Core Viewpoint - Qingnong Bank (002958.SZ) has released its 2024 annual report, showing growth in both revenue and net profit, but continues to face challenges with a loss in the fourth quarter and the highest non-performing loan ratio among A-share rural commercial banks [3][5][12]. Financial Performance - In 2024, Qingnong Bank achieved operating revenue of 11.033 billion yuan, a year-on-year increase of 6.85%, and a net profit attributable to shareholders of 2.856 billion yuan, up 11.24% year-on-year [5][6]. - The bank's performance is recovering compared to historical data, with revenue increasing by approximately 2.3 billion yuan since 2019, but net profit remains nearly unchanged from that period [7]. Asset Quality - The non-performing loan ratio for Qingnong Bank stands at 1.79%, the highest among A-share rural commercial banks, despite a slight decrease from the previous year [4][14]. - The bank's credit impairment losses reached 5.113 billion yuan in 2024, reflecting increased pressure on asset quality [12]. Comparison with Peers - Compared to Changshu Bank, Qingnong Bank's profitability is significantly lower, with Changshu Bank's net profit at 3.813 billion yuan, 1.34 times that of Qingnong Bank [10]. - Other banks with lower total assets than Qingnong Bank, such as Wuxi Bank and Jiangyin Bank, reported net profits exceeding 2 billion yuan, highlighting Qingnong Bank's relative underperformance [10]. Executive Compensation - Qingnong Bank's executives received significant salary increases, with Chairman Wang Xifeng earning approximately 1.9584 million yuan, the highest among A-share rural commercial bank chairmen [17][19]. - In contrast, the average salary for employees outside the executive level decreased, raising concerns about compensation equity within the organization [18][19]. Dividend Policy - Qingnong Bank's dividend distribution has been modest, with a proposed cash dividend of 0.12 yuan per share for 2024, resulting in a payout of approximately 667 million yuan, which is still below 30% of net profit [21].

Core Insights - In Q1 2025, 42 A-share listed banks reported mixed performance, with 26 banks showing revenue growth and 30 banks maintaining profit growth, indicating a challenging operating environment [1][3] - The net interest margin (NIM) continued to decline, posing challenges for future operations, although it showed signs of stabilization with reduced volatility [1][9] - Many banks opted to release provisions to offset profit shortfalls, leading to a noticeable decrease in provision coverage ratios [1][7][8] Revenue Performance - Four banks reported revenues exceeding 100 billion yuan: Industrial and Commercial Bank of China (ICBC) at 212.77 billion yuan, China Construction Bank at 190.07 billion yuan, Agricultural Bank of China at 186.67 billion yuan, and Bank of China at 164.93 billion yuan [2][3] - Five banks had revenues between 50 billion and 100 billion yuan, including Postal Savings Bank at 89.36 billion yuan and China Merchants Bank at 83.75 billion yuan [4] - 26 banks achieved year-on-year revenue growth, with Changshu Bank being the only one to exceed double-digit growth at 10.04% [4][5] Profit Performance - 30 banks reported positive net profit growth, with four banks achieving double-digit growth: Hangzhou Bank at 17.3%, Qilu Bank at 16.47%, Qingdao Bank at 16.42%, and Changshu Bank at 13.81% [6] - 12 banks experienced a decline in net profit, with Huaxia Bank and Xiamen Bank seeing significant drops of 14.04% and 14.21%, respectively [6] Asset Quality - The overall non-performing loan (NPL) ratio for listed banks remained stable, with most banks maintaining levels below 1.5% [1][7] - Banks with higher NPL ratios included Huaxia Bank at 1.61% and Zhengzhou Bank at 1.79% [7] Provision Coverage - Significant declines in provision coverage ratios were noted, with Postal Savings Bank dropping by 20.02 percentage points and Xiamen Bank by 78.38 percentage points, although still above regulatory requirements [7][8] Net Interest Margin - The average NIM for the 42 listed banks was around 1.6%, below the industry warning line of 1.8%, indicating a need for improved profitability [9][10] - Concerns were raised about the long-term implications of a low NIM environment on banks' profitability and risk management capabilities [9][10] Future Outlook - The banking sector may face a transitional period regarding profitability models, with potential opportunities in asset allocation and credit asset securitization [10][11]

Core Viewpoint - Su Nong Bank reported resilient growth in revenue and profit for 2024 and Q1 2025, with a focus on strategic expansion into urban areas and improved deposit stability [1][2][3][4][9] Financial Performance - In 2024, Su Nong Bank achieved operating income of 4.17 billion, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.95 billion, up 11.7% [1] - For Q1 2025, the bank reported operating income of 1.13 billion, a 3.3% increase year-on-year, and a net profit of 440 million, up 6.2% [1] - The annualized weighted average return on equity for Q1 2025 was 9.6%, a decrease of 0.8 percentage points year-on-year [1] Revenue and Profit Growth - Revenue growth rates for 2024 and Q1 2025 were 3.2% and 3.3%, respectively, with net interest income and non-interest income growth rates of -5% and 25.6% for 2024 [2] - The cost-to-income ratio for 2024 and Q1 2025 was 35.2% and 30.6%, respectively, showing a year-on-year change of +0.6 and -0.7 percentage points [2] Loan and Deposit Trends - As of Q1 2025, the bank's interest-earning assets and loans grew by 5.9% and 3.3% year-on-year, respectively [3] - Total loans for 2024 included 7.5 billion for corporate, 200 million for retail, and -700 million for bills, with a focus on agricultural, small and micro enterprises, and green loans [3] - Deposits grew by 10.1% year-on-year in Q1 2025, with a significant increase in demand deposits [4] Net Interest Margin (NIM) and Cost of Funds - The NIM for 2024 was reported at 1.55%, with a slight increase from mid-year but a decrease of 19 basis points from 2023 [5][6] - The cost of interest-bearing liabilities decreased to 1.81% in Q1 2025, down 21 basis points from 2024 [7] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 0.9% as of Q1 2025, with a coverage ratio of 420% [8][9] - The bank's capital adequacy ratios were robust, with core Tier 1 capital at 10.77% as of Q1 2025 [9] Strategic Outlook - The bank's "Five-Year Reconstruction" plan is ongoing, with a focus on expanding market share in urban areas and enhancing non-interest income [9][10] - The bank plans to implement a mid-term dividend in 2025, enhancing investor confidence [9]

Core Viewpoint - The bank's Q1 2025 financial performance shows stable revenue growth but a decline in net profit growth, driven by various factors including interest margin contraction and rising costs [1][4]. Group 1: Financial Performance - Q1 2025 operating revenue, PPOP, and net profit growth rates are 2.56%, -1.15%, and -2.22% respectively, with net profit growth declining compared to the previous year [1]. - Loan growth as of Q1 2025 is 8.32% year-on-year, with corporate loans increasing by 11.23% and personal loans remaining low [2][3]. - Total deposits grew by 6.24% year-on-year, indicating a recovery in deposit growth [2]. Group 2: Income Sources - Non-interest income saw a significant increase, with other non-interest income rising by 37.3% year-on-year, supported by foreign exchange gains [3]. - Fee and commission income grew by 2.1% year-on-year, indicating a return to positive growth in this segment [3]. Group 3: Asset Quality and Risk - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 197.97% [3]. - The bank's net interest margin contracted to 1.29%, primarily due to pressure on asset yields [4]. Group 4: Cost and Taxation - Management expenses increased by 5.70% year-on-year, contributing to a rise in the cost-to-income ratio and effective tax rate [4]. - The effective tax rate increased by 3.46% year-on-year, further impacting overall performance [4]. Group 5: Investment Outlook - The bank is expected to leverage its global and comprehensive advantages for sustainable growth, with a dynamic dividend yield of 4.22% for A shares and 5.52% for H shares [4].

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (601658) [1] Core Views - The bank's revenue for Q1 2025 decreased by 0.1% year-on-year, with net profit declining by 2.6% [6] - The non-performing loan (NPL) ratio increased slightly to 0.91%, while the provision coverage ratio fell to 266% [6] - The bank's loan growth outpaced major state-owned banks, with a year-on-year increase of 9.8% in Q1 2025 [6] - The net interest margin (NIM) decreased to 1.71%, reflecting ongoing pressure on interest rates [6] - The report anticipates a modest recovery in profitability, projecting net profit growth rates of 1.45%, 4.15%, and 6.72% for 2025, 2026, and 2027 respectively [6] Financial Data and Earnings Forecast - Q1 2025 revenue was 893.6 billion yuan, with a net profit of 252.5 billion yuan [4] - The bank's total loans reached 9,356.2 billion yuan, with total deposits at 15,976.5 billion yuan [10] - The forecast for total operating income is 351,263.09 million yuan for 2025, with a projected year-on-year growth rate of 0.71% [5] - The bank's return on equity (ROE) is projected to decline to 9.49% in 2025 [5] - The price-to-book (PB) ratio is currently at 0.57, with a projected dividend yield of 5.1% for 2025 [6]

上 市 公 司 ——业绩承压但负向边际有限，看好大行稳健股息优势 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 9.36 | | 一年内最高/最低（元） | 9.47/6.97 | | 市净率 | 0.7 | | 股息率%（分红/股价） | 6.38 | | 流通 A 股市值（百万元） | 89,797 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 12.92 | | 资产负债率% | 92.03 | | 总股本/流通 A 股(百万) | 250,011/9,594 | | 流通 B 股/H 股（百万） | -/240,417 | 一年内股价与大盘对比走势： 2025 年 04 月 30 日 建设银行 (601939) 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12 ...

公司1Q25 业绩符合我们预期 公司1Q25 净利润/拨备前利润/营业收入同比+1.4%/-4.5%/-1.0%，业绩符合我们预期。 发展趋势 利润增速上升。公司1Q25 净利润/拨备前利润/营业收入同比增速较2024 年分别+0.4ppt/-4.6ppt/-1.9ppt， 净利润增速改善，主要由于信用成本下降，资产减值损失同比下降13.5%；营业收入增速有所下降，其 中其他非息收入同比下降10.6%，较2024 年下降15.8ppt，主要由于债券及权益市场波动加大导致；利息 净收入同比增长2.5%，较2024 年下降1.0ppt，主要由于一季度息差重定价压力较大。 资产增长较快。公司一季度总资产/信贷同比增长7.4%/8.7%，较2024 年分别上升1.4ppt/1.2ppt，资产保 持稳定扩张。重点领域看，公司科技金融信贷较年初增幅+11.3%，节能降碳企业信贷增幅+7.5%，普惠 小微贷款增幅+5.9%，养老产业信贷增幅+13.8%，均保持较快增长。公司预计2025 年全年人民币信贷 增幅与2024 年持平，结构上继续投向五篇大文章等重点领域，并继续提升零售信贷占比。 维持盈利预测与估值不变。当前A 股 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [2] Core Views - The bank's revenue for 2024 and Q1 2025 showed year-on-year growth of 5.9% and 3.2%, respectively, while net profit attributable to shareholders increased by 10.2% and 5.6% [5][7] - The bank's strategy focuses on achieving sustainable growth in return on equity (ROE) above 15%, despite a temporary dip due to convertible bond dilution [7][10] - The bank's non-performing loan (NPL) ratio remains at a low level of 0.66%, with a high provision coverage ratio of 456% [7][10] Financial Data and Profit Forecast - Total revenue is projected to grow from 21,702.19 million in 2023 to 23,985.39 million in 2025E, with a year-on-year growth rate of 4.37% [6] - Net profit attributable to shareholders is expected to increase from 11,671.12 million in 2023 to 13,617.38 million in 2025E, reflecting a growth rate of 5.90% [6] - The bank's ROE is forecasted to decline from 18.78% in 2023 to 15.66% in 2025E [6] Loan Growth and Composition - The bank's loan growth remains strong, with a 16.9% increase in Q1 2025, driven primarily by corporate loans, which grew approximately 18% [7][11] - Retail loans are gradually improving, with Q1 2025 showing an increase of 23 million, compared to 10 million in the same period last year [7][11] Interest Margin and Cost Management - The net interest margin is projected to decline to 1.58% in Q1 2025, down 15 basis points year-on-year, with a focus on improving funding costs [10][14] - The bank's cost-to-income ratio has improved, contributing positively to profit growth [7][10] Risk Management - The bank maintains a low NPL ratio and a strong provision coverage, indicating effective risk management practices [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.74 CNY [1]. Core Views - Chengdu Bank's revenue for 2024 reached 23 billion CNY, a year-on-year increase of 5.9%, while the net profit attributable to shareholders was 12.9 billion CNY, up 10.2% year-on-year [3]. - The bank's net interest margin (NIM) for 2024 was 1.66%, showing a narrowing decline compared to previous periods, indicating a stabilization in interest income [8]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% at the end of 2024, maintaining a low level [10]. Summary by Sections Financial Performance - In 2024, Chengdu Bank achieved operating income of 230 billion CNY, a 5.9% increase year-on-year, and a net profit of 129 billion CNY, reflecting a 10.2% growth [3]. - For Q1 2025, the bank reported operating income of 58 billion CNY, up 3.2% year-on-year, and a net profit of 30 billion CNY, a 5.6% increase [3]. Revenue Composition - The growth rates for net interest income and non-interest income in 2024 were 4.6% and 11.7%, respectively, with a notable decline in non-interest income growth in Q1 2025 [4][9]. - Non-interest income accounted for 17.4% of total revenue in Q1 2025, down 2.3 percentage points from 2024 [9]. Asset Quality - The NPL ratio remained stable at 0.66% at the end of 2024, with a coverage ratio of 456% [10][11]. - The bank's credit impairment losses for Q1 2025 were 8.6 billion CNY, showing a slight decrease compared to the previous year [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio was 8.8%, with a risk-weighted asset (RWA) growth rate of 16.1% [11][33]. - The bank's capital structure has been strengthened through the conversion of convertible bonds, increasing the total share capital [11]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 3.16, 3.27, and 3.35 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 5.61, 5.42, and 5.30 [12][34].