Investment Rating - The investment rating for Chengdu Bank is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2] - The bank's net interest income for Q1 2025 was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The net interest margin recorded for Q1 2025 was 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Chengdu Bank's total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] - The bank's total interest-bearing liabilities reached 1.24 trillion yuan, up 12.5% year-on-year, with deposits growing by 15.4% [4] - The non-performing loan balance was 530 million yuan, with the non-performing loan ratio remaining stable compared to 2024 [4] Financial Data Summary - Chengdu Bank's projected net profit growth for 2025-2027 is estimated at 9.18%, 8.84%, and 6.48% respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - The financial forecast indicates that operating revenue is expected to grow from 217 billion yuan in 2023 to 275 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.30% [6][12] - The bank's core Tier 1 capital adequacy ratio for Q1 2025 was recorded at 8.84%, reflecting a decrease of 22 basis points [4]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's total interest-earning assets reached 17.45 trillion yuan, growing by 8.1% year-on-year, driven by credit and financial investments [2] - The bank's non-performing loan ratio stands at 0.91%, with a provision coverage ratio of 266% [2][3] Financial Performance Summary - For Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, and a net profit of 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, marking a year-on-year increase of 14.83%, primarily driven by a recovery in fee and commission income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - The bank's interest-bearing liabilities amounted to 16.70 trillion yuan, reflecting an 8.6% year-on-year increase, with deposits growing by 9.2% [2] - The core Tier 1 capital adequacy ratio is reported at 9.21%, down 35 basis points from the previous quarter [3] Profit Forecast and Valuation - The forecasted growth rates for net profit from 2025 to 2027 are 1.23%, 3.98%, and 4.42% respectively, with corresponding book values per share of 8.82, 9.25, and 9.64 yuan [4]

Core Viewpoint - Postal Savings Bank of China (PSBC) reported a slight decline in revenue and net profit for Q1 2025, but non-interest income showed significant growth, leading to a positive outlook for the bank's performance [2][3]. Financial Performance - In Q1 2025, PSBC achieved revenue of 89.4 billion yuan, a year-over-year decrease of 0.07%, and a net profit attributable to shareholders of 25.4 billion yuan, down 2.62% year-over-year [2][3]. - The non-performing loan ratio stood at 0.91%, with a provision coverage ratio of 266% [2][3]. Non-Interest Income - Non-interest income was a key driver for revenue improvement, totaling 20.5 billion yuan, which represents a year-over-year increase of 14.83% [3]. - Fee and commission income rebounded to 10.3 billion yuan, up 8.76% year-over-year, ending a negative growth trend since the end of 2023 [3]. - Other non-interest income also performed well, growing by 21.70% year-over-year, primarily driven by investment net income of 10.9 billion yuan, which surged by 104.58% [3]. Asset and Liability Management - As of Q1 2025, PSBC's interest-earning assets totaled 17.45 trillion yuan, reflecting an 8.1% year-over-year increase, with loans and financial investments growing by 10.1% and 9.5%, respectively [4]. - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-over-year, with deposits increasing by 9.2% and bond issuance rising by 15.6% [4]. Capital Adequacy and Asset Quality - The core Tier 1 capital adequacy ratio was reported at 9.21%, down 35 basis points from the previous quarter, likely due to increased loan disbursements [4]. - The non-performing loan ratio increased slightly by 1 basis point compared to the end of 2024, while the provision coverage ratio decreased by 20 percentage points [4]. Profit Forecast and Valuation - The company forecasts a net profit growth of 1.23%, 3.98%, and 4.42% for the years 2025 to 2027, with corresponding book value per share (BPS) estimates of 8.82, 9.25, and 9.64 yuan [5].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's revenue and net profit have declined further, with Q1 2025 showing a year-on-year decrease of 3.6% in revenue and 2.2% in net profit, reflecting a drop of 4.2 percentage points and 2.3 percentage points compared to 2024 [2] - The net interest margin (NIM) for Q1 2025 is 1.80%, a slight decrease of 2 basis points from 2024, indicating pricing pressure on mortgages [3] - Non-interest income has shown improvement, with net fee and commission income increasing by 8.5% year-on-year, contrasting with a decline of 13.2% in 2024 [3] - Asset quality remains relatively stable, with a non-performing loan (NPL) ratio of 1.08% as of Q1 2025, a slight increase from the previous quarter [4] - The company is expected to maintain a diversified business model with strengths in green banking, wealth management, and investment banking, leading to a projected net profit growth of -0.42%, 2.60%, and 3.33% from 2025 to 2027 [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 557 billion yuan and a net profit of 238 billion yuan, with a year-on-year decline of 3.58% and 2.22% respectively [1] - The total assets grew by 3.6% year-on-year, with loans and financial investments increasing by 4.8% and 11.7% respectively [2] Interest Margin and Income - The net interest income increased by 1.3% year-on-year in Q1 2025, showing a slight improvement from the previous year's growth rate [2] - The NIM for Q1 2025 is 1.80%, with a decrease in the yield on interest-earning assets by 26 basis points to 3.18% compared to 2024 [3] Non-Interest Income - The net fee and commission income improved significantly, growing by 8.5% year-on-year, while other non-interest income saw a decline of 21.5% due to market fluctuations [3] Asset Quality - The NPL ratio increased slightly to 1.08% in Q1 2025, while the coverage ratio decreased to 233.42%, still above the average for joint-stock banks [4] Profit Forecast and Valuation - The company is projected to have a net profit of 769 billion yuan in 2025, with a slight decline expected, followed by growth in subsequent years [5]

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's revenue improved due to non-interest income, with Q1 2025 revenue reaching 164.9 billion yuan, a year-on-year increase of 2.56%. Net interest income was 107.7 billion yuan, down 4.42% year-on-year, while non-interest income grew by 18.91% to 57.2 billion yuan, becoming the main driver of revenue growth [2][3] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [3] - The bank's net interest margin recorded 1.29%, down 11 basis points quarter-on-quarter and 15 basis points year-on-year, primarily due to adjustments in the Loan Prime Rate (LPR) [3] Financial Performance Summary - In Q1 2025, the bank's total interest-earning assets amounted to 34.92 trillion yuan, a year-on-year increase of 7.2%. Loan and financial investment growth was 8.3% and 20.0%, respectively [3] - The bank's interest-bearing liabilities reached 31.59 trillion yuan, up 6.8% year-on-year, with deposits growing by 6.2% [3] - The bank's forecasted net profit for 2025 is expected to be 245.8 billion yuan, with a slight growth of 0.03% year-on-year, and projected growth rates for 2026 and 2027 are 2.37% and 3.41%, respectively [5][12]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's asset quality remains stable with a non-performing loan ratio of 0.91% and a provision coverage ratio of 266% [2][3] - The bank's core tier one capital adequacy ratio is at 9.21%, reflecting a decrease due to increased loan disbursements [3] Financial Performance Summary - In Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, with net profit at 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, a year-on-year increase of 14.83%, driven mainly by a 104.58% increase in investment net income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - Total interest-earning assets amounted to 17.45 trillion yuan, growing 8.1% year-on-year, with loans and financial investments increasing by 10.1% and 9.5% respectively [2] - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-on-year, with deposits growing by 9.2% [2] Profitability Forecast - The bank's projected net profit growth for 2025-2027 is estimated at 1.23%, 3.98%, and 4.42% respectively, with corresponding book value per share (BPS) of 8.82, 9.25, and 9.64 yuan [4][11]

招商银行（600036） 证券研究报告 事件： 4 月 29 日，招商银行发布 2025 年一季度报告。2025Q1 公司实现营收 838 亿元，YoY-3.09%；归母净利润 373 亿元，YoY-2.08%；年化 ROE 同比下降 1.95pct 至 14.13%。 点评： 公司报告 | 季报点评 净息差保持韧性，资产质量稳健 信贷增长放缓，净息差韧性较强。2025Q1 净利息收入同比增长 1.9%， 而 2024 年同比增长-1.6%，净利息收入回归正增轨道。 规模方面，2025Q1 末总资产同比增长 8.8%，其中贷款总额、金融投资 分别同比增长 4.5%、20.2%，信贷需求疲弱下公司加大债券配置力度。 净息差方面，2025Q1 净息差为 1.91%，较 2024Q4 仅下降 3bp，韧性 较强。资产端，2025Q1 生息资产收益率环比下降 12bp 至 3.21%，LPR 和存量房贷利率下调，叠加有效需求不足导致的贷款利率自发式下行，贷 款收益持续承压。负债端，2025Q1 计息负债成本率环比下降 11bp 至 1.39%。我们认为，存款挂牌利率下调红利加速释放，负债成本压力缓解 是支撑净息差的核 ...

Core Viewpoint - ST Yongyue (603879) reported a narrowing loss in Q1 2025, but still faces challenges in profitability, asset quality, and cash flow management [2][3][7] Financial Overview - The total operating revenue for ST Yongyue was 60.84 million yuan, a decrease of 6.05% compared to the same period last year [2] - The net profit attributable to the parent company improved from -12.18 million yuan to -5.84 million yuan, a year-on-year increase of 52.09% [2] - The net profit after deducting non-recurring gains and losses also improved from -12.69 million yuan to -5.87 million yuan, up 53.79% year-on-year [2] Profitability Analysis - The gross profit margin was 1.68%, a decrease of 71.02% compared to the same period last year, indicating a significant decline in the company's core business profitability [3] - The net profit margin was -9.6%, although it increased by 49.01% year-on-year, it remains in a loss position [3] - Earnings per share were -0.02 yuan, an increase of 52.07% year-on-year, but still negative [3] Cost and Expense Control - The total of the three expenses (selling, administrative, and financial expenses) was 8.11 million yuan, accounting for 13.33% of operating revenue, a significant decrease of 49.40% from 26.35% in the same period last year [4] Asset and Liability Situation - Cash and cash equivalents decreased from 61.42 million yuan to 23.28 million yuan, a decline of 62.10% [5] - Accounts receivable decreased from 83.08 million yuan to 69.52 million yuan, a drop of 16.32% [5] - Interest-bearing liabilities increased from 9.30 million yuan to 13.55 million yuan, a growth of 45.71% [5] Cash Flow Situation - Operating cash flow per share was -0.01 yuan, a decrease of 362.67% year-on-year, with a three-year average of operating cash flow to current liabilities at -136.63%, indicating significant cash flow management risks [6]

公司报告 | 季报点评 4 月 29 日，工商银行发布 2025 年一季度报告。2025Q1 公司实现营收 2128 亿元，YoY-3.22%；归母净利润 842 亿元，YoY-3.99%；年化 ROE 同比下降 1.00pct 至 9.06%。 点评： 营收和利润进一步下滑。2025Q1 公司营收、归母净利润分别同比增长 -3.22%、-3.99%，分别较 2024 年下降 0.7pct、4.5pct。业绩归因来看， 净息差下行和其他非息负增拖累营收表现，规模扩张和拨备释放提振业绩。 持续发挥头雁作用，息差下行压力仍存。2025Q1 净利息收入同比增长 -2.9%，而 2024 年同比增长-2.7%，降幅进一步扩大。 规模方面，2025Q1 末总资产同比增长 8.3%，其中贷款总额、金融投资 分别同比增长 8.5%、23.6%，信贷前置发力和增配债券带动资产规模扩 张。信贷投向上，一季度对公贷款、零售贷款分别新增 1.11 万亿、1820 亿，分别贡献贷款增量的 84.8%、13.9%，对公端仍是信贷扩张的主要抓 手。此外，2025Q1 末存款总额同比增长 4.0%，远低于 8.6%的总负债增 速，预计受一 ...