农业银行（601288）：利润增速持续领跑大行，县域金融战略深化

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The profit growth of Agricultural Bank continues to lead among state-owned banks, with a focus on deepening county financial strategies [4][9] - As of the end of Q1 2025, Agricultural Bank's revenue and net profit attributable to shareholders grew by 0.35% and 2.19% year-on-year, respectively, ranking first among state-owned banks [4][5] - The bank's non-interest income ratio increased to 24.69%, with significant growth in investment income and foreign exchange gains, reflecting strong financial investment capabilities [4][5] Financial Performance Summary - As of Q1 2025, total assets, loans, and financial investments of Agricultural Bank grew by 6.31%, 10.03%, and 12.69% year-on-year, respectively, indicating robust expansion [5] - The bank's net interest margin was 1.34%, with a slight decline compared to 2024, but the decrease was significantly narrowed year-on-year [6] - The non-performing loan ratio was 1.28%, down 2 basis points from 2024, indicating continued improvement in asset quality [8] Investment Recommendations - The bank's focus on county-level financial strategies is expected to benefit from accelerated urban-rural integration and high financial demand in rapidly developing central and western regions [9] - Profit growth and provisioning safety margin are leading among state-owned banks, with projected revenue growth of -0.96%, 1.81%, and 4.53% for 2025-2027 [9][11]