PSBC(SH:601658) Guoxin Securities·2025-03-31 02:14Investment Rating - The investment rating for Postal Savings Bank is "Outperform the Market" (maintained) [1][5] Core Views - The report indicates that the bank's planned private placement will enhance its capital, thereby improving its ability to serve the real economy and supporting its long-term growth potential [2][4][8] - The private placement involves issuing 20.57 billion A-shares at a price of 6.32 CNY per share, aiming to raise a total of 130 billion CNY, which will be used entirely to supplement core Tier 1 capital [2][3] - Following the completion of the private placement, the bank's core Tier 1 capital adequacy ratio is expected to increase by approximately 1.5 percentage points, from 9.56% to 11.07% [4] Financial Performance Summary - For 2024, the bank's revenue is projected to be 348.8 billion CNY, a year-on-year increase of 1.8%, with a net profit attributable to shareholders of 86.5 billion CNY, reflecting a 0.2% growth [6][11] - The total assets are expected to grow by 8.6% year-on-year to 17.1 trillion CNY by the end of 2024 [6][11] - The bank's non-performing loan ratio is projected to be 0.90% by the end of 2024, indicating a slight increase from the beginning of the year [6][11] Profitability and Valuation Metrics - The report forecasts the bank's net profit for 2025-2027 to be 87 billion CNY, 98.9 billion CNY, and 111.4 billion CNY respectively, with year-on-year growth rates of 1.0%, 1.7%, and 1.7% [2][8] - The fully diluted EPS is expected to be 0.82 CNY, 0.83 CNY, and 0.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The current stock price corresponds to a PE ratio of 6.4x, 6.2x, and 6.1x, and a PB ratio of 0.58x, 0.55x, and 0.52x for the same years [2][8]