证券代码：601577 证券简称：长沙银行 编号：2025-029 优先股代码：360038 优先股简称：长银优 1 长沙银行股份有限公司 2024 年度暨 2025 年第一季度业绩说明会预告公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议时间：2025年5月14日（星期三）10:00-11:00 1 二、说明会召开的时间和形式 时间：2025 年 5 月 14 日（星期三）10:00-11:00 地点：上证路演中心 形式：上证路演中心网络互动 三、参加人员 董事长、行长、董事会秘书、相关行领导和独立董事代表。 会 议 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议形式：上证路演中心网络互动 投资者可于2025年5月7日（星期三）至5月13日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本行邮 箱（bankofchangsha@cscb.cn）进行提问。本行将在说明会上对投资 ...

Investment Rating - The report indicates a cautious outlook for the banking sector, with expectations of continued narrowing of interest margin declines due to improved cost management on the liability side [5]. Core Insights - The overall revenue and profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2%, respectively, showing a widening decline compared to 2024 [4]. - Net interest income decreased by 1.7% year-on-year, influenced by factors such as loan repricing and lower new loan rates, but the decline in interest margins is expected to continue to narrow [4][5]. - The overall asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 238% [4]. Summary by Sections 1. Performance Overview - Listed banks' overall revenue and profit growth rates for Q1 2025 were -1.7% and -1.2%, respectively, with declines expanding by 1.8 percentage points and 3.5 percentage points compared to 2024 [4]. - The net interest income saw a year-on-year decline of 1.7%, attributed to factors like loan repricing and intensified competition [4]. 2. Revenue Breakdown - Fee and commission income for listed banks decreased by 0.7% year-on-year, with the decline rate narrowing by 8.7 percentage points compared to 2024 [4]. - Other non-interest income fell by 3.2% year-on-year, primarily due to significant fluctuations in the bond market affecting fair value changes [4]. 3. Asset Quality - The non-performing loan ratio stood at 1.23%, slightly down by 1 basis point from the end of Q4 2024, while the provision coverage ratio was 238%, showing a slight decrease of 2 percentage points from the previous year [4]. 4. Future Outlook - The narrowing trend in interest margin declines is expected to continue, supported by improved management of liability costs and stable asset quality [5]. - The report anticipates that the overall profit growth for the year will maintain a trend of quarterly improvement [5].

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]

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]

新华财经北京4月30日电（分析师侯汶姗）2024年，是长沙银行新十年战略的开局之年，该行紧扣"134568"战略目标，实现高质量发展。资产总额达 11467.48亿元，实现营业收入259.36亿元，归母净利润达78.27亿元，经营发展稳中向好，构建多元增长格局。 一、新十年战略新开局，经营指标普遍向好 经营规模持续扩大，资产总额、贷款总额实现两位数增长。2024年末，长沙银行资产总额为11467.48亿元，同比增长12.42%。其中，发放贷款和垫款本金总 额达到5451.09亿元，同比增长11.61%。今年一季度，长沙银行经营规模持续增长，季末资产总额达到12112.42亿元，较年初增加644.94亿元。其中，发放贷 款和垫款本金总额5879.41亿元，较年初增长7.86%，贷款总额占资产总额的比重提升至48.54%。 经营效益、盈利能力表现优异，营业收入、归母净利润连续十年保持增长。2024年，长沙银行实现营业收入259.36亿元，同比增长4.57%；归属于母公司股 东的净利润78.27亿元，同比增长4.87%，两项指标近十年均保持稳健增长。今年一季度，实现营业收入68.09亿元，同比增长3.78%；归属于 ...

Core Viewpoint - Changsha Bank has established county finance as its primary development strategy since 2022, leading to significant growth in county-level deposits and loans, with a focus on supporting rural revitalization and enhancing customer acquisition through innovative financial products and services [2][3][4]. Group 1: County Financial Development - Changsha Bank has opened 86 county branches, achieving full coverage in Hunan province, and has prioritized county finance as a key business focus [3][4]. - County deposits increased from 176.34 billion yuan at the end of 2022 to 234.17 billion yuan by the end of 2024, while loans grew from 142.31 billion yuan to 201.37 billion yuan during the same period, reflecting double-digit growth in both categories [3][4][6]. - The contribution rate of county business to the bank's overall performance has improved, with county deposits accounting for 46.16% of new deposits in 2024, and county loans contributing over 50% to the bank's total loan growth [4][10]. Group 2: Innovative Financial Products - The bank has launched 73 specialized financial projects under the "One County, One Specialty" initiative, supporting local industries such as rice-shrimp farming and fruit-vegetable production [11][12]. - In 2024, Changsha Bank provided 700 million yuan in credit to the rice-shrimp industry, supporting 156 enterprises and contributing to a 15% increase in production value [12][13]. - The bank's "Xiangnong Fast Loan" product, designed for agricultural producers, offers flexible credit options, with maximum limits of 1 million yuan for small and micro enterprises [13][14]. Group 3: Customer Acquisition and Digital Services - Changsha Bank has developed a "county-town-village" grid service system to enhance customer acquisition, with mobile banking services reaching remote areas [16][17]. - The "Xiangcun Online" platform has been launched to provide comprehensive services, allowing villagers to access financial services and apply for loans online, thus improving service efficiency [17][18]. - The bank's initiatives, including financial literacy programs, aim to increase customer engagement and loyalty within rural communities [16][17].

Investment Rating - The investment rating for Changsha Bank is "Buy" (maintained) [1] Core Views - The bank's credit investment has accelerated, and non-interest income has achieved high growth. In Q1 2025, Changsha Bank reported revenue of 6.809 billion yuan (YoY +3.78%) and a net profit attributable to shareholders of 2.173 billion yuan (YoY +3.81%), indicating stable profitability. The non-interest income saw significant growth, with fee income increasing by 53.08% YoY and investment net income rising by 123.63% YoY [4][5]. Summary by Sections Financial Performance - In Q1 2025, Changsha Bank's total assets reached 1.21 trillion yuan (YoY +14.13%), with total loan principal amounting to 587.941 billion yuan (YoY +12.56%). The bank added 42.832 billion yuan in new loans during the quarter, a significant increase of 26.25% YoY [5]. - The bank's total deposits at the end of Q1 2025 were 750.707 billion yuan (YoY +10.98%), maintaining a high growth rate to better match loan demand [5]. Asset Quality - The asset quality of Changsha Bank remains stable, with a non-performing loan ratio of 1.18% at the end of Q1 2025, a slight increase of 0.01 percentage points from the end of 2024. The attention rate decreased to 2.61%, down 0.02 percentage points [6]. - The provision coverage ratio stood at 309.82%, indicating a solid safety cushion despite a nearly 3 percentage point decline from the end of 2024 [6]. Profitability and Valuation - The bank's profitability remains stable, with a projected net profit attributable to shareholders of 8.235 billion yuan for 2025, reflecting a YoY growth of 5.21%. The current stock price corresponds to a price-to-book ratio (PB) of 0.52 for 2025 [4][7]. - The bank's earnings per share (EPS) for 2025 is estimated at 2.05 yuan, with a price-to-earnings ratio (P/E) of 4.59 [7].

Core Viewpoint - Investment income has become a crucial revenue source for banks, but fluctuations in market conditions can lead to reduced investment returns, impacting overall performance. Changsha Bank is a notable example, experiencing a significant drop in investment income in 2024, which has affected its revenue growth [2][4]. Group 1: Financial Performance - In 2023, Changsha Bank's investment income increased by 19.60%, contributing to an 8.46% revenue growth. However, in 2024, investment income decreased by 24.18%, leading to a revenue growth slowdown to 4.57%, marking the lowest growth rate in nearly a decade [4][5]. - For 2024, Changsha Bank reported total revenue of 25.936 billion yuan, a year-on-year increase of 4.57%, and a net profit of 7.909 billion yuan, up 0.72% year-on-year [4][5]. - The bank's net interest income for 2024 was 20.564 billion yuan, a 2.68% increase, while fee and commission income decreased by 9.15% to 1.392 billion yuan [4][5]. Group 2: Investment Income Breakdown - In 2024, Changsha Bank's investment income was 3.110 billion yuan, down 9.92 billion yuan from the previous year, a decrease of 24.18%. Conversely, fair value changes in income increased by 269.62% to 971 million yuan [4][5]. - The decline in investment income was primarily due to reduced returns from trading financial assets and the termination of investment income from amortized cost financial assets, which saw a significant drop of 106.53% [6][8]. - The bank increased its investment in fund products and bonds, with fund investments rising by 5.077 billion yuan, increasing their share from 63.03% to 73.6%, and bond investments increasing by 8.365 billion yuan, raising their share from 7.25% to 15.5% [7][8]. Group 3: Quarterly Performance and Market Position - Changsha Bank's net interest margin for 2024 was 2.11%, a slight decrease of 0.20 percentage points from 2023, but still competitive among listed city commercial banks [9]. - The bank's total assets reached approximately 1.146748 trillion yuan by the end of 2024, a growth of about 12.42% year-on-year, while total liabilities grew by 12.05% [9]. - In the fourth quarter of 2024, the bank's net profit dropped significantly to 1.640 billion yuan, compared to over 2 billion yuan in the first three quarters, attributed to increased provisions and higher business and management expenses [10].

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 ...

Core Viewpoint - Investment income has become a significant driver of revenue growth for many listed banks in the first quarter of 2025, particularly among city commercial banks and rural commercial banks [1][2]. Group 1: Investment Income Growth - In the first quarter of 2025, 15 out of 17 listed banks reported a year-on-year increase in investment income, with 4 banks showing growth exceeding 100% [2][3]. - Everbright Bank reported the highest increase in investment income at 302.96%, with an investment income of 7.213 billion yuan compared to 1.790 billion yuan in the same period last year [2]. - Shanghai Bank's investment income reached 6.546 billion yuan, a year-on-year increase of 118.74%, contributing nearly 50% to its total revenue [2][3]. - Jiangyin Bank's investment income surged by 143.55% to 415 million yuan, supporting a revenue growth of 6% despite declines in net interest income and fee income [2]. Group 2: Factors Contributing to Investment Income - The increase in investment income is primarily attributed to favorable conditions in the bond market, which has provided a beneficial investment environment for banks [3][4]. - Many banks have intensified financial asset trading to compensate for traditional income shortfalls due to narrowing net interest margins and sluggish growth in intermediary business income [3][4]. - Some banks have optimized their asset allocation and enhanced their investment management capabilities, leading to significant improvements in investment returns [3][4]. Group 3: Strategic Adjustments and Future Outlook - Despite market fluctuations, many banks have successfully realized substantial investment income by adjusting their holding strategies and cashing in on previous gains [4][5]. - Chongqing Bank emphasized a steady development strategy in its financial market operations, focusing on bond trading capabilities and research to enhance revenue contributions [5]. - The sustainability of the growth trend in investment income will depend on the evolving market environment and the banks' strategic adaptability [5].