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 - 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 ...

4月28日晚，厦门银行公布了2024年年报以及2025年一季报。 数据显示，截至 2024 年末，厦门银行总资产 4,077.95 亿元，较上年末增长 4.39%；全年实现营业收入 57.59 亿元，同比增长 2.79%；实现利润总额 27.35 亿元，同比增长 3.54%；不良贷款率 0.74%，较上年 末下降 0.02 个百分点；拨备覆盖率 391.95%。 截至 2025 年 3 月末，厦门银行总资产 4,142.37 亿元，较上年末增长 1.58%，贷款及垫款总额2,105.78 亿元，较上年末增长 2.49%，其中，一般贷款规模较上年末增长 2.75%；总负债 3,817.57 亿元，较上年 末增长 1.69%，其中，吸收存款总额 2,213.76亿元，较上年末增长 3.37%，增量同比多增 211.99 亿元。 归属于母公司普通股股东的所有者权益317.33 亿元，较上年末增长 0.30%；归属于上市公司普通股股东 的每股净资产 9.75 元，较上年末增长 0.31%。 2025 年一季度，厦门银行实现营业收入 12.14 亿元，同比下降 18.42%，同比减少 2.74 亿元，主要系受 银行间市 ...

Core Viewpoint - Xiamen Bank has demonstrated steady growth and robust financial performance in 2024, supported by a clear strategic positioning and solid risk management framework [1][2]. Financial Performance - In 2024, Xiamen Bank achieved operating income of 5.759 billion yuan, a year-on-year increase of 2.79% [1] - Non-interest net income reached 1.754 billion yuan, up 37.45% year-on-year, indicating an optimized revenue structure [1] - Total profit amounted to 2.735 billion yuan, reflecting a 3.54% increase compared to the previous year [1] - By the end of 2024, total assets reached 407.795 billion yuan, growing 4.39% year-on-year [1] - Total liabilities were 375.426 billion yuan, a 4.24% increase from the previous year [1] - Total loans and advances stood at 205.455 billion yuan, while total deposits reached 214.156 billion yuan, up 3.17% year-on-year [1] Asset Quality - The non-performing loan (NPL) ratio improved to 0.74%, a decrease of 0.02 percentage points from the previous year [2] - The NPL ratio for corporate loans was 0.51%, down 0.58 percentage points since the beginning of the year [2] - The provision coverage ratio reached 391.95%, indicating strong risk mitigation capabilities [2] Dividend Policy - The bank proposed a total cash dividend distribution of 818 million yuan for 2024, with a cash dividend ratio of 31.53%, an increase of 0.83 percentage points from 2023 [2] - Xiamen Bank has maintained a stable and high dividend payout, with a cash dividend rate exceeding 30% for four consecutive years from 2021 to 2024 [2] Strategic Focus - Xiamen Bank is committed to supporting the real economy, with increased financial support for key areas such as technology innovation, green finance, and inclusive finance [3][4] - The bank's technology finance loan balance reached 11.967 billion yuan, growing 33.69% year-on-year [4] - Green credit balance was 13.070 billion yuan, up 61.96% from the beginning of the year [4] - Inclusive small and micro loans amounted to 73.293 billion yuan, with a 19.85% increase in medium and long-term manufacturing loans [4] Retail Business Development - The bank's personal financial assets reached 109.011 billion yuan, a 12.07% increase year-on-year [5] - Personal deposits surpassed 80 billion yuan, reaching 82.455 billion yuan, up 22.79% from the previous year [5] - The number of retail customers grew to 2.6993 million, reflecting a 5.37% increase [5]

中新社漳州4月29日电 题："00后"台青入职厦门银行 从"金融小白"到业务能手 作者 廖珍妹 "我感觉很充实和温暖，对未来更有信心。""00后"台湾青年陈佳轩近日正在厦门银行漳州分行处理客户 的授信合同事宜。入职近一年的他，已从"金融小白"逐渐成为业务能手和同事的"好帮手"，在福建漳州 漳浦县施展抱负。 陈佳轩于2024年7月入职大陆首家具有台资背景的城市商业银行——厦门银行，日前受访分享初入大陆 职场的收获和感悟。 陈佳轩来自台湾屏东，小学阶段便来到大陆求学，大学毕业于湖南大学国际经济与贸易专业。入职后被 分配到厦门银行漳浦支行，一家以对台金融业务为特色的支行任职。经历过柜台、零售、公司业务的多 岗位历练，他现在主要为漳浦县及周边区域的台商、台企提供定制化金融服务。 漳浦县是台胞主要祖籍地和台商投资密集区，漳浦台湾农民创业园是大陆首批设立的两个国家级台创园 之一，早年众多老台胞回到漳浦寻根谒祖、投资兴业，现在不少"台二代"接棒耕耘产业。 陈佳轩介绍，目前漳浦较为完善的自行车产业链，正是台商深耕多年的成果之一。而同为台胞的他，和 当地台商逐渐建立感情，合作契机常常萌芽在一杯清茶。 "我父亲是漳州天福茶业有限 ...