随着微众银行和网商银行双双公布2024年年报，截至目前，已有13家银行通过上市股东财报或同业存单发行计划等形式披露了2024年业 绩情况。 从资产规模来看，13家银行的资产总额均同比有所增长，合计规模达1.9万亿元，同比增长11.4%。营收方面，除众邦银行没有公布营收 情况外，其他12家银行中，有7家银行营收实现了正增长，且5家双位数增长。 整体来看，在净息差持续收窄、营收增长承压的背景下，2024年民营银行业绩分化明显：网商银行、微众银行资产规模均超过4500亿， 营收均超过200亿，持续领跑。 两者利润与营收规模存在差异，源于服务客群的不同。在信贷领域，网商银行服务的客户主要为中小微企业、个人创业者及经营性农 户，是以往金融服务难以覆盖的"薄弱地带"，客户小，风险高。而微众银行利润主要来源于服务个人的微粒贷，风险更小，因而利润更 厚。 在民营银行贷款业务面临激烈竞争的背景下，两家"头雁"均积极寻求转型。微众在通过设立香港子公司谋求出海，而网商持续发力综合 金融。 年报数据显示，2024年末，网商银行综合金融服务小微客户数超过6800万，存款、理财等客户资产管理规模（AUM）迈上万亿台阶，居 民营银行前列； ...

交通银行实现营业收入663.74亿元，同比下降1.02%；实现归属于母公司所有者的净利润253.72亿元，同比增长 1.54%。 4月29日，国有六大行相继披露2025年一季度报告，交出首季成绩单。据统计，报告期内，六大行合计实现归属于母 公司股东的净利润3444.2亿元，日赚约38.27亿元。 从财务指标看，六大行营业收入"三升三降"，归母净利润"两升四降"。以归母净利润计，排名为工商银行、建设银 行、 农业银行、 中国银行、 交通银行、邮储银行。若以归母净利润增速计算，农业银行以2.2%的增速拔得头筹，交 通银行以1.54%的增速次之。 具体而言，一季度，工商银行实现营业收入2127.74亿元，同比下降3.22%；归属于母公司股东的净利润841.56亿元， 同比下降3.99%。 建设银行营业收入1900.70亿元，同比下降5.40%；归属于本行股东的净利润833.51亿元，同比下降3.99%。 农业银行实现营业收入1866.74亿元，同比增长0.35%；归属于母公司股东的净利润719.31亿元，同比增长2.20%。 中国银行实现营业收入1649.29亿元，增长2.56%。实现归属于母公司所有者的净利润54 ...

总负债416,759.52亿元，比上年末增加15,350.90亿元，增长3.82%。吸收存款320,173.51亿元，比上年末 增加17,119.94亿元，增长5.65%。吸收存款(不含应计利息)按期限结构划分，定期存款179,908.07亿元， 活期存款126,459.87亿元，其他存款8,994.66亿元;按业务类型划分，公司存款106,331.88亿元，个人存款 200,036.06亿元，其他存款8,994.66亿元。 截至2025年3月31日，不良贷款余额3,346.44亿元，比上年末增加124.79亿元;不良贷款率1.28%，比上年 末下降0.02个百分点。拨备覆盖率297.81%，比上年末下降1.80个百分点。 截至2025年3月31日，总资产448,189.57亿元，比上年末增加15,808.22亿元，增长3.66%。客户贷款及垫 款总额261,873.72亿元，比上年末增加12,811.85亿元，增长5.14%。客户贷款及垫款总额(不含应计利息) 按业务类型划分，公司类贷款152,214.15亿元，个人贷款92,737.42亿元，票据贴现12,542.32亿元，境外 及其他贷款3,863.36 ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - The report highlights steady growth in performance and continued excellent asset quality for Suzhou Bank [1] - The bank's total operating income for 2024 is projected to be 12.224 billion yuan, representing a year-on-year increase of 3.01% [1] - The net profit attributable to shareholders for 2024 is expected to reach 5.068 billion yuan, with a year-on-year growth of 10.16% [1] - The report anticipates a slight adjustment in net profit forecasts for 2025-2027, now projected at 5.444 billion yuan, 5.323 billion yuan, and 5.910 billion yuan respectively [1] Financial Performance Summary - Total operating income (in million yuan): - 2023A: 11,866 - 2024A: 12,224 (3.01% YoY) - 2025E: 12,987 (6.24% YoY) - 2026E: 14,192 (9.28% YoY) - 2027E: 15,832 (11.56% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2023A: 4,600 - 2024A: 5,068 (10.16% YoY) - 2025E: 5,444 (7.41% YoY) - 2026E: 5,323 (-2.22% YoY) - 2027E: 5,910 (11.02% YoY) [1] - Latest diluted EPS (in yuan/share): - 2023A: 1.00 - 2024A: 1.08 - 2025E: 1.15 - 2026E: 1.12 - 2027E: 1.25 [1] - P/B (current price & latest diluted): - 2023A: 0.92 - 2024A: 0.83 - 2025E: 0.70 - 2026E: 0.66 - 2027E: 0.62 [1] Asset Quality and Risk Management - The non-performing loan (NPL) ratio for Q1 2025 remains stable at 0.83% [1] - The provision coverage ratio for Q1 2025 decreased to 447% due to a rapid increase in non-performing loan balances [1] - The report indicates a slight increase in the non-performing loan generation rate to 0.20% in Q1 2025 [1] Market Data - Closing price: 8.11 yuan - Market capitalization: 36.257 billion yuan [5] - Price-to-book ratio: 0.74 [5] Conclusion - The report maintains a positive outlook on Suzhou Bank, emphasizing its robust performance and asset quality, while also noting the potential for further growth in the coming years [1]

1）利息净收入：同比下降0.57%，较24A 降幅收窄6.2pc，25Q1 净息差为1.34%，较24A 下降4bps （24Q1 下降16bps），息差同比降幅明显收窄，主要得益于负债端成本持续优化，其中25Q1 生息资产 收益率、计息负债成本率分别下降33bps、下降21bps。 2）手续费及佣金净收入：同比增长22.48%，较24A 增速提升37pc，或主要源于上年同期低基数以及保 险基金代理费率政策调整的影响逐渐减退。 3）其他非息收入：同比下降7.76%，较24A 增速下降60pc，其中投资净收益同比增长47.11%，而受一 季度债市明显波动影响，公允价值变动损益浮亏2.3 亿元。 事件：苏州银行披露2024 年报及2025 年一季报，2024 年实现营收122亿元，同比增长3.01%，归母净利 润51 亿元，同比增长10.16%。2025年一季度实现营收32 亿元，同比增长0.76%，归母净利润16 亿元， 同比增长6.80%。2025Q1 末不良率、拨备覆盖率分别为0.83%、447.20%，较上年末分别持平、下降 36pc。2024 年全年分红比例达32.50%，较2023年（31.08%）进 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、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：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

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].

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、 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 8.86 [8][11]. Core Views - The company demonstrated strong resilience in performance, with a year-on-year increase in net profit and operating income of 13.8% and 10.0% respectively for Q1 2025 [1]. - Non-interest income has significantly supported growth, with a year-on-year increase of 62% in non-interest income for Q1 2025, contributing to a high revenue growth [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 490% as of March 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the annualized ROE and ROA increased by 0.15 percentage points and 0.06 percentage points to 14.89% and 1.23% respectively [1]. - Interest income growth faced pressure, but non-interest income, particularly from investment gains and foreign exchange, showed rapid growth [1][3]. Credit and Interest Margin - As of March 2025, total assets, loans, and deposits grew by 6.7%, 6.1%, and 6.8% respectively, indicating a cautious approach to credit growth [2]. - The net interest margin decreased by 10 basis points to 2.61%, primarily due to pricing pressure on the asset side [2]. Non-Interest Income and Cost Management - Non-interest income accounted for 22.0% of total revenue, up 7.1 percentage points year-on-year, with significant contributions from investment income and foreign exchange [3]. - The cost-to-income ratio improved, decreasing by 5.4 percentage points to 34.7% [3]. Asset Quality and Capital Adequacy - The company maintains a strong asset quality with a non-performing loan generation rate of 1.09% for Q1 2025, indicating potential short-term pressure on small and micro enterprises [4]. - Capital adequacy ratios as of March 2025 were 13.67% for total capital and 10.78% for core Tier 1 capital, reflecting a slight decrease from the end of 2024 [4]. Valuation and Earnings Forecast - The report forecasts net profits for 2025-2027 to be RMB 42 billion, RMB 47 billion, and RMB 53 billion, with year-on-year growth rates of 10.9%, 11.4%, and 11.6% respectively [5]. - The target price corresponds to a price-to-book ratio of 0.85 for 2025, indicating a valuation premium due to the company's resilient business model [5].