XIANMEN BANK(SH:601187) NORTHEAST SECURITIES·2025-06-27 09:44Investment Rating - The report gives a "Buy" rating for Xiamen Bank, with initial coverage [4][11]. Core Views - Xiamen Bank, established in 1996, has a diversified shareholder structure and has achieved full coverage of branches in Fujian Province by 2015, with total assets of 374.2 billion yuan by the end of 2024 [1][19]. - The bank benefits from a favorable economic environment in Fujian Province, which ranks 8th in GDP and 4th in per capita GDP among 31 provinces, with growth rates exceeding the national average [2][34]. - The bank's loan and deposit scales are steadily growing, with a loan total of 210.58 billion yuan in Q1 2025, showing a year-on-year increase of 0.12% [3][26]. - Investment income has maintained a high growth rate, with a year-on-year increase of 18.14% in Q1 2025 [3][31]. Summary by Sections Company Overview - Xiamen Bank has a unique shareholder structure with significant participation from Taiwanese capital, and its management team has extensive experience in the banking industry [19][20]. - The bank's total assets have shown a compound annual growth rate of 9.36% from 2020 to 2024 [19]. Economic Environment - Fujian Province's GDP reached 5.78 trillion yuan in 2024, with a growth rate of 6.3%, surpassing the national average [34]. - The province's per capita disposable income in Q1 2025 grew by 5.6%, ranking 7th among provinces [34]. Financial Performance - In Q1 2025, the bank's total loans amounted to 210.58 billion yuan, with corporate loans increasing by 5.23% to 142.24 billion yuan [3][26]. - The bank's deposit scale reached 221.38 billion yuan, with a year-on-year growth of 14.35% [3][26]. - The non-performing loan ratio stood at 0.86%, indicating good asset quality [3][31]. Investment Income - The bank achieved investment income of 331 million yuan in Q1 2025, reflecting an 18.14% year-on-year increase [3][31]. - The proportion of fee and commission income also increased, contributing to the bank's overall revenue growth [3][31]. Profit Forecast - The forecasted net profit for Xiamen Bank from 2025 to 2027 is 2.50 billion yuan, 2.51 billion yuan, and 2.62 billion yuan, respectively [4].