中国经济网北京5月6日讯目前，我国12家全国性股份制商业银行2024年度业绩报告已全部披露完毕。从 不良贷款率表现来看，截至2024年末，渤海银行不良贷款率1.76%，在股份行中最高。华夏银行 （600015）、广发银行的不良贷款率分别为1.60%、1.53%，排在第二、三名，均较2023年末上升一个 名次。招商银行（600036）的不良贷款率最低，为0.95%。 截至2024年末，渤海银行、华夏银行、广发银行、恒丰银行、民生银行（600016）、浙商银行 （601916）、浦发银行（600000）、中信银行（601998）的不良贷款率均较2023年末有所下降，其中恒 丰银行下降0.23个百分点，降幅居首。光大银行（601818）、兴业银行（601166）、平安银行 （000001）、招商银行的不良贷款率与2023年末持平。 银行名称 2024年末不良贷款率 2023年末不良贷款率 2024年末较2023年末变动 | 渤海银行 | 1.76% | 1.78% | 下降0.02个百分点 | | --- | --- | --- | --- | | 华夏银行 | 1.60% | 1.67% | 下降0.07个百分点 ...

Core Viewpoint - In Q1 2025, China Merchants Bank reported a decline in both operating income and net profit, indicating a slowdown in performance compared to the previous year [1][2]. Financial Performance - In Q1 2025, the bank achieved operating income of 83.751 billion yuan, a year-on-year decrease of 3.09%, with the decline rate widening by 2.61 percentage points compared to 2024 [1][2]. - The net profit attributable to shareholders was 37.286 billion yuan, down 2.08% year-on-year, with a decline of 3.3 percentage points compared to 2024 [1][2]. - The average return on total assets and average return on equity were 1.21% and 14.13%, respectively, both showing year-on-year declines of 0.14 percentage points and 1.95 percentage points [2]. Revenue Structure - Net interest income for Q1 2025 was 52.996 billion yuan, reflecting a year-on-year growth of 1.92%, continuing the growth trend from Q4 2024 [2]. - Net fee and commission income was 19.696 billion yuan, down 2.51% year-on-year, with wealth management fees increasing by 10.45% [2]. - The revenue from agency wealth management surged by 39.47% due to growth in agency scale and product structure optimization, while agency insurance income continued to decline due to falling insurance sales [2]. - Other net income was 11.059 billion yuan, down 22.19% year-on-year, primarily impacted by rising market interest rates leading to a decrease in the fair value of bond and fund investments [2]. Cost Management - The net interest margin for Q1 2025 was 1.91%, down 11 basis points year-on-year and 3 basis points quarter-on-quarter, with the decline rate narrowing [3]. - The deposit cost rate decreased by 34 basis points year-on-year to 1.29%, positively affecting the net interest margin due to lower deposit rates and regulatory restrictions on high-interest deposit solicitation [3]. Asset Quality - As of the end of Q1 2025, the non-performing loan ratio was 0.94%, a slight improvement of 0.01 percentage points from the end of the previous year [3]. - The non-performing loan ratio for corporate loans improved to 0.95%, while the retail loan non-performing ratio increased to 1.01%, indicating ongoing pressure on retail loan asset quality [3]. - The provision coverage ratio was 410.03%, down 1.95 percentage points from the end of the previous year [3]. Investment Outlook - The bank maintains a "buy" rating, with a dividend payout ratio exceeding 30% and a projected cash dividend of 2 yuan per share for 2024, resulting in a dividend yield of 4.91% based on the closing price on April 30 [4]. - The estimated net asset value per share for 2025 is 45.25 yuan, with the current stock price corresponding to a price-to-book ratio of 0.90 times [4].

公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 -4.63%，较 2024 年末改善 4.72pct。另外，投资净收益依旧亮眼，一季 度营收 43 亿元，同比增长 145.83%。 2025 年一季度，建设银行净息差录得 1.41%，环比下行 10bp，同比 -16bp。结合 2024 年底公司生息资产收益率和计息负债成本率来看，因 2024 年 LPR 多次调整，新年存量贷款重定价可能是公司 2025 第一季度 净息差下行的主要原因。另外 ...

资产端： 2025 年一季度建设银行生息资产总计 41.93 万亿元，同比增长 7.8%。其中，信贷投放和金融投资依旧是企业规模增长的主要动能，2025 一季度分别同比增长 8.0%、14.4%，环比增长 4.5%、5.8%；另外同业 资产环比高增 17.4%。生息资产结构上，贷款、金融投资、同业及拆放、 存放央行分别较 2024 年末变动-0.58、+0.08、+0.41、+0.09pct。 公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 ...

Core Viewpoint - China Bank reported a slight year-on-year increase in revenue for Q1 2025, driven primarily by non-interest income, despite a decline in net interest income and net profit [1][2][3]. Revenue and Profitability - In Q1 2025, China Bank achieved revenue of 164.9 billion yuan, a year-on-year increase of 2.56% [1][2]. - Net interest income was 107.7 billion yuan, down 4.42% year-on-year, accounting for 65.32% of total revenue [2]. - Non-interest income reached 57.2 billion yuan, showing a significant year-on-year growth of 18.91%, becoming the main driver for revenue improvement [2][3]. - The bank's net profit attributable to shareholders was 54.4 billion yuan, reflecting a year-on-year decrease of 2.90% [1][2]. Asset and Liability Management - As of Q1 2025, the total interest-earning assets amounted to 34.92 trillion yuan, representing a year-on-year growth of 7.2% [3]. - The loan and financial investment segments were key growth drivers, with year-on-year increases of 8.3% and 20.0%, respectively [3]. - The total interest-bearing liabilities stood at 31.59 trillion yuan, up 6.8% year-on-year, with deposits growing by 6.2% [4]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25%, unchanged from 2024 [5]. - The provision coverage ratio was 198%, a decrease of 2.63 percentage points compared to the end of 2024 [6]. Shareholder Structure - Changes in the top ten shareholders included a slight increase in the stake of the second-largest shareholder, Hong Kong Central Clearing Limited, and minor decreases for others [6]. Profit Forecast and Valuation - The bank is expected to see marginal improvements in revenue and profit for 2024, with projected year-on-year growth in net profit attributable to shareholders of 0.03%, 2.37%, and 3.41% for 2025-2027 [7].

文/曹萌 4月30日，A股上市公司年报披露接近尾声，从各家银行披露的2024年财报获悉，处在行业腰部的 城商行，整体资产质量有所提升，且在不良贷款率上，东南沿海地区城商行依旧明显低于中西部地区 城商行。 虽然2024年末11家A股上市城商行的不良贷款率较2023年末实现下降，但须格外注意的是整体不良 贷款率的下降源于加大了公司类不良贷款的处置力度，而与此同时城商行的个人贷款不良率却明显增 加。 在处置不良资产方面，对于城商行等中小银行而言，处置个人不良贷款的成本相对较高，且批量处置 难度较大。这就意味着，在净息差进一步收窄的2025年，城商行不仅要面临利息收入压力的增加， 同时还要面对较大的拨备计提压力。 01 两家上市城商行不良贷款率超平均水平 目前，A股上市城商行共17家，其中，沿海省份的商行9家，西部地区的城商行5家，而两者在资产 质量上对比鲜明。 财报显示，截至2024年末，A股上市城商行不良贷款率在1.7%以上的共有三家，分别为兰州银行、 郑州银行和西安银行。其中，兰州银行和郑州银行 的不良贷款率均超过了金融监管总局公布的2024 年末全国城商行平均不良贷款率1.76%。 02 个人贷款不良率普遍提 ...

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company's revenue for Q1 2025 reached 164.9 billion yuan, a year-on-year increase of 2.56%, which is an improvement of 1.4 percentage points compared to the full-year growth rate of 2024. However, the net profit attributable to shareholders decreased by 2.9% year-on-year, reflecting a decline of 5.5 percentage points from the previous year's growth rate, primarily due to an increase in the effective tax rate [2][4] - The growth in revenue is mainly attributed to a significant increase in non-interest income, which rose by 37.3% year-on-year, while net interest income fell by 4.4% [3][4] - The company's total assets as of March 2025 amounted to 35.98 trillion yuan, with a loan total of 22.61 trillion yuan and deposits of 25.61 trillion yuan, reflecting growth rates of 2.6%, 4.7%, and 5.8% respectively since the beginning of the year [3] Financial Performance Summary - The annualized average return on total assets (ROA) is 0.66%, and the return on equity (ROE) is 9.09% [2] - The net interest margin for Q1 2025 was 1.29%, a decrease of 15 basis points year-on-year, but the decline is less severe compared to the previous year's full decline of 19 basis points [4] - The non-performing loan ratio remained stable at 1.25% as of March 2025, unchanged from the beginning of the year, with a provision coverage ratio of 198%, down by 2.6 percentage points [4] Earnings Forecast and Valuation - The company is expected to achieve net profits of 241.6 billion yuan, 249.4 billion yuan, and 267.3 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 1.6%, 3.2%, and 7.2% [4][5] - The diluted earnings per share (EPS) are projected to be 0.78 yuan, 0.80 yuan, and 0.86 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 6.7x, 6.5x, and 6.1x, and price-to-book (PB) ratios of 0.60x, 0.56x, and 0.53x [4][5]

Investment Rating - The report maintains a buy rating for the company’s A/H shares [5][8]. Core Views - The company reported a year-on-year decline in net profit and operating income for Q1 2025, with net profit down by 2.6% and operating income down by 0.1% [1]. - The company is experiencing pressure on its net interest margin, which decreased to 1.71%, while non-interest income showed strong growth of 14.8% year-on-year [2][3]. - The company is focusing on cost optimization, which is reflected in the reduction of its cost-to-income ratio to 56.7% [3]. Summary by Sections Financial Performance - For Q1 2025, the company’s annualized ROE and ROA were 11.33% and 0.58%, respectively, both showing a decline compared to the previous year [1]. - The company’s total assets, loans, and deposits grew by 8.3%, 9.8%, and 9.2% year-on-year, respectively [2]. Credit and Asset Quality - The non-performing loan (NPL) ratio was reported at 0.91%, with a provision coverage ratio of 266% [4]. - The company’s NPL generation rate increased to 0.88%, indicating a rise in asset quality concerns [4]. Capital and Valuation - The report estimates the company’s EPS for 2025 at 0.88 RMB, with a projected PB ratio of 0.70 for A shares and 0.64 for H shares [5]. - The target prices are set at 6.29 RMB for A shares and 6.17 HKD for H shares [8][9].

Group 1 - The core viewpoint of the report indicates that China Merchants Bank experienced a decline in both operating income and net profit for Q1 2025 compared to the previous year, with operating income at 83.751 billion yuan, down 3.09%, and net profit at 37.286 billion yuan, down 2.08% [1] - The bank's net interest income increased by 1.92% year-on-year, reaching 52.996 billion yuan, while non-interest income saw a significant decline of 10.64%, totaling 30.755 billion yuan [1] - As of the end of Q1 2025, the total assets of China Merchants Bank reached 12.529 trillion yuan, a growth of 3.11% from the end of the previous year, with total loans and advances at 7.125 trillion yuan, up 3.44% [1] Group 2 - The bank's non-interest income accounted for 36.72% of total operating income, with net fee and commission income at 19.696 billion yuan, down 2.51% year-on-year, while other net income fell by 22.19% to 11.059 billion yuan, primarily due to the impact of rising market interest rates on the fair value of bond and fund investments [1] - In terms of asset quality, as of the end of Q1 2025, the non-performing loan balance was 66.743 billion yuan, an increase of 1.133 billion yuan from the end of the previous year, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points [2] - The bank's provision coverage ratio stood at 410.03%, down 1.95 percentage points from the end of the previous year, and the loan provision ratio was 3.84%, down 0.08 percentage points [2]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows strong revenue growth and profitability, with operating income of 9.98 billion CNY, a year-on-year increase of 2.2%, and net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year [3][4]. - The bank's annualized weighted average return on equity (ROE) stands at 20.6%, an increase of 0.64 percentage points year-on-year [3]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Deposit Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with loan growth slightly decreasing compared to the end of the previous year [5]. - The bank's total deposits increased by 98 billion CNY in Q1, with a year-on-year growth rate of 21.1% [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, a decrease of 6 basis points from 2024 [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, primarily due to a decline in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 530.1% [9]. - Capital adequacy ratios as of Q1 2025 are 9.01% for core tier 1, 11.34% for tier 1, and 14.05% for total capital, showing a stable increase [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to earnings per share (EPS) estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to price-to-book (PB) ratios of 0.75, 0.65, and 0.56 for 2025-2027 [10].