached 91.41 trillion yuan, generating 512.8 billion yuan in investment income, with over 90% of banks achieving year-on-year positive growth in investment income [3][4] - Among these banks, 37 reported positive growth in investment income, with five small and medium-sized banks achieving over 100% year-on-year growth [3][4] Group 2: Investment Trends - The average proportion of investment income to total revenue for the 42 listed banks increased to 15.61% in 2024, up from 12.33% in 2023 [4] - Nine banks had investment income accounting for over 20% of their revenue, all of which were small and medium-sized banks [4] - Jiangsu Bank, Ningbo Bank, Nanjing Bank, and Beijing Bank reported investment income exceeding 10 billion yuan in 2024 [5] Group 3: Market Dynamics - The preference for bond investments among small and medium-sized banks is attributed to narrowing net interest margins and increased competition [6][7] - The bond market has become a significant source of income for banks, especially for rural commercial banks, which have become active participants in the bond market [6][7] - The overall bond yield trend in 2024 was downward, with the 10-year government bond yield decreasing to 1.68% by December 31, creating favorable conditions for bond investment income growth [7][8] Group 4: Future Outlook - Many banks maintain an optimistic outlook on bond investments for 2025, anticipating continued opportunities in the bond market due to expected fluctuations in bond rates [8]

Core Viewpoint - Xiamen Bank is implementing a "2+3" five-year development strategy that balances short, medium, and long-term goals, focusing on market segmentation, asset growth, interest margin control, and customer management [1] Group 1: Financial Performance - As of the end of 2024, Xiamen Bank's total assets exceeded 400 billion yuan, with operating income of 5.759 billion yuan, a year-on-year increase of 2.79%, and a net profit attributable to shareholders of 2.595 billion yuan, a year-on-year decrease of 2.6% [1] - In Q1 2024, Xiamen Bank reported operating income of 1.214 billion yuan and a net profit of 645 million yuan, both showing a decline compared to the same period last year [2] - The bank's net interest income decreased by 46 million yuan in Q1, a decline of 4.63%, primarily due to a decrease in net interest margin [2] Group 2: Loan Strategy - By the end of 2024, Xiamen Bank's corporate loans (excluding bills) amounted to 122.09 billion yuan, retail loans at 70.458 billion yuan, and financial investments at 144.59 billion yuan, representing 30%, 17%, and 36% of total assets, respectively [3] - The bank aims to increase the proportion of corporate general loans and optimize the structure of corporate credit, focusing on high-yield, high-quality, and resilient sectors [4] - The bank's corporate general loan growth rates were 7.38% and 9.2% over the past two years, with expectations for accelerated growth in 2024 [4] Group 3: Interest Margin Management - Xiamen Bank's net interest margin was 1.13% at the end of 2024, a decrease of 15 basis points from the previous year, with a focus on stabilizing this margin moving forward [3] - The bank plans to manage deposit costs effectively and adjust asset structures to stabilize net interest margins [3] - The bank's strategy includes enhancing the efficiency of corporate demand deposits and reducing the cost of liabilities as high-cost fixed deposits mature [2][4] Group 4: Strategic Planning - The "2+3" strategy emphasizes stability, progress, and establishing a solid foundation for sustainable development, with a focus on improving key performance indicators [5] - The bank aims to enhance its operational capabilities through technology empowerment, product innovation, and optimizing institutional mechanisms [6]

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]

0 2 4 月29日，厦门银行（601187.SH）发布2024年度业绩报告。2024年，该行凭借清晰的战略定位、扎 实的风控体系，实现稳健经营和发展。数据显示，2024年，该行实现营业收入57.59亿元，同比增长 2.79%；非利息净收入17.54亿元，同比增长37.45%，营收结构持续优化；利润总额27.35亿元，同比 增长3.54%。 在规模指标上，截至2024年末，该行资产总额达到4077.95亿元，较上年末增长4.39%，规模实现稳健 增长；总负债3754.26亿元，较上年末增长4.24%，贷款及垫款总额2,054.55亿元，吸收存款总额 2141.56亿元，较上年末增长3.17%。 多年来，厦门银行资产质量持续保持较好水平，不良率和拨备覆盖率在上市银行中排名前列。截至 2024年末，该行不良贷款率持续优化至0.74%，较上年末下降0.02个百分点，对公贷款的不良率为 0.51%，较年初下降0.58个百分点。该行不断完善风险管理体系，加强不良资产管控能力，筑牢稳健 发展根基。截至2024年末，该行拨备覆盖率达391.95%，风险抵补能力保持充足水平。 0 1 分红率 31.53%创新高，拟实施202 ...

Core Viewpoint - Xiamen Bank reported its first increase in revenue without profit growth in nearly a decade for the year 2024, with operating income rising by 2.79% but net profit declining by 1.69% [2][3] Financial Performance - In 2024, Xiamen Bank achieved operating income of 5.759 billion yuan, an increase of 2.79% year-on-year, while net profit was 2.706 billion yuan, a decrease of 1.69% compared to 2023 [3][4] - The decline in net profit was primarily attributed to a decrease in net interest income, which fell by 322 million yuan, or 7.43%, to 4.005 billion yuan [4][6] - Investment income saw a significant increase of 121.14%, amounting to 1.026 billion yuan, contributing positively to the overall performance [4][5] Revenue Composition - The main factor dragging down revenue was the decline in net interest income due to lower average loan yields influenced by LPR rate cuts and policy adjustments [4][6] - Non-interest income rose by 37.45% to 1.754 billion yuan, driven by strong investment returns [4][5] Asset Quality and Risk Management - Xiamen Bank reported an increase in loan impairment losses, totaling 701 million yuan, up 7.93% year-on-year [6][7] - The bank's non-performing loan ratio improved to 0.74%, a decrease of 0.02 percentage points from the previous year, indicating overall asset quality stability [7] - However, the amount of loans under special attention increased significantly, raising concerns about potential future risks [7] Market Reaction and Future Outlook - Following the earnings report, Xiamen Bank's stock price fell by 4.05%, closing at 5.92 yuan per share [8] - To boost investor confidence, the bank announced plans for key executives to collectively increase their holdings by no less than 964,000 yuan [8]

"银行业'低利率、低息差'情况持续存在，我行也步入了战略转型的关键周期。"厦门银行董事长洪枇杷在日前召 开的2024年度业绩说明会上表示。 "稳""进""立"的考量 "这段时间，我对厦门银行的历史和现状有了更深入的了解，也在不断思考如何走好我们的'未来之路'。"洪枇杷开篇 表示。 他认为，如何挖掘、实现和展示厦门银行的内在价值，是"新课题"。对此，既要保持战略定力，也要确保战略与时 俱进、顺势微调。 在该行正在构建的"2+3"五年发展战略规划中，洪枇杷将主题锁定为"稳""进""立"，这既是自身发展需要，更是对中 央经济工作会议精神的贯彻落实。其中： "稳"是根本，是全局。要巩固"稳"的基础，做到站位更稳、效益更稳、风控更稳，让各方对厦门银行更放心、更有 信心。 "下阶段，我们将围绕'稳规模'和'优结构'，资负两端发力做好息差管控，推动净息差指标止跌企稳，变动趋势优于 大市。"洪枇杷称。 这是"70后"洪枇杷年初履新后首次亮相资本市场。此前他长期供职于兴业银行，从支行普通员工做起，先后掌舵多 家省内分行，对福建区域情况熟稔于心。 在他看来，形势越是多变，越需要战略引领，以战略的确定性应对外部的不确定性。 据透露 ...

Core Viewpoint - Xiamen Bank reported its 2024 annual report and 2025 Q1 report, showing a mixed performance with total assets increasing but a decline in net profit and operating income in Q1 2025 compared to the previous year [2][3]. Financial Performance - As of the end of 2024, Xiamen Bank's total assets reached 407.795 billion yuan, a 4.39% increase year-on-year; operating income was 5.759 billion yuan, up 2.79%; and total profit was 2.735 billion yuan, a 3.54% increase [2]. - For Q1 2025, the bank's operating income was 1.214 billion yuan, a decrease of 18.42% year-on-year, primarily due to tightening interbank liquidity and a reduction in net interest income [3]. Deposit and Loan Trends - By the end of 2024, corporate deposits decreased by 6.4% to 1,228.07 billion yuan, while personal deposits increased by 22.8% to 824.55 billion yuan, indicating a shift in deposit structure [4][5]. - The total loans and advances as of the end of 2024 were 205.455 billion yuan, a decrease of 2.02% from the previous year, with corporate loans increasing by 9.25% while personal loans decreased by 6.60% [11][12]. Fee and Commission Income - In 2024, fee and commission income was 5.851 billion yuan, down 12.92% from the previous year, with significant declines in various segments, particularly in wealth management, which saw a drop of 45.63% [8][10]. Risk Management and Loan Quality - The bank's liquidity ratio was 77.83% at the end of 2024, down from 81.38% in 2023, indicating a slight decline in liquidity but still within a reasonable range [16][18]. - The migration rates for normal and substandard loans increased, suggesting a deterioration in loan quality, particularly in substandard and doubtful loans [17]. Customer Base and Market Position - Xiamen Bank's wealth management customer base grew to 197,800, an increase of 12.61% year-on-year, reflecting an improvement in customer quality [18][19]. - The bank has focused on enhancing services for Taiwanese enterprises, with a 19% increase in Taiwanese corporate clients and a 21% increase in credit accounts [15].