长沙银行(601577)：短期经营承压 中长期价值潜力仍在

Core Insights - The company reported a net profit growth acceleration and announced its first interim dividend, achieving a revenue of 13.25 billion yuan in the first half of 2025, a year-on-year increase of 1.6%, with a net profit of 4.33 billion yuan, up 5.1% year-on-year [1] Financial Performance - The company’s net interest margin decreased significantly, but remains at a relatively good level compared to peers, with a net interest margin of 1.87% in the first half of 2025, down 25 basis points year-on-year [1] - Net interest income fell by 1.7% year-on-year, with a loan yield of 4.56%, down 75 basis points year-on-year [1] - The deposit yield was 1.61%, down 27 basis points year-on-year, benefiting from a decrease in deposit rates and an adjustment in deposit structure [1] Loan Growth and Composition - Total assets reached 1.25 trillion yuan, with total loans of 600 billion yuan, representing growth of 8.8% and 10.6% respectively since the beginning of the year [2] - New loans in the first half of the year totaled 57.6 billion yuan, with corporate loans increasing by 58.5 billion yuan and retail loans by 2.5 billion yuan [2] - Consumer loans increased by 5.7 billion yuan, accounting for 42% of retail loans, up 2 percentage points from the beginning of the year [2] Asset Quality - The company faced pressure on asset quality, with a non-performing loan ratio of 1.17% as of June 2025, unchanged from the beginning of the year [3] - The personal loan non-performing ratio increased to 2.20%, up 33 basis points year-on-year [3] - The company actively addressed credit quality issues, with a write-off and disposal scale of 3.26 billion yuan in the first half of the year, an increase of 1.05 billion yuan year-on-year [3] Investment Outlook - The company slightly adjusted its net profit forecasts for 2025-2027 to 80.8 billion yuan, 85.1 billion yuan, and 93.2 billion yuan respectively, with year-on-year growth rates of 3.2%, 5.3%, and 9.6% [3] - The company is expected to benefit from economic recovery driven by stable growth policies in the medium to long term, maintaining a "better than market" rating due to its current low valuation [3]