PSBC(SH:601658) NORTHEAST SECURITIES·2025-03-28 07:24Investment Rating - The report assigns a "Buy" rating for Postal Savings Bank of China (601658) [1][4] Core Insights - The bank's net interest margin has narrowed, but both revenue and net profit have increased. In 2024, the bank achieved operating income of 348.775 billion yuan, a year-on-year increase of 1.83%, and a net profit attributable to shareholders of 86.479 billion yuan, up 0.24% year-on-year [1][4] - The bank's interest income grew slightly, while non-interest income saw a significant decline. Interest income for 2024 was 286.123 billion yuan, a 1.53% increase year-on-year, accounting for 82.04% of total revenue. Non-interest income fell by 10.51% to 25.282 billion yuan, primarily due to a 55.75% drop in agency business income [2][3] - The bank's loan and deposit scales have steadily increased, maintaining its advantage in retail banking. By the end of 2024, the loan scale reached 8.91 trillion yuan, a 9.38% increase year-on-year, with personal loans accounting for 53.53% of the total [2][3] Financial Performance Summary - The bank's net interest margin for 2024 was 1.87%, a decrease of 0.14 percentage points year-on-year, but the decline has narrowed compared to the previous quarter [3][14] - The non-performing loan ratio slightly increased to 0.90%, up 0.07 percentage points year-on-year, while the capital adequacy ratios showed a slight increase [3][15][17] - Forecasted net profits for 2025 to 2027 are expected to be 87.829 billion yuan, 89.693 billion yuan, and 92.701 billion yuan, representing year-on-year growth of 1.56%, 2.12%, and 3.35% respectively [4][20] Market Data - As of March 27, 2025, the closing price was 5.33 yuan, with a total market capitalization of approximately 528.53 billion yuan [6]