渝农商行2025Q1 营收同比增长1.3%，增速较24A 提升0.3pc；归母净利润同比增长6.3%，增速较24A 提 升0.7pc。2025Q1 末不良率1.17%，环比持平；2025Q1末拨备覆盖率363%，环比持平。 盈利增速回升 渝农商行2025Q1 盈利增速回升，资产质量平稳。 数据概览 资产质量平稳 25Q1 末不良率环比持平于1.17%，测算不良TTM 生成率环比-9bp，不良表现整体平稳。拨备方面， 25Q1 末拨备覆盖率363%，环比基本持平，拨备水平充足。 盈利预测与估值 预计渝农商行2025-2027 年归母净利润同比增长6.6%/7.6%/7.7%，对应BPS11.84/12.65/13.54 元。维持目 标价7.81 元/股，对应2025 年PB 估值0.66x，现价空间15%，维持"买入"评级。 风险提示：宏观经济失速，不良大幅暴露。 2025Q1营收同比增长1.3%，增速较24A提升0.3pc；归母净利润同比增长6.3%，增速较24A 提升0.7pc。 驱动因素来看，规模扩张提速、息差拖累改善，减值支撑加大。①规模，25Q1 末总资产同比增长 8.0%，增速较24A 末提升3pc ...

风险提示：经济复苏不及预期；信贷需求不及预期；资产质量恶化。 利息净收入实现较好增长，利润总额实现双位数增长。截至25Q1，营收、PPOP、归母净利润同比增速 为1.4%/3.8%/6.25%，较24 年末 +0.3pct/-0.1pct/+0.7pct。其中利息净收入同比增速5.6%，较24 年末 +9.6pct，一是净息差坚挺，二是资产扩张势头强劲。手续费净收入增速延续负增长（-3.2%），但较24 年末+6.8pct。受25Q1 债券市场显著回调影响，其他非息收入同比增速-16.6%，成为营收核心拖累项， 但如果拉长周期看，渝农商行近三年金融投资结构有显著变化，OCI 占金融投资比重从22 年末的18.4% 升至25Q1 的40.9%，AC 从71%降至43.6%，往后看金融投资对利润表的贡献有望更加"张弛有度"。信用 成本下行，25Q1 减值计提规模同比少增2.7 亿元，支撑利润总额同比高增11.9%（环比+6.8pct），但受 金租子公司所得税税率调整影响，归母净利润增速环比改善幅度不及利润总额。 资产扩张能力在25Q1 得到验证，净息差与24 年持平。截至25Q1，总资产、贷款总额同比增速为8%、 ...

事件：4 月25 日，江苏金租公布2024 年报及2025 年一季报。2024 年实现归母净利润29.4 亿 元/yoy+10.6%，实现营收52.8 亿元/yoy+10.3%；1Q25 归母净利润7.7 亿元/yoy+8.4%。2024 年公司每股 分红0.27 元，分红率为53.15%/yoy+2.02pct，对应25/4/25 股息率为5.18%。 25/4/25 收盘价对应公司25-27E 动态PB 分别1.17x、1.10x、1.03x。 24 年生息资产规模保持双位数增长，1Q25 净利差环比提升。1）资产规模看：24 年面对外部环境不确 定性增加与租赁行业竞争加剧双重挑战，公司保持战略定力、推动资产规模稳步扩张；24 年末公司资 产总额1373 亿元/yoy+14.5%（1Q25 末较年初+8.9%），其中融资租赁资产规模1278 亿/yoy+12.0%；新 增投放829.2 亿元/yoy+14.5%，其中直接租赁投放金额同比增长22%、直租占比达到47%。2）1Q25 净 利差环比提升：24 年公司租赁业务净利差为3.62%/yoy+0.01pct，1Q25 净利差为3.91%/yoy+0.2 ...

江苏银行核心营收高增，存贷两旺，息差提升，资产质量改善。 数据概览 2025Q1营收同比增长6.2%，增速较24A放缓2.6pc；归母净利润同比增长8.2%，增速较24A 放缓2.6pc。 2025Q1 末不良率0.86%，较年初下降3bp；2025Q1 末拨备覆盖率344%，较24A 末下降7pc。 核心营收高增 江苏银行25Q1 营收利润同比增速均达到5%+，业绩增速处在上市行靠前水平。 江苏银行较强的营收主要得益于核心营收改善，江苏银行25Q1 利息净收入和中收分别同比增长 21.9%、21.8%，分别较24A 提升16pc、18pc。 展望2025 年，江苏银行营收和利润增速有望维持中高个位数增长，主要考虑： ①Q1 贷款增长较强，为全年营收奠定了良好基础。②江苏银行25Q1 大幅加仓债券投资资产，25Q1 债 券投资同比增长30%，增速较24Q4 提升6pc。判断江苏银行在3 月市场利率短期高点积极把握机会，积 累了投资浮盈。 存贷实现高增 江苏银行25Q1 存贷两旺，25Q1 贷款和存款净增量分别占2024 年全年贷款和存款净增量的83%、 125%，体现了江苏银行较强的资产组织能力，同时贷款靠前 ...

Investment Rating - The investment rating for Ningbo Bank is "Buy" and it is maintained [5]. Core Views - Ningbo Bank reported a revenue of 18.5 billion yuan in Q1 2025, representing a year-on-year growth of 5.63%, and a net profit attributable to shareholders of 7.4 billion yuan, also up by 5.76% year-on-year [1][2]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 370.54% as of the end of Q1 2025, indicating stable risk compensation capabilities [3]. - The bank is expected to maintain high growth in both deposits and loans, with projections for revenue and profit growth of 8.36% and 8.19% respectively for 2025 [4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 5.63% and 5.76%, respectively, which are slightly lower than the previous year's growth rates [2]. - Net interest income increased by 11.59% year-on-year, although the net interest margin decreased to 1.80%, down by 6 basis points from the previous year [2]. - Fee and commission income decreased by 1.32% year-on-year, while other non-interest income fell by 7.18% [2]. Asset Quality - The NPL generation rate for Q1 2025 was 1.09%, showing a decline of 8 basis points from the previous quarter, continuing a downward trend since Q1 2024 [3]. - The bank's write-off amount for Q1 2025 was 3.05 billion yuan, with recoveries amounting to 670 million yuan [3]. Asset and Liability Management - As of Q1 2025, total assets and loans reached 3.40 trillion yuan and 1.64 trillion yuan, respectively, with year-on-year growth rates of 17.58% and 20.41% [4]. - Total deposits amounted to 2.18 trillion yuan, reflecting a year-on-year increase of 19.92% [4].

25Q1 不良率（0.97%）、关注率（1.54%）分别较上年末持平、提升 9bps， 拨备覆盖率、拨贷比分别为 326.08%、3.17%，分别较上年末提升 5.2pc、 提升 7bps。25Q1 信用成本为 1.26%，同比提升 3bps。 证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 瑞丰银行（601528.SH） 息差降幅明显收窄，拨备进一步夯实 事件：瑞丰银行披露 2025 年一季报，2025 年一季度实现营收 11.1 亿元， 同比增长 5.12%，归母净利润 4.2 亿元，同比增长 6.69%。2025Q1 末不 良率、拨备覆盖率分别为 0.97%、326.08%，较上年末分别持平、提升 5.2pc。 1、业绩表现：息差降幅同比收窄 25Q1 年营业收入、归母净利润增速分别为 5.12%、6.69%，分别较 24A 下降 10.2pc、下降 4.6pc，其中息差同比降幅收窄、业务成本节约等对业 绩形成正向贡献，具体来看： 1）利息净收入：同比增长 2.68%，较 24A 增速提升 4.3pc，25Q1 净息差 为 1.46%，较 24A 下降 4bps（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has a strong cash position with a significant reduction in expenses year-on-year [2][6]. - The coal production and sales have shown stability, with a minor decrease in coal prices [6][9]. - The company is expected to face a decline in revenue and net profit in the upcoming years, but the overall asset quality is improving [9][10]. Financial Performance Summary - For 2024, the company reported revenue of 15.033 billion yuan, a decrease of 2.01% year-on-year, and a net profit of 2.808 billion yuan, down 14.93% year-on-year [5][9]. - In Q1 2025, the company achieved revenue of 2.424 billion yuan, a decline of 33.73% year-on-year, with a net profit of 512 million yuan, down 34.35% year-on-year [5][9]. - The company’s cash reserves stood at 16.61 billion yuan at the end of 2024, an increase of 1.401 billion yuan from the previous year [6][9]. Production and Sales Summary - In 2024, the company produced 34.6664 million tons of raw coal, a slight decrease of 0.06% year-on-year, with a total sales volume of 29.9665 million tons, down 0.43% year-on-year [6][9]. - In Q1 2025, the company produced 7.8626 million tons of raw coal, a decrease of 6.94% year-on-year, while the sales volume was 5.2617 million tons, down 24.33% year-on-year [6][9]. Profitability and Valuation Metrics - The company’s gross profit margin for 2024 was 49.79%, a decrease of 2.02 percentage points year-on-year [6][10]. - The projected earnings per share (EPS) for 2025 is 1.30 yuan, with a price-to-earnings (P/E) ratio of 8.85 [9][10]. - The return on equity (ROE) is expected to decline to 11% in 2025 from 15% in 2024 [10].

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]

Investment Rating - The report maintains a "Recommend" rating for Qilu Bank, indicating a positive outlook for the company's stock performance relative to market benchmarks [10]. Core Views - Qilu Bank's revenue and net profit have shown consistent growth, with 2024 revenue increasing by 4.6% year-on-year and net profit rising by 17.8%. In Q1 2025, revenue grew by 4.7% and net profit by 16.5% [2][3]. - The bank's asset quality is improving, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.17% in Q1 2025, down 2 basis points from the previous quarter. The provision coverage ratio has increased to 324.1% [2][5][9]. - Qilu Bank's loan growth remains robust, with a year-on-year increase of 12.6% in 2024 and 12.3% in Q1 2025, primarily driven by corporate loans [4][10]. Summary by Sections Financial Performance - Qilu Bank's revenue for 2024 was reported at 125 billion, with a projected growth rate of 4.6% for 2025. The net profit for 2024 was 50 billion, with a growth rate of 17.8% [11]. - The bank's net interest income increased by 7.9% year-on-year in Q1 2025, contributing to stable revenue growth [3]. Asset Quality - The NPL ratio has shown a downward trend, with a current rate of 1.17% and a provision coverage ratio of 324.1%, indicating a strong buffer against potential loan losses [5][9]. - The bank's retail loan NPL ratio has increased to 2%, reflecting broader industry trends, while corporate loan NPL rates remain stable [9]. Loan and Deposit Growth - Qilu Bank's total loans reached 3,371 billion in 2024, with a significant portion allocated to infrastructure and wholesale retail sectors [4][11]. - The bank's deposit growth is also strong, with a projected increase of 10.4% in 2025 [11]. Future Outlook - The bank is expected to maintain a high growth trajectory, with projected net profit growth rates of 16.9%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively [10][11]. - The report anticipates that the narrowing of interest margin declines will further support profitability [10].

齐鲁银行（601665.SH）：业绩保持 高增，资产质量改善 ——2024 年年报及 2025 一季报点评 事件：4 月 25 日，齐鲁银行公布 2024 年年报及 2025 年一季报。 2024 年、1Q25 营收同比增速分别为+4.6 %、+4.7%；归母净利润同 比增速分别为+17.8%、16.5%。一季度末不良贷款率 1.17%、环比下 降 2bp；拨备覆盖率 324.1%、环比提高 1.68pct。 点评： 1Q25 规模支撑营收平稳增长，拨备反哺净利润保持双位数增长。 2025 年 4 月 28 日 推荐/维持 齐鲁银行 公司报告 公司简介： 齐鲁银行成立于 1996 年 6 月 6 日，是全国首 批、山东省首家设立并引进境外战略投资的城商 行。战略布局根植济南，立足山东，辐射天津、 河南、河北。2021 年 6 月 18 日，齐鲁银行在上 海 证 券 交 易 所 正 式 挂 牌 上 市 （ 股 票 代 码 601665.SH）。国内主体信用评级达到 AAA 最高 等级，连续多年获得山东省地方金融企业绩效评 价"AAA 优秀"等级、济南市高质量发展考核市 管企业一等奖。齐鲁银行坚守"服务城乡居民、 ...