4月23日，中国人民银行在新闻发布会上介绍了《上海国际金融中心进一步提升跨境金融服务便利化行 动方案》的相关情况。副行长陆磊指出，借由《行动方案》的发布，央行将不断充实和完善跨境金融服 务政策工具箱，以构建一个更加贴合外向型经济需求的金融体系。此举旨在进一步增强上海国际金融中 心的竞争力与影响力。 【金融监管总局完善银行业高管任职资格管理】 金融监管总局发布《银行业金融机构董事（理事）和高级管理人员任职资格管理办法》，将于2025年6 月1日实施。该办法详细规定了任职资格条件、核准程序、金融机构的责任、监管机构的监管职责及法 律责任等内容，并明确了取消相关责任人任职资格的具体情形。 【澳门推出《2025年中小企业银行贷款利息补贴计划》】 澳门特区政府推出了《2025年中小企业银行贷款利息补贴计划》，旨在提高中小企业的资金流动性并减 轻其资金压力。符合条件的企业可在指定期间内向澳门持牌银行申请用于企业运营的资金贷款，并享受 贷款利息补贴。该计划规定了贷款金额上限、补贴期限及年补贴率上限等具体条款。 【央行等部门：支持在沪银行通过供应链金融更好服务长三角等地区"走出去"企业】 【央行宣布将持续优化跨境金融服务政策 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets are projected to grow from 1,392,214 million yuan in 2023 to 1,653,004 million yuan by 2027 [12] Profitability and Valuation Metrics - The report forecasts a decline in net interest income from 20,700 million yuan in 2023 to 19,675 million yuan in 2025 [12] - The average return on equity (ROE) is expected to decrease from 11.34% in 2023 to 9.31% by 2027 [12] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in valuation attractiveness [12] Dividend Policy - The dividend payout ratio is expected to increase from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]

Core Viewpoint - Shanghai Rural Commercial Bank aims to establish itself as a "century-old store" with a focus on stability in its operations [2] Group 1: Financial Performance - In 2024, the bank achieved operating income of 26.641 billion yuan, a year-on-year increase of 0.86%, with non-interest income accounting for 24.53% of total revenue, up by 2.90 percentage points from the previous year [4] - The net profit attributable to shareholders reached 12.288 billion yuan, growing by 1.20%, with a weighted average return on equity of 10.35% [4] - Total assets amounted to 1.4878 trillion yuan, a 6.87% increase year-on-year, while total loans and advances reached 755.219 billion yuan, up by 6.15% [4] - The bank maintained a non-performing loan ratio of 0.97% and a provision coverage ratio of 352.35% as of the end of 2024 [4] Group 2: Asset Quality and Market Position - The bank's asset quality is supported by a solid customer base, advantageous location, cultural heritage, strong shareholder backing, and strategic consistency [5] - 95.1% of the bank's loans were issued within Shanghai, benefiting from the city's robust economic foundation and market vitality [5] Group 3: Dividend Policy - The bank announced a cash dividend payout ratio of 33.91% for 2024, an increase of 3.81 percentage points from 2023, with a dividend yield exceeding 5% [6] - Since its IPO, the bank has consistently maintained a cash dividend ratio above 30% of net profit, with total cash dividends distributed amounting to 16.52 billion yuan [6] Group 4: Cost Management and Risk Control - The bank has effectively managed its funding costs, with a cumulative reduction of 28 basis points in deposit interest rates over the past three years [7] - Despite challenges in the external operating environment, the bank's long-standing risk preference and local customer management capabilities have helped maintain asset quality [7] Group 5: Future Development Strategy - The bank plans to achieve sustainable development through four advancements: transitioning from scale growth to value creation, deepening customer management, enhancing service capabilities, and leading with technology [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets return rate is projected to remain stable at around 0.9% for 2024 and beyond [4] Profitability and Valuation - The report predicts a slight decline in net interest income, with a forecast of 19,675 million yuan for 2025 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in market valuation [11] - The book value per share (BVPS) is expected to rise from 11.66 yuan in 2023 to 14.47 yuan in 2027 [11] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio is expected to remain stable at around 0.97% for 2024, with a slight improvement projected for subsequent years [11] - The core tier one capital adequacy ratio is forecasted to be 14.73% in 2024, indicating a strong capital position [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company's net profit for 2025 is projected to grow by 0.3%, with a book value per share (BVPS) of 13.37 yuan [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, with a target price of 9.18 yuan per share [3] Financial Performance Summary - For 2023, the company reported an operating income of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a 10.6% increase year-on-year [4] - The company’s total assets and loan amounts grew by 6.8% and 6.0% respectively as of Q1 2025 [9] - The non-performing loan ratio remained stable, with a coverage ratio of 405% [9][12] Profitability and Valuation Metrics - The report forecasts the company's net interest income to decrease to 19,675 million yuan in 2025, with a projected net interest margin of 1.31% [12] - The price-to-earnings (P/E) ratio is expected to decline from 6.86 in 2023 to 6.54 in 2027 [12] - The price-to-book (P/B) ratio is projected to decrease from 0.74 in 2023 to 0.60 in 2027 [12] Dividend Policy - The dividend payout ratio increased from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.75 CNY per share, indicating a potential upside of 24% from the current price [8]. Core Views - The company's non-recurring performance remains positive, with a forecast for profit growth in 2025, supported by stable asset quality and potential for provisioning release [3][8]. - The bank's dividend payout ratio has increased, reaching 33.91% for 2024, which translates to a dividend yield of 5.0% at the current price [7]. Financial Performance Summary - In Q1 2025, the company's revenue decreased by 7.4% year-on-year, while net profit attributable to shareholders grew by 0.3% [2]. - The non-recurring revenue for Q1 2025 showed a slight increase of 0.05%, and non-recurring net profit increased by 12.58% [3]. - The bank's loan and deposit growth rates improved to 6.6% and 5.9% year-on-year, respectively [4]. - The net interest margin decreased by 6 basis points to 1.31% due to a larger decline in asset yield compared to liability costs [5]. - The non-performing loan (NPL) ratio remained stable at 0.97%, with a provisioning coverage ratio of 339%, down 13 percentage points from the previous year [2][6]. Asset Quality and Dividends - The bank's asset quality indicators showed some fluctuations, with the NPL ratio stable and the attention rate rising to 1.49% [6]. - The dividend payout ratio has been consistently high, reflecting the bank's commitment to returning value to shareholders [7]. Profit Forecast and Valuation - The forecast for net profit growth from 2025 to 2027 is 1.51%, 1.88%, and 2.39%, respectively, with corresponding book values per share of 13.44, 14.32, and 15.22 CNY [8][15].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a 12.6% year-on-year growth in net profit attributable to shareholders after excluding non-recurring items for Q1 2025. The revenue for 2024 was 26.6 billion yuan, a 0.86% increase year-on-year, while the net profit attributable to shareholders was 12.3 billion yuan, up 1.20% year-on-year. For Q1 2025, the revenue was 6.6 billion yuan, a 7.41% decrease year-on-year, with a net profit of 3.6 billion yuan, reflecting a 0.34% increase year-on-year. The company maintained a non-performing loan ratio of 0.97% and a provision coverage ratio of 339.27% as of the end of Q1 2025 [1][2][4][11]. Performance Summary - In Q1 2025, the company's net interest income decreased by 5.62% year-on-year, with a net interest margin of 1.50% for 2024, down 6 basis points from the second half of 2024. The interest-earning assets and loan yield for 2024 were 3.36% and 3.77%, respectively, both showing declines [2][3]. - The net commission and fee income fell by 6.26% year-on-year, while other non-interest income decreased by 14.40% year-on-year. However, debt market-related income grew by 35.33% year-on-year, indicating resilience in investment returns despite market volatility [3]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the attention ratio to 1.49%. The provision coverage ratio decreased by 13 percentage points. The non-performing loan ratio for corporate loans improved to 1.02%, while the real estate non-performing loan ratio decreased to 1.15% [4][10]. - The company reported a non-performing loan generation rate of 0.71% for 2024, with a write-off scale of 4.9 billion yuan [4]. Financial Overview - As of Q1 2025, total assets and loans amounted to 1.54 trillion yuan and 771.1 billion yuan, respectively, reflecting year-on-year growth of 6.82% and 6.60%. The total deposits reached 1.08 trillion yuan, a 5.90% increase year-on-year [10]. - The company plans to increase its dividend payout ratio to 34% for 2024, up from 30.1% in 2023, indicating a commitment to returning value to shareholders [1][11].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.72 CNY, compared to the current price of 8.44 CNY [1]. Core Views - The company's performance remains stable with a positive growth trajectory, and the dividend payout ratio has increased to 34% [1]. - The company reported operating revenues of 26.64 billion CNY for 2024 and 6.56 billion CNY for Q1 2025, with year-on-year growth rates of 0.86% and -7.4% respectively [1]. - The net profit attributable to the parent company for 2024 and Q1 2025 was 12.29 billion CNY and 3.56 billion CNY, reflecting year-on-year growth of 1.2% and 0.34% respectively [1]. - The non-performing loan ratio has remained stable at 0.97% for four consecutive quarters, while the provision coverage ratio has shown a downward trend, decreasing by 13.1 percentage points to 339% in Q1 2025 [1]. Financial Performance Summary - The company achieved a total operating income of 26.64 billion CNY in 2024, with a projected decline of 3.1% in 2025, followed by growth rates of 4.9% and 5.8% in 2026 and 2027 respectively [6]. - The net profit attributable to the parent company is expected to grow at rates of 1.0%, 1.1%, and 4.0% for 2025, 2026, and 2027 respectively [6]. - The company’s total assets are projected to increase from 1,487.81 billion CNY in 2024 to 1,888.13 billion CNY by 2027 [8]. Asset Quality and Risk Management - The non-performing loan ratio is expected to remain stable at 0.97% for 2025, with a slight decrease to 0.96% in 2026 and 0.95% in 2027 [10]. - The provision coverage ratio is projected to decline from 352.34% in 2024 to 298.51% by 2027, indicating a solid risk management framework despite the downward trend [10]. Dividend Policy - The company has increased its dividend payout ratio, with a mid-year dividend rate of 33.07% for 2024, up by 3 percentage points from 2023, and an expected full-year dividend rate of 33.91% [1]. - The dividend policy is becoming more quantifiable and stable, with a focus on maintaining a steady increase in dividend payouts [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [5][8]. Core Views - The company reported a slight increase in revenue and net profit for 2024, with year-on-year growth of 0.9% and 1.2% respectively, slightly above previous expectations [1]. - The company is focusing on steady asset expansion, particularly in the technology sector, with a notable increase in loans to technology enterprises [2]. - The report highlights an improvement in liability costs and a stable asset quality, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company experienced a year-on-year decline in operating income of 7.4% and a slight increase in net profit of 0.3%, attributed to a high base from the previous year [1]. - The company plans to distribute a dividend of 0.43 RMB per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits increased by 6.8%, 6.6%, and 5.7% year-on-year, indicating a steady expansion of the balance sheet [2]. - The net interest margin for 2024 was reported at 1.50%, with a decrease in the cost of interest-bearing liabilities and deposit costs compared to the previous year [3]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be 12.4 billion, 12.7 billion, and 13.1 billion RMB respectively, with a projected growth rate of 0.8%, 2.3%, and 3.4% [5]. - The target price for the company is set at 9.86 RMB, reflecting a price-to-book ratio of 0.72 for 2025 [5][9].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a 12.6% year-on-year growth in net profit attributable to shareholders after excluding non-recurring items for Q1 2025. The revenue for 2024 was 26.6 billion yuan, a 0.86% increase year-on-year, while the net profit attributable to shareholders was 12.3 billion yuan, up 1.20% year-on-year. For Q1 2025, the revenue was 6.6 billion yuan, a 7.41% decrease year-on-year, with a net profit of 3.6 billion yuan, reflecting a 0.34% increase year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 0.97% and 339.27%, respectively, remaining stable and decreasing by 13 percentage points from the previous quarter [1][2][4][11]. Performance Summary - In Q1 2025, the company's net interest income decreased by 5.62% year-on-year, with the net interest margin for 2024 at 1.50%, down 6 basis points from the second half of 2024. The interest-earning assets and loan yield for 2024 were 3.36% and 3.77%, respectively, both showing declines. The cost of interest-bearing liabilities and deposit cost rates were 1.91% and 1.78%, respectively, also reflecting decreases [2][3]. - The net commission income fell by 6.26% year-on-year, but the decline was less severe than in 2024. Other non-interest income decreased by 14.40% year-on-year, although debt market-related income grew by 35.33% [3]. Asset Quality - The non-performing loan ratio remained at 0.97% in Q1 2025, with the attention ratio increasing by 21 basis points. The provision coverage ratio and loan-to-deposit ratio were 339.27% and 3.29%, respectively, both showing declines. The non-performing loan ratio for corporate loans improved to 1.02%, while the personal loan non-performing ratio remained stable at 1.32% [4][10]. Financial Summary - The total assets and loan amounts at the end of Q1 2025 were 1.54 trillion yuan and 771.1 billion yuan, respectively, both showing year-on-year growth of 6.82% and 6.60%. The total deposits reached 1.08 trillion yuan, a 5.90% increase year-on-year [10][11]. - The company plans to increase its dividend payout ratio to 34% for 2024, up from 30.1% in 2023, indicating a commitment to returning value to shareholders [1][11].