新华财经北京4月30日（分析师王欣蕾）长沙银行自2022年将县域金融确立为全行发展"一号工程"以 来，县域存贷款规模显著增长，县域业务对全行贡献率持续提升。2024年末，长沙银行县域客户近680 万户，县域存贷款规模均突破两千亿元。长沙银行深耕县域金融，一方面，创新特色信贷产品，扶持县 域特色产业做大做强；另一方面，以"县城-乡镇-乡村"三级网格为载体，完善"湘村在线"平台，配置乡 村振兴综合服务车，全面构建"线上+线下、静态+动态"的四位一体乡村振兴服务渠道体系，支撑获客 增长。 一、夯实县域金融发展基础，提升县域业务对全行的贡献率 长沙银行是湖南省首家区域性股份制商业银行，也是湖南省最大的法人金融企业，还是湖南省首家上市 银行。2002年成立第一家县域支行以来，长沙银行已开立县域支行86家，成为湖南首个实现县域全覆盖 的地方法人金融机构。长沙银行将"县域金融"列为业务发展八大重点之首，凸显深耕下沉市场、挖掘县 域业务增长潜力的决心，做实县域市场，服务乡村振兴。 县域存贷款规模持续扩大。长沙银行县域存款余额从2022年末的1763.42亿元增长至2024年末的2341.74 亿元；贷款余额从2022年末的1 ...

银行/城商行Ⅱ 长沙银行（601577.SH） 信贷投放加快，非息实现高增 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 9.27 | | 一年最高最低(元) | 9.54/6.52 | | 总市值(亿元) | 372.80 | | 流通市值(亿元) | 372.72 | | 总股本(亿股) | 40.22 | | 流通股本(亿股) | 40.21 | | 近 3 个月换手率(%) | 33.07 | 股价走势图 -20% 0% 20% 40% 2024-04 2024-08 2024-12 长沙银行 沪深300 数据来源：聚源 相关研究报告 《盈利稳定，资本夯实—长沙银行 2024 年三季报点评》-2024.10.30 《信贷平稳投放，盈利、资产质量稳 健—长沙银行 2024 年中报点评》 -2024.8.30 ——长沙银行 2024 年报&2025 年一季报点评 | | | liuchengxiang@kysec.cn 证书编号：S0790523060002 wuwenxin@kysec.cn 证书编号： ...

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 在市场竞争格局的变化下，投资收益成为不少银行增收的重要途径。然而，当投资收益受到市场波动而减少时， 一些银行业绩增速便开始放缓。 长沙银行（601577.SH）就是其中的典型代表。作为发展战略的八大重点之一，金融投资带来的投资收益长期成 为长沙银行营收的重要构成。2023年，在投资收益大增19.60%的带动下，长沙银行营收实现了8.46%的增速。然 而，随着2024年该行投资收益缩水了24.18%，长沙银行2024年营收增速也放缓至4.57%，创近十年来最低。 "以摊余成本计量的金融资产终止确认的投资收益"这一数据反映了银行在处置或到期收回以摊余成本计量的金融 资产时，实际实现的收益或损失。2024年，长沙银行该项收益实现了-744.5万元，较上一年减少了1.21亿元，同比 减少了106.53%，是投资收益中降幅最大的项目。 具体是什么投资项目的变化导致的投资收益缩水？长沙银行未就此回复采访，但记者注意到，基金产品和债券产 品投资力度的增大，成为2024年长沙银行投资收益缩水的主要影响因素。 投资收益由增转降 2024年是长沙银行新 ...

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

21世纪经济报道记者 庞成 广州报道 近日，湖南首家上市银行——长沙银行（601577.SH）发布2024年年度报告及2025年一季度业绩报告。 值得注意的是，针对该行股价连续12个月"破净"，长沙银行近期亦发布了该行的估值提升计划，将通过 提升经营效率、完善公司治理、保持分红稳定、加强投资者关系管理等举措，促进公司高质量发展，提 升公司投资价值。 业绩增速放缓，净息差保持较优水平 从资产负债规模来看，长沙银行持续稳步扩表。在2023年突破万亿关口后，该行资产规模仍维持较稳定 增速，近五年资产规模平均增幅为13.77%。截至2024年末，长沙银行资产总额为11467.48亿元，较年初 增长约12.42%；负债总额为10663.98亿元，较年初增长约12.05%。 不过，受宏观环境变化影响，银行业净息差持续承压的背景下，该行业绩增速亦有所放缓。从经营绩效 来看，2024年，长沙银行实现营业收入约259.36亿元，同比增长约4.57%；归属于母公司股东的净利润 约78.27亿元，同比增长约4.87%。2023年，该行营业收入、归属于母公司股东的净利润两项指标增速分 别为8.46%、9.57%；2022年增速则是9 ...

证券研究报告 | 2025年04月28日 长沙银行（601577.SH）2024 年报暨 2025 年一季报点评 优于大市 规模高增，业绩平稳 盈利增速平稳，2024 年分红率提升 1 个百分点。2024 年营收和归母净利润 同比分别增长 4.6%和 4.9%，2025 年一季度营收和归母净利润同比均增长 3.8%。2024 年分红率 22.49%，同比提升 2.2 个百分点，对应股息率 4.47%。 规模延续高增态势，县域金融优势凸显。2024 年末和 2025 年 3 月末规模同 比分别增长了12.4%和14.1%，其中贷款总额同比分别增长了11.6%和12.6%， 规模延续高增态势。其中，2024年对公贷款和个人贷款同比分别增长了19.3% 和 2.6%，主要是信用卡贷款和按揭贷款同比分别下降了 12.8%和 3.6%，个人 经营性贷款和个人消费贷款同比分别增长了 8.3%和 11.3%。 公司信贷实现较好扩张，主要得益于其县域金融战略下积累的深厚客群基 础。2024 年末县域贷款余额达 2014 亿元，同比增长了 18.7%，占贷款总额 的 36.9%，较年初提升 2.2 个百分点。2024 年公司县 ...

Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577.SH) with a current price of 9.39 CNY [1]. Core Views - Changsha Bank achieved an operating income of 25.936 billion CNY in 2024, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 7.827 billion CNY, up 4.9% year-on-year [4]. - The bank's loan growth remains robust, with a year-on-year increase of 12.6% in loans as of the end of Q1 2025, indicating strong credit demand [6]. - Non-interest income grew by 10% in Q1 2025, contributing 25% to total revenue, reflecting an improvement in the bank's revenue diversification [9]. Summary by Sections Financial Performance - In 2024, Changsha Bank's operating income was 25.936 billion CNY, with a net profit of 7.827 billion CNY, and a return on equity (ROE) of 12.31% [4][28]. - For Q1 2025, the bank reported an operating income of 6.8 billion CNY and a net profit of 2.2 billion CNY, both showing a growth of 3.8% year-on-year [4]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 11.3% and 12.6% year-on-year, respectively, with a significant increase in loan issuance [6]. - The total new loans for 2024 were 56.7 billion CNY, with Q1 2025 alone contributing 42.8 billion CNY, indicating a strong start to the year [6]. Non-Interest Income - Non-interest income for Q1 2025 reached 1.7 billion CNY, up 10% year-on-year, with net fees and commissions contributing significantly to this growth [9]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.17% at the end of 2024, with a coverage ratio of 312.8%, indicating strong risk management [10][24]. - The bank's credit impairment losses for Q1 2025 were 2.5 billion CNY, reflecting a year-on-year increase, but the overall asset quality remains solid [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital adequacy ratio was 9.7%, indicating a strong capital position despite the expansion of risk-weighted assets [10][27]. Valuation and Forecast - The report adjusts the EPS forecast for 2025 to 2.02 CNY, with corresponding price-to-earnings (P/E) ratios of 4.64 for 2025, maintaining a "Buy" rating based on the bank's growth potential and asset quality [11][12].

Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - Changsha Bank reported a revenue of 25.9 billion yuan in 2024, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank achieved a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 1.18% and 309.82%, respectively, showing slight improvements [1][2][4] Performance Summary - In Q1 2025, the growth rates for operating income and net profit attributable to shareholders were 3.78% and 3.81%, respectively, which were lower than the previous year's growth rates by 0.8 percentage points and 1.1 percentage points. The significant growth in non-interest income and cost savings are expected to positively contribute to performance [2] - Net interest income increased by 1.81% year-on-year, with a net interest margin of 2.11% for 2024, a decrease of 20 basis points compared to the previous year. The yield on interest-earning assets and loan yield for 2024 were 4.21% and 5.26%, respectively, both showing declines [2][3] - Fee and commission income saw a substantial increase of 53.08% year-on-year, attributed to a low comparative base from the previous year and the gradual reduction of policy impacts [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with an increase of 1 basis point from the previous quarter. The increase in non-performing loans is primarily due to fluctuations in retail loan asset quality. The provision coverage ratio decreased by 3 percentage points [4] - The non-performing loan ratio for personal loans increased to 1.87%, reflecting heightened pressure in personal operating loans and credit cards, consistent with industry trends [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56%. The net increase in loans for the quarter was 42.8 billion yuan, primarily driven by corporate loans [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98%, with a net increase of 27.7 billion yuan in personal deposits during the quarter [9] Financial Forecast - The bank is expected to achieve net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.97%, 5.83%, and 8.80% [9][11]

Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - In 2024, Changsha Bank achieved a revenue of 25.9 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank reported a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year [1][2] - The bank's non-performing loan ratio at the end of Q1 2025 was 1.18%, with a provision coverage ratio of 309.82%, showing slight improvements in asset quality [1][4] - The bank's dividend payout ratio for 2024 reached 22.49%, an increase from 21.39% in 2023, with a cash dividend of 4.20 yuan per 10 shares [1] Performance Summary - Revenue and net profit growth rates for Q1 2025 were 3.78% and 3.81%, respectively, reflecting a slight decline compared to 2024 [2] - Net interest income increased by 1.81% year-on-year, while the net interest margin for 2024 was 2.11%, showing a decrease of 20 basis points compared to 2023 [2] - Fee and commission income saw a significant increase of 53.08% year-on-year, attributed to a low base effect from the previous year [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with a slight increase from the previous quarter, primarily due to fluctuations in retail loan asset quality [4] - The provision coverage ratio decreased by 3 percentage points to 309.82% [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56% [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98% [9] Investment Outlook - Changsha Bank, as the largest city commercial bank in Hunan Province, is expected to continue benefiting from local economic growth, with projected net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively [9]

Investment Rating - The investment rating for Changsha Bank is "Buy" [6] Core Views - Changsha Bank's dividend payout ratio for 2024 is increased by 1.1 percentage points to 22.5%, with a current dividend yield of 4.47% [4] - In Q1 2025, revenue and net profit both grew by 3.8% year-on-year, although the growth rate slowed compared to 2024 [2][5] - The bank's total assets increased by 14.1% year-on-year as of Q1 2025, indicating continued strong growth in scale [2] - The net interest margin decreased to 1.96% in Q1 2025, down 28 basis points from Q4 2024, primarily due to pressure on asset yields [2][3] - The non-performing loan ratio rose to 1.18% in Q1 2025, reflecting increased pressure on retail loans amid macroeconomic challenges [3] Summary by Sections Financial Performance - In Q1 2025, revenue reached 6,809 million yuan, a 3.8% increase year-on-year, while net profit was 2,173 million yuan, also up 3.8% [11] - The bank's total assets as of Q1 2025 were 1,211,242 million yuan, showing a 14.1% increase year-on-year [11] - The non-performing loan balance increased to 6,929 million yuan, with a non-performing loan ratio of 1.18% [11] Profitability and Valuation - The forecasted net profit growth for Changsha Bank from 2025 to 2027 is 4.10%, 4.54%, and 5.28% respectively, with corresponding book values per share of 17.97, 19.57, and 21.27 yuan [5][12] - The target price is set at 11.68 yuan per share, indicating a potential upside of 24% based on a projected price-to-book ratio of 0.65 for 2025 [5] Asset Quality - The provision coverage ratio decreased to 310% in Q1 2025, down 3 percentage points from the previous quarter [11] - The attention loan ratio was 2.61% as of Q1 2025, reflecting a slight decrease from the previous quarter [11]