长沙银行（601577）：估值洼地+高增长潜力

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's valuation at approximately 0.6x PB provides sufficient margin of safety, and the current low valuation reflects market concerns about its asset quality, which may be excessive [2][4] - The company has a strong retail loan proportion among listed city commercial banks, and while there are real challenges with retail non-performing loans, market fears may be overstated [2][28] - The company's core competitiveness lies in its deep roots in county-level markets, a large retail customer base, and low-cost stable deposits, with significant growth potential in retail banking [2][70] - The investment suggestion is to buy into a recovery option, aligning with Warren Buffett's investment philosophy of "picking up cigarette butts" (short-term) and "quality companies" (long-term) [2][120] Summary by Sections Valuation Concerns - The company's static PB value is 0.60x, which is at a low historical percentile among peer city commercial banks [4][10] - Market concerns primarily revolve around the asset quality, particularly the non-performing loans in retail banking, which are a common issue across the industry [2][34] County-Level Market Focus - The company has designated county-level finance as its "number one project," achieving full coverage in 86 counties in Hunan Province [43][50] - The annual compound growth rate of county-level loans from 2022 to 2024 is projected at 21.4%, surpassing the overall loan growth rate of 13.8% [50][58] - By the end of 2024, county-level loans are expected to account for 36.9% of total loans, with 50.6% of new loans directed towards county-level markets [50][70] Low-Cost Stable Liabilities - The company maintains a high net interest margin of 2.11%, benefiting from high-yield assets and low-cost stable deposits [104][111] - The average loan yield is projected at 5.26%, positioning the company favorably compared to peers [111] Investment Recommendations - The current low valuation reflects excessive market pessimism regarding asset quality, with the company actively addressing non-performing loans [120] - The company’s strategic focus on county-level finance and a solid retail customer base positions it well for future growth [70][120]