[Table_Page] 季报点评|国有大型银行Ⅱ 证券研究报告 [Table_Title] 工商银行(601398.SH/01398.HK) 存贷同比多增，中收降幅收窄 [Table_Summary] 核心观点： | [Table_Invest] 公司评级 | 买入-A/买入-H | | --- | --- | | 当前价格 | 7.27 元/5.48 港元 | | 合理价值 | 7.29 元/5.50 港元 | | 前次评级 | 买入/买入 | | 报告日期 | 2025-04-30 | [Table_PicQuote] 相对市场表现 -12% 0% 13% 25% 38% 50% 04/24 06/24 08/24 10/24 12/24 02/25 04/25 工商银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 许洁 | | SAC 执证号：S0260518080004 | | SFC CE No. BNU965 | | 0 ...

Core Viewpoint - The financial performance of Industrial Bank (兴业银行) in Q1 2025 shows a decline in revenue and net profit, reflecting broader challenges in the banking sector, particularly due to reduced income from bond-related financial assets [1][2]. Financial Performance - Total assets reached 10.63 trillion yuan, a 1.17% increase from the previous year [1] - Revenue for Q1 2025 was 55.683 billion yuan, down 3.58% year-on-year [1] - Net profit attributable to shareholders was 23.796 billion yuan, a decrease of 2.22% compared to the same period last year [1] - Non-interest income fell to 17.961 billion yuan, a decline of 12.42% year-on-year, with investment income down 22.4% [1] Interest Income and Margin - Net interest income remained stable at 37.722 billion yuan, with a year-on-year growth of 1.29% [1] - Net interest margin was 1.80%, down 2 basis points from 2024 and 7 basis points year-on-year [1][2] - Deposit interest rates decreased, with the deposit rate at 1.79%, down 33 basis points year-on-year [2] Asset Quality - Non-performing loans (NPL) amounted to 62.831 billion yuan, an increase of 1.354 billion yuan from the previous year, with an NPL ratio of 1.08% [3] - The coverage ratio for provisions was 233.42%, indicating a strong buffer against potential losses [3] - The bank has implemented a risk management mechanism to enhance the identification and assessment of key risks across its asset products [3] Loan Growth - Green loans and technology loans grew by 9.37% and 9.90% respectively, outpacing overall loan growth [3]

广发银行表示，为应对低利率环境所带来的挑战，2024年以来在收入端、资产端、负债端、非息端、支 出端等方面持续推动增收提效、降本增效以及风险防控。 具体来看，收入端方面，明确"扩增量、稳息差、拓非息"的总体增收思路。资产端方面，持续调优资产 结构，对公贷款继续提质扩量，突出重点领域金融支持，同时零售贷款保持合理稳健，持续出清风险资 产。 经济观察报记者老盈盈 4月29日，广发银行发布2024年年度报告。截至2024年末，该行总资产达到3.64万亿元；当年实现营业 收入692.4亿元、净利润152.8亿元，同比均有所下降；不良贷款率1.53%，同比下降0.05个百分点；拨备 覆盖率165.60%，同比提升4.7个百分点。 非息端方面，持续强化市场研判并前瞻部署，重点在中间业务规模上提质扩量，金融市场交易能力不断 提升，全年非息收入占比同比提升1.6个百分点。支出端方面，通过强化资源整合，实现源头管控，创 新管理模式，2024年成本收入比同比下降。此外，该行持续严控新发生不良资产，加大风险资产清收处 置力度。 广发银行同时表示，尽管净息差压力与业务结构调整仍需时间消化，但该行通过资产质量夯实、资本实 力增强与战略 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, primarily due to slowed growth in scale and increased non-interest burdens, although interest margin pressures improved [2][3] - The average daily interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but rebounded by 2 basis points compared to Q4 2024, benefiting from a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market, with minimal losses reported [4] - The bank's non-performing loan ratio increased slightly to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [5] Summary by Sections Performance Overview - For Q1 2025, the company reported a revenue of 55,683 million, a decrease of 3.6% year-on-year, and a net profit of 23,796 million, down 2.2% year-on-year [12] - The return on equity (ROE) for Q1 2025 was 9.0%, reflecting a decline from previous quarters [12] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding book values per share (BPS) of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 CNY per share, indicating a potential upside of 23% from the current price [6] Asset Quality - The non-performing loan ratio at the end of Q1 2025 was 1.08%, with a slight increase from the previous quarter, while the attention loan ratio remained stable at 1.71% [5] - The provision coverage ratio decreased to 233% [1][5]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.35 CNY and 4.85 HKD respectively [1][10]. Core Insights - Postal Savings Bank's Q1 2025 report shows stable revenue at 893.6 billion CNY, with a slight year-over-year decline of 0.1%. The net profit attributable to shareholders is 252.5 billion CNY, down 2.6% year-over-year [2][3]. - The bank's non-interest income has increased its contribution to total revenue, rising to 22.9%, up 4.9 percentage points from the previous year [3][4]. - The bank's loan and interest income growth rates are 9.8% and -3.8% respectively, indicating a shift towards non-interest income sources [3][4]. Financial Performance - For Q1 2025, the bank's net interest margin decreased to 1.71%, down 16 basis points from 2024, primarily due to lower asset yields [6][10]. - Non-interest income grew by 14.8% year-over-year, reaching 205.1 billion CNY, with significant contributions from fees and commissions [7][10]. - The bank's non-performing loan ratio remains low at 0.91%, with a slight increase from the previous year [8][10]. Asset and Liability Management - As of Q1 2025, the bank's interest-earning assets and loans grew by 8% and 9.8% year-over-year, respectively, with loans making up 56.5% of interest-earning assets [4][5]. - The bank's deposit growth was robust, with total deposits increasing by 9.2% year-over-year, reflecting strong core funding capabilities [5][10]. Capital Adequacy - The risk-weighted assets (RWA) increased by 6.9% year-over-year, with a decline in capital adequacy ratios, indicating higher capital consumption due to increased lending [9][10]. - The bank's core tier 1 capital ratio stood at 9.21%, down from the previous year, but is expected to improve following a planned capital increase of 130 billion CNY [9][10]. Earnings Forecast and Valuation - The report projects a slight decline in earnings per share (EPS) for 2025-2027, adjusting the forecast to 0.74, 0.75, and 0.78 CNY respectively [10][11]. - The current price-to-book (P/B) ratios for A-shares and H-shares are estimated at 0.7 and 0.55 respectively for 2025 [10][11].

证券研究报告 | 公司点评 | 股份制银行Ⅱ 中信银行(601998) 报告日期：2025 年 04 月 30 日 扩表提速，息差下行 ——中信银行 2025 年一季报点评 25Q1 中信银行息差（期初期末口径，下同）环比 24Q4 下降 10bp 至 1.61%，资 产端下行幅度大于负债端下行幅度。①25Q1 资产收益率环比下降 25bp 至 3.31%，判断一方面受市场利率下行影响，一方面受资产结构变化影响。25Q1 债 券投资增速（同比 9.4%）显著高于贷款增速（同比 5.1%）。目前配置盘票息收 入有限，债券增配可能对息差产生负面影响。②25Q1 负债成本率环比下降 15bp 至 1.74%，判断主要得益于存款利率调整。展望未来，中信银行息差仍面临收窄 压力，主要考虑市场利率下行和债券票息利差收窄。 ❑ 资产质量波动 25Q1 末中信银行不良率环比持平于 1.16%，关注率较 24Q4 末上升 5bp 至 1.68%，风险指标小幅承压。动态指标来看，25Q1 中信银行真实不良 TTM 生成 率 1.28%，环比上升 2bp。 ❑ 盈利预测与估值 投资要点 ❑ 中信银行 2025Q1 资产扩表提速，息 ...

证券研究报告 | 公司点评 | 股份制银行Ⅱ 中信银行(601998) 报告日期：2025 年 04 月 30 日 中信银行 2025Q1 营收同比下降 3.7%，增速由正转负；归母净利润同比增长 1.7%，增速较 24A 放缓 0.7pc。2025Q1 末不良率环比持平于 1.16%；2025Q1 末 拨备覆盖率 207%，较 24A 末下降 2.3pc。 ❑ 营收增速下降 中信银行 2025Q1 营收同比下降 3.7%，增速较 24A 放缓 7.5pc；归母净利润同比 增长 1.7%，增速较 24A 放缓 0.7pc。驱动因素来看，规模扩张和拨备反哺为主要 支撑项，息差下行和交易收入波动为主要拖累项。①规模，25Q1 末总资产同比 增长 8.7%，增速较 24A 末提升 3.4pc。25Q1 末贷款同比增长 5.1%，增速较 24A 末提升 1.1pc；债券投资同比增长 9.4%，，增速较 24A 末提升 8.3pc。其中， OCI、TPL、AC 账户规模分别环比增长 12.5%、1.0%、0.4%。一季度债券市场 回撤后，中信银行显著增配 OCI 账户债券。②息差，25Q1 中信银行息差（期初 期末口径 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, indicating a shift from growth to decline compared to 2024 [2][6] - The average net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but showed a rebound of 2 basis points compared to Q4 2024, primarily due to a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market [4] Summary by Sections Performance Overview - Q1 2025 revenue was 55,683 million, down 3.6% year-on-year, while net profit was 23,796 million, down 2.2% year-on-year [12] - The non-performing loan ratio increased by 1 basis point to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [1][5] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding BPS of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 yuan per share, corresponding to a 2025 PB of 0.66, indicating a potential upside of 23% from the current price [6] Asset Quality - The bank's asset quality is on an improving path, with a focus on real estate and credit card risk generation, while retail remains under slight pressure [5] - The provision coverage ratio decreased by 4 percentage points to 233% at the end of Q1 2025 [1][5]

Investment Rating - The report maintains a "Recommendation" rating for Postal Savings Bank of China (601658) with a target price of 6.24 CNY, compared to the current price of 5.35 CNY [4][8]. Core Views - The bank's liabilities continue to show advantages, while retail business is expected to recover gradually. The first quarter of 2025 saw a slight decline in operating income by 0.07% year-on-year, and a decrease in net profit by 2.62% year-on-year. The non-performing loan ratio increased slightly to 0.91%, and the provision coverage ratio decreased by 20 percentage points to 266% [2][3][8]. Financial Performance Summary - **Operating Income and Profit**: In Q1 2025, the bank achieved operating income of 893.63 billion CNY, with a year-on-year decline of 0.07%. The net profit attributable to shareholders was 252.46 billion CNY, down 2.62% year-on-year [2][3]. - **Loan and Deposit Growth**: The bank's loans and deposits grew by 9.8% and 9.2% year-on-year, respectively. Corporate loans increased by 15.2%, while retail loans grew by 4.3% [8]. - **Interest Margin**: The net interest margin decreased by 10 basis points to 1.69% in Q1 2025, primarily due to a significant drop in asset yield [8]. - **Asset Quality**: The non-performing loan ratio rose to 0.91%, with an annualized net generation rate of 0.94%. The bank is expected to maintain manageable levels of retail loan non-performing rates as the economy recovers [8]. Financial Forecast Summary - **Revenue and Profit Growth**: The forecast for revenue growth from 2025 to 2027 is 1.0%, 3.6%, and 6.4%, respectively. Net profit growth is projected at 1.1%, 2.0%, and 5.0% for the same period [8][9]. - **Valuation Metrics**: The current valuation is at 0.6 times the 2025 price-to-book ratio, with a target price set at 6.24 CNY based on a projected price-to-book ratio of 0.7 times [4][8].

Enterprise Financial Services (EFSC) Q1 2025 Earnings Call April 29, 2025 03:56 PM ET Speaker0 Thank you. I would now like to turn the conference over to Jim Lalli, President and CEO. You may begin. Speaker1 Well, thank you, Pam, and good morning, everybody. You all very much for joining us this morning, and welcome to our twenty twenty five first quarter earnings call. Joining me this morning is Keane Turner, EFSC's Chief Financial Officer and Chief Operating Officer Scott Goodman, President of Enterprise ...