CEB BANK(601818) 新浪财经·2025-04-27 00:25Core Viewpoint - The company reported a 4.1% year-on-year decrease in revenue for Q1 2025, while net profit attributable to shareholders increased by 0.3%, aligning with expectations [1] Development Trends - The improvement in funding costs accelerated, with a net interest margin (NIM) of 1.39%, down 16 basis points year-on-year and 14 basis points quarter-on-quarter [2] - The cost of interest-bearing liabilities decreased by 39 basis points year-on-year and 12 basis points quarter-on-quarter to 1.99%, indicating a significant improvement in funding costs [2] - Total assets, loans, and deposits grew by 3.9%, 4.5%, and 5.8% respectively compared to the beginning of the year, with loan growth primarily from technology and green loans [2] - The bank's non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, down 6.15 percentage points from the beginning of the year [3] Fee Income and Non-Interest Revenue - Net fee income increased by 3.3% year-on-year, a significant recovery from a 19.5% decline in 2024 [3] - The wealth management business stabilized, with retail AUM reaching 3.05 trillion yuan [3] - Other non-interest income grew by 1.5% year-on-year, supported by high investment income that offset losses from fair value changes [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with A-shares trading at 0.4x P/B for 2025E and 2026E, and a target price of 4.58 yuan, indicating a 20.2% upside [4] - H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.56 HKD, reflecting a 9.2% upside [4]