光大银行（601818）：配置价值仍在

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company shows recovery in credit growth and deposit growth, with loans increasing by 5.24% year-on-year and deposits by 3.49% year-on-year as of Q1 2025 [2][3] - The non-interest income has turned positive for the first time since 2021, with a 3.27% increase in net fee and commission income [2] - Investment income has significantly increased, although fair value changes showed a negative growth of 212.6% [2] Summary by Sections Performance - Q1 2025 operating revenue, PPOP, and net profit growth rates are -4.06%, -4.38%, and 0.31% respectively, showing a decline compared to the previous year [1][12] - The company’s net interest margin for Q1 2025 is estimated at 1.39%, a decrease of 14 basis points from Q4 2024 [3][12] Non-Interest Income - The company reported a 3.27% year-on-year increase in net fee and commission income in Q1 2025, marking a positive turnaround [2][31] - Other non-interest income increased by 1.52% year-on-year, despite significant losses in fair value changes [2][31] Asset Quality - The non-performing loan ratio remains stable at 1.25%, with a provision coverage ratio of 174.44%, which has decreased by 6.15 percentage points [3][12] - The company’s new non-performing loan generation rate is estimated at 1.01%, showing stability in new bad loans [3][12] Capital and Shareholder Information - The company plans to distribute a total dividend of 0.189 CNY per share for 2024, with a dividend payout ratio of 30.14% [3] - The latest closing price corresponds to a dynamic dividend yield of 4.96% for both A and H shares [3]