上市银行2024、25Q1业绩综述：业绩筑底，风险缓释，分红丰厚

Overall Industry Investment Rating - The report indicates a cautious outlook for the banking sector, with expectations of revenue stabilization and valuation recovery in 2025, despite ongoing pressures from credit demand and interest rate adjustments [4][14]. Core Insights - The banking sector experienced a decline in revenue and profit growth in Q1 2025, with cumulative revenue and net profit down by 1.7% and 1.2% year-on-year, respectively [4][14]. - Asset quality showed slight improvement with a non-performing loan (NPL) ratio of 1.23%, down 1 basis point from the end of 2024, but the provision coverage ratio decreased to 238% [4][14]. - The report highlights a divergence in performance among different types of banks, with city commercial banks maintaining positive growth while state-owned and joint-stock banks faced declines [4][14]. Summary by Sections 1. Overall Sector Performance - In Q1 2025, cumulative revenue and net profit for 42 listed banks turned negative, with revenue down 1.7% and net profit down 1.2% year-on-year [14][19]. - The NPL ratio and provision coverage ratio were 1.23% and 238%, respectively, indicating a slight decline in asset quality metrics [14][29]. 2. Group Comparisons - Revenue and profit growth rates for state-owned and joint-stock banks declined, while city commercial banks showed positive growth [37][38]. - The report notes that city and rural commercial banks maintained higher growth rates compared to their larger counterparts [37][38]. 3. Individual Bank Performance - Notable performers in Q1 2025 included Changshu Bank with a revenue growth of 10.0% and Hangzhou Bank with a net profit growth of 17.3% [64][65]. - The report identifies banks with the highest year-on-year growth rates, emphasizing the performance of smaller banks in specific regions [64][65]. 4. Interest Income and Non-Interest Income - Net interest income showed improvement for most banks, with a notable recovery in growth rates for city and rural commercial banks [43][44]. - However, other non-interest income saw a decline, with significant drops reported across all bank categories [43][44]. 5. Asset Quality and Provisions - The NPL ratio for major banks showed a slight decrease, while forward-looking indicators such as the attention loan ratio and overdue loan ratio exhibited mixed trends [29][54]. - Provision coverage ratios declined across all bank categories, indicating potential challenges in managing asset quality [32][59]. 6. Investment Recommendations - The report suggests focusing on banks with strong growth potential in specific regions, such as Qingdao Bank and Qilu Bank in Shandong, and Chongqing Bank in Chongqing [4][14]. - It also highlights the attractiveness of dividend-paying banks like China Merchants Bank and Industrial Bank, especially in the current economic climate [4][14].