Investment Rating - The report assigns an "Accumulate" rating to Changsha Bank (601577.SH) [2][5][32] Core Views - The bank has shown significant growth in county and retail finance, with total assets reaching 1.06 trillion yuan by the end of March 2024 [2][6] - The bank's net interest margin is well-managed, with a reported net interest margin of 2.31% in 2023, only slightly narrowing by 10 basis points year-on-year [20][21] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.15% as of the end of 2023 [21][22] Summary by Relevant Sections Financial Performance - In 2023, the bank achieved a revenue of 24.8 billion yuan, representing an 8.5% year-on-year increase, and a net profit of 7.5 billion yuan, up 9.6% year-on-year [3][19] - For the first quarter of 2024, revenue was 6.6 billion yuan, reflecting a 7.9% year-on-year growth, with a net profit of 2.1 billion yuan, a 5.8% increase year-on-year [19] Asset Management - As of March 2024, total assets grew by 11.2% year-on-year, with total loans increasing by 14.3% [2][19] - The bank's loan structure shows a strong growth in corporate loans, which increased by 20.5% year-on-year, while personal loans saw a modest growth of 7.4% [2][19] Non-Interest Income - Non-interest income for the first quarter of 2024 grew by 22.9% year-on-year, with other non-interest income surging by 60% [2][19] Investment Valuation - The report estimates the reasonable stock price for 2024 to be between 10.1 and 11.7 yuan, corresponding to a price-to-book ratio of 0.61 to 0.70 [32][27] - The valuation reflects a potential upside of approximately 24% to 43% compared to the current stock price of 8.16 yuan [32]

Investment Rating - The report assigns an "Accumulate" rating for Changsha Bank (601577.SH) as the initial coverage [4]. Core Views - The bank has shown significant growth in county and retail finance, with total assets reaching 1.06 trillion yuan by the end of March 2024. The county finance strategy has been established as the bank's primary development initiative, given that 71% of Hunan's population resides in counties [1][9]. - The bank's net interest margin is well-managed, with a slight narrowing to 2.31% in 2023, while maintaining a stable loan growth rate. The bank's non-performing loan ratio remained stable at 1.15% as of March 2024, with a high provision coverage ratio of 314% [1][18]. Summary by Sections Financial Performance - In 2023, the bank achieved a revenue of 24.8 billion yuan, a year-on-year increase of 8.5%, and a net profit of 7.5 billion yuan, up 9.6% year-on-year. For Q1 2024, revenue was 6.6 billion yuan, reflecting a 7.9% increase year-on-year, with a net profit of 2.1 billion yuan, up 5.8% year-on-year [1][18]. - The bank's total assets grew by 12.7% year-on-year by the end of 2023 and by 11.2% year-on-year by the end of March 2024 [1]. Loan and Deposit Growth - By the end of 2023, total loans increased by 14.6% year-on-year, with corporate loans growing by 20.5% and personal loans increasing by 7.4%. The bank's deposit balance reached 676.4 billion yuan, with a significant portion coming from county finance [1][12]. - The bank's retail loans accounted for 37.84% of total loans, with personal consumption loans growing significantly by 21.6% [1][15]. Non-Interest Income - Non-interest income saw a substantial increase of 22.9% year-on-year in Q1 2024, driven by a 60% rise in other non-interest income, despite a 25% decline in net commission income [1][18]. Wealth Management and Retail Strategy - The bank has made significant strides in retail financial transformation, with retail customer numbers reaching 17.7 million by the end of 2023. Wealth management has also been a focus, with assets under management reaching 400.2 billion yuan and a 150.81% increase in wealth management fee income [1][16]. Valuation and Price Target - The report estimates the reasonable stock price for Changsha Bank in 2024 to be between 10.1 and 11.7 yuan, corresponding to a price-to-book ratio of 0.61 to 0.70x, indicating a potential upside of approximately 24% to 43% from the current price of 8.16 yuan [29].

公 银行 司 2024年 4月 29日 报 长沙银行(601577.SH) 告 息差韧性凸显，资产质量保持稳健 推荐（维持） 事项： 长沙银行发布 2023 年年报及 2024 年一季报，公司 23 年、24Q1 分别实现营 股价：7.85 元 业收入 248 亿元、66 亿元，对应同比增速分别为 8.5%/7.9%，23 年、24Q1 分别实现归母净利润75亿元、21亿元，对应同比增速分别为9.6%/5.8%。公 公 主要数据 司23年加权平均ROE为12.50%，同比下降0.07个百分点。24Q1年化ROE 司 为13.68%。公司23年末总资产为1.02万亿元，同比增长12.7%，24Q1总资 行业 银行 年 公司网址 www.bankofchangsha.com 产为 1.06 万亿元，较年初增长 4.05%。公司 2023 年利润分配预案为：每 10 大股东/持股 长沙市财政局/16.82% 股分红3.80元（含税），分红率为21.39%。 报 实际控制人 点 总股本(百万股) 4,022 平安观点： 流通A股(百万股) 4,021  非息贡献支撑营收稳定，拨备提高拖累盈利增速。盈利端受到拨备计提 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 长沙银行（601577） ＃title＃ ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） 息差韧性凸显，非息收入高增 ——长沙银行 2023年&2024 年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 28日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ 评 ⚫ 业绩稳健，投资收益表现亮眼。2023 年营收/归母净利润同比分别 +8.5%/+9.6%，Q4单季度同比分别为+8.5%/+10.9%，公司息差韧性较强， 报 2023年息差2.31%，较23H1收窄3bp。2024Q1营收同比+7.9%，归母净 告 利润同比+5.8%。拆开来看，（1）2024Q1净利息收入同比+3.9%，其中贷 ＃分em析a师ilA：ut hor＃ 款同比+14.5%，环比+7.0%，规模扩张稳健；（2）手续费净收入同比-25%， ＃陈a绍ss兴Au thor＃ 其他非息收入高增，同比+59.9%，主要由投资收益贡献。（3）利润增速慢 ...

Investment Rating - The investment rating for Changsha Bank is "Buy" (maintained) [2] Core Views - Changsha Bank's revenue growth remains stable, with a year-on-year increase of 8.46% in 2023, reaching 24.803 billion yuan. The bank's profitability is improving steadily, with net profit for 2023 at 7.463 billion yuan, reflecting a year-on-year growth of 9.57% [4][5] - The bank's total assets reached 1.02 trillion yuan by the end of 2023, marking a year-on-year growth of 12.74%. The loan balance also saw a significant increase of 14.64% year-on-year, totaling 488.4 billion yuan [5][6] - The bank's net interest margin (NIM) was 2.31% in 2023, showing a slight decline but remaining at a relatively high level. The cost of deposits decreased by 8 basis points to 2.20%, which helped mitigate the pressure on net interest margin [5][6] Summary by Sections Financial Performance - In 2023, Changsha Bank achieved a revenue of 24.803 billion yuan, with a year-on-year growth of 8.46%. The net profit attributable to shareholders was 7.463 billion yuan, reflecting a growth of 9.57% [4][7] - The bank's PPOP (pre-provision operating profit) for Q4 2023 and Q1 2024 grew by 6.13% and 7.11% year-on-year, respectively [4][5] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.15% by the end of 2023, with a slight increase in the attention rate, indicating manageable asset quality [6][9] - The provision coverage ratio was 313.16% at the end of Q1 2024, showing a slight decrease but still indicating strong coverage [6][9] Growth Projections - The bank's net profit forecasts for 2024, 2025, and 2026 are 8.444 billion yuan, 9.540 billion yuan, and 11.467 billion yuan, respectively, with year-on-year growth rates of 13.14%, 12.99%, and 20.19% [4][7] - The projected price-to-book (PB) ratios for 2024, 2025, and 2026 are 0.4, 0.4, and 0.3, respectively, indicating potential undervaluation [4][7]

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [长Table_沙Title] 银行（601577.SH） [公Tab司le_评Inve级st] 买入 当前价格 7.85元 24Q1 营收增速好于业绩 合理价值 9.95元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-28 ⚫ 长沙银行发布 23 年年报和 24 年一季报，23A 和 24Q1 营收分别为 [相Tab对le_P市icQ场uote表] 现 8.5%、7.9%，PPOP分别为9.1%、7.1%，归母净利润同比分别增长 9.6%、5.8%，24Q1公司营收增速表现好于归母净利润，超出投资者 10% 4% 预期（详细图表见正文）。 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 ⚫ 亮点：（1）营收增速下行幅度小于业绩增速。边际上看，单季营收增速 -8% 24Q1 为 7.9%（环比下降 0.7PCT），主要是净利息收入边际回升 -14% （23Q4:3.0%，24Q1:3.9%），同时其他非息收入同比维持高位 -20% 长沙银行 沪深300 （23 ...

2024年4月27日 公司研究 信贷增长稳健，非息收入转暖 ——长沙银行（601577.SH）2023 年度报告暨 2024 年一季报点评 买入（维持） 要点 当前价：7.85元 事件： 作者 4月26日，长沙银行发布2023年年度报告及2024年一季度报告： 分析师：王一峰 执业证书编号：S0930519050002 1）2023年实现营业收入248亿，同比增长8.5%，实现归母净利润74.6亿，同比 010-57378038 增长9.6%。2023年加权平均净资产收益率为12.5%，同比下降0.07pct； wangyf@ebscn.com 2）24Q1 实现营业收入 65.6 亿，同比增长 7.9%，实现归母净利润 20.9 亿，同比 分析师：蔡霆夆 增长5.8%。24Q1年化加权平均净资产收益率为13.68%，同比下降0.68pct。 执业证书编号：S0930523110001 021-52523871 caitingfeng1@ebscn.com 点评： 市场数据 营收增速维持相对稳定，非息收入大幅改善。公司2023/24Q1营收、拨备前利润、 总股本(亿股) 40.22 归母净利润同比增速分别为 ...

证券研究报告 | 年报点评报告 2024年04月27日 长沙银行（601577.SH） 息差韧性较强，资产质量保持稳健 事件：长沙银行披露 2023 年报及 2024 一季报，2023 全年、2024 年一 买入（维持） 季度分别实现营收248.0亿元、65.6亿元，分别同比增长8.5%、7.9%， 股票信息 归母净利润分别为74.6亿元、20.9亿元，分别同比增长9.6%、5.8%。 行业 城商行 业绩：息差韧性较强，投资收益表现亮眼。 前次评级 买入 4月26日收盘价(元) 7.85 23A营收同比增速为8.5%，与前三季度基本持平，24Q1营收同比增速为 总市值(百万元) 31,569.20 7.9%，共同的压力来自于息差下行，而债券投资相关收益增加则对营收 总股本(百万股) 4,021.55 起到支撑作用。 其中自由流通股(%) 99.98 1）利息净收入：23A同比增速为11.5%，较前三季度下降3.1pc，24Q1 30日日均成交量(百万股) 18.76 同比增速3.9%。23A净息差为2.31%，较23H1仅下降3bps，降幅明显 股价走势 好于同业，息差韧性较强。 A、资产端：23A生息资产收 ...

Financial Performance - Operating income for Q1 2024 was RMB 6,561,015 thousand, representing a year-on-year increase of 7.89%[4] - Net profit attributable to shareholders was RMB 2,093,275 thousand, reflecting a growth of 5.75% compared to the same period last year[4] - Basic earnings per share for the quarter stood at RMB 0.52, an increase of 6.12% year-on-year[4] - Total operating revenue for Q1 2024 reached RMB 6,561,015 thousand, an increase of 7.9% compared to RMB 6,081,359 thousand in Q1 2023[25] - Net interest income rose to RMB 5,003,825 thousand, up from RMB 4,814,286 thousand, reflecting a growth of 3.9% year-over-year[25] - Net profit attributable to shareholders of the parent company was RMB 2,093,275 thousand, representing an increase of 5.8% from RMB 1,979,370 thousand in the same period last year[26] - Total comprehensive income for the period was RMB 2,274,961 thousand, compared to RMB 1,990,428 thousand in the previous year, indicating a growth of 14.3%[26] - Net profit for Q1 2024 was 2,000,710 thousand RMB, representing an increase of 7.4% from 1,862,143 thousand RMB in Q1 2023[33] - The company reported a total comprehensive income of 2,096,359 thousand RMB for Q1 2024, compared to 1,762,155 thousand RMB in Q1 2023, marking a growth of 19.0%[34] Assets and Liabilities - Total assets at the end of Q1 2024 reached RMB 1,061,303,340 thousand, up 4.05% from the end of the previous year[5] - Total liabilities amounted to RMB 990,777,080 thousand, an increase from RMB 951,713,564 thousand, indicating a growth of 4.1%[24] - The company's total equity reached RMB 70,526,260 thousand, up from RMB 68,319,379 thousand, reflecting a growth of 3.2%[24] - Total assets as of March 31, 2024, amounted to 1,019,943,073, an increase from 979,584,847 as of December 31, 2023[30] - Total liabilities increased to 953,296,632 as of March 31, 2024, compared to 915,034,765 at the end of 2023, reflecting higher borrowing[31] - The company reported a total equity of 66,646,441 as of March 31, 2024, up from 64,550,082 at the end of 2023, indicating growth in shareholder value[31] Loan and Deposit Metrics - The non-performing loan ratio remained stable at 1.15% as of March 31, 2024[13] - The total deposits absorbed amounted to RMB 676.41 billion, increasing by RMB 17.56 billion or 2.66% compared to the beginning of the year[20] - The total loans and advances issued reached RMB 522.32 billion, an increase of RMB 33.93 billion or 6.95% from the beginning of the year[20] - The non-performing loan ratio stood at 1.15%, with a provision coverage ratio of 313.26% and a loan-to-deposit ratio of 3.59%[21] Cash Flow and Liquidity - The bank reported a net cash flow from operating activities of -RMB 23,713,766 thousand, attributed to a decrease in customer deposits and interbank placements[15] - Net cash flow from operating activities for Q1 2024 was -23,713,766, compared to -12,328,943 in Q1 2023, indicating a decline in operational cash flow[27] - Cash inflow from financing activities reached 63,470,568 in Q1 2024, up from 59,495,041 in Q1 2023, showing strong financing support[28] - Net cash flow from financing activities was 27,457,839 in Q1 2024, compared to 18,030,325 in Q1 2023, indicating improved financial health[28] - The cash and cash equivalents balance at the end of Q1 2024 was 6,225,149, down from 35,612,342 at the end of 2023, highlighting liquidity challenges[28] Investment and Other Income - The company’s investment income decreased to RMB 767,591 thousand from RMB 967,539 thousand, a decline of 20.7%[25] - Other income increased to RMB 14,027 thousand from RMB 7,300 thousand, showing a growth of 92.9% year-over-year[25] - The company’s cash and deposits with the central bank amounted to RMB 50.47 billion as of March 31, 2024[23] - The company’s financial investments included trading financial assets of RMB 130.92 billion and debt investments of RMB 246.09 billion[23] - The company’s fixed assets were valued at RMB 14.23 billion, showing a decrease from RMB 14.91 billion at the end of 2023[23]

Financial Performance - Annual operating income reached 24.803 billion yuan, with a net profit attributable to shareholders of 7.463 billion yuan[5]. - Operating income for 2023 reached RMB 24,802,828 thousand, an increase of 8.46% compared to RMB 22,867,614 thousand in 2022[26]. - Net profit attributable to shareholders of the parent company was RMB 7,462,951 thousand, reflecting a growth of 9.57% from RMB 6,811,255 thousand in the previous year[26]. - The net cash flow from operating activities surged by 114.66% to RMB 42,341,447 thousand, compared to RMB 19,724,754 thousand in 2022[26]. - The bank's total equity reached CNY 68.32 billion, reflecting a growth of 9.89% year-over-year[118]. - The company achieved operating revenue of 24.80 billion RMB in 2023, a year-on-year increase of 8.46%[67]. - The bank's profitability indicators remain at a relatively high level, supported by a diversified and reasonable profit structure[165]. Asset and Liability Management - Total assets of Bank of Changsha exceeded 1 trillion yuan, achieving this milestone two years ahead of schedule[5]. - Total assets as of December 31, 2023, amounted to RMB 1,020,032,943 thousand, up from RMB 904,733,493 thousand at the end of 2022[26]. - The total liabilities increased to RMB 951,713,564 thousand, compared to RMB 842,561,236 thousand in the previous year[27]. - The total amount of deposits reached RMB 658,856,634 thousand, marking a 13.86% increase from RMB 578,647,988 thousand in 2022[27]. - The bank's asset-liability structure has become increasingly reasonable, with deposits and loans maintaining a high and stable proportion of total liabilities and total assets[165]. Loan and Credit Management - The total amount of loans and advances was RMB 488,391,053 thousand, reflecting a growth of 14.64% from RMB 426,038,392 thousand in 2022[27]. - The bank's loan balance in county areas increased to RMB 169.70 billion, a growth of RMB 27.39 billion or 19.25%[32]. - The bank's total loans reached RMB 488.39 billion, with a non-performing loan (NPL) balance of RMB 55.97 billion, resulting in an NPL ratio of 1.15%, a slight decrease of 0.01 percentage points from the previous year[97]. - The bank's credit commitments increased to RMB 84,372,454 thousand as of December 31, 2023, compared to RMB 82,202,878 thousand in 2022, with bank acceptance bills at RMB 43,300,084 thousand[128]. Customer Base and Market Presence - Retail customer base grew to 17.6979 million, with one in four residents in Hunan being a customer of the bank[6]. - The number of online banking customers exceeded 10 million, with WeChat transaction volume ranking first among urban commercial banks in the country[8]. - Wealth management clients increased to 1.1797 million, a growth of 200,300 or 20.45%[35]. - The bank's wealth management client base reached 1.1797 million, an increase of 200,300 clients or 20.45% year-over-year[158]. Digital Transformation and Innovation - The bank received the "Best Digital Marketing Award" from CFCA 2023 Digital Finance Gold List, reflecting its strong digital transformation efforts[8]. - The bank's digital operations included over 1,000 activities, reaching more than 7 million customers[8]. - The bank aims to establish a comprehensive digital operating system within three years, focusing on a fully domestic big data infrastructure[11]. - The bank's innovative AI technologies, including a proprietary AI model engine, enhanced operational efficiency and risk management capabilities, improving fraud detection effectiveness by 2.26 times[159]. Risk Management - The bank's risk management strategy emphasizes compliance and risk balance, with a focus on enhancing credit risk management mechanisms and improving risk identification and assessment processes[129]. - The bank has established a comprehensive operational risk management system, enhancing risk identification, assessment, and control processes[132]. - The liquidity coverage ratio as of December 31, 2023, was 221.68%, significantly above regulatory requirements[137]. - The bank's expected credit loss management system has been improved, with a focus on optimizing model parameters to enhance risk sensitivity and stability[131]. Awards and Recognition - The bank created investment returns of 1.553 billion CNY for clients throughout the year, earning the "Golden Bull Award" from China Securities Journal[8]. - The bank received multiple awards, including "Best Digital Marketing Award" at the 2023 Digital Finance Annual Ceremony[25]. - In the "2023 Global Bank 1000" list published by The Banker, the company ranked 186th[21]. - The company ranked 36th in the "2023 China Banking Industry Top 100" list released by the China Banking Association[21]. Strategic Development and Future Outlook - The bank's new ten-year strategy emphasizes innovation-driven development and customer-centric services, aiming to build a modern ecological bank[10]. - The bank has set a new ten-year strategy (2024-2033) and a three-year development plan (2024-2026) to achieve higher quality growth[169]. - The bank anticipates a stable economic recovery in 2024, supported by favorable macroeconomic policies and a focus on innovation and regional development[166]. - The bank plans to enhance its core competitiveness by focusing on differentiated development paths and supporting small and micro enterprises[168].