Tianfeng Securities·2025-05-01 14:23Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's total interest-earning assets reached 17.45 trillion yuan, growing by 8.1% year-on-year, driven by credit and financial investments [2] - The bank's non-performing loan ratio stands at 0.91%, with a provision coverage ratio of 266% [2][3] Financial Performance Summary - For Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, and a net profit of 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, marking a year-on-year increase of 14.83%, primarily driven by a recovery in fee and commission income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - The bank's interest-bearing liabilities amounted to 16.70 trillion yuan, reflecting an 8.6% year-on-year increase, with deposits growing by 9.2% [2] - The core Tier 1 capital adequacy ratio is reported at 9.21%, down 35 basis points from the previous quarter [3] Profit Forecast and Valuation - The forecasted growth rates for net profit from 2025 to 2027 are 1.23%, 3.98%, and 4.42% respectively, with corresponding book values per share of 8.82, 9.25, and 9.64 yuan [4]