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建设银行(601939):开年信贷稳步增长,财政增资落地可期
EBSCN·2025-04-30 08:17

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 190.1 billion with a year-on-year decline of 5.4% and a net profit of 83.4 billion, also down 4% year-on-year [4]. - The annualized weighted average return on equity (ROAE) stands at 10.42%, a decrease of 1.2 percentage points compared to the previous year [4]. - The report highlights a steady growth in credit, particularly in key public sectors, with a loan growth rate of 8% year-on-year [6]. - The non-interest income growth has turned negative, accounting for over 25% of total revenue [10]. Summary by Sections Financial Performance - In Q1 2025, the company experienced a revenue decline of 5.4%, with net interest income and non-interest income decreasing by 5.2% and 6% respectively [5]. - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 22.4% and 25.3%, reflecting an increase of 1 and 1.4 percentage points year-on-year [5]. Credit and Loan Growth - The company’s interest-earning assets and loans grew by 7.7% and 8% year-on-year, with significant increases in loans to strategic emerging industries and small micro-technology financial loans [6][7]. - The report notes a shift towards public loans, with retail loans following, and a continued optimization of the credit structure [7]. Deposit and Funding - The growth rate of deposits was 3.6%, with a notable trend towards term deposits, which accounted for 57% of total deposits by the end of Q1 2025 [8]. - The company’s interest-bearing liabilities and deposits increased by 8.3% and 3.6% year-on-year, respectively [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio decreased to a historical low of 1.33%, with a provision coverage ratio of 236.8% [11]. - The capital adequacy ratios were reported at 13.98% for core tier one capital, indicating a strong buffer for future growth [11]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to 1.29, with corresponding price-to-earnings (P/E) ratios of 7.23, 7.10, and 6.95 for 2025-2027 [12][13]. - The report emphasizes the company's strategic focus on housing rental, inclusive finance, and financial technology as key growth drivers [12].