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招商银行(600036):非息拖累营收,高拨备优势稳固
2025 年 04 月 30 日 招商银行 (600036) ——非息拖累营收,高拨备优势稳固 报告原因:有业绩公布需要点评 研究支持 李禹昊 A0230123070008 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 买入(维持) | 市场数据: | 2025 年 04 月 29 日 | | --- | --- | | 收盘价(元) | 42.00 | | 一年内最高/最低(元) | 46.10/29.93 | | 市净率 | 1.0 | | 股息率%(分红/股价) | 4.70 | | 流通 A 股市值(百万元) | 866,416 | | 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) | 42.26 | | 资产负债率% | 89.99 | | 总股本/流通 A 股(百万) | 25,220/20,629 | | 流通 B 股/H 股(百 ...
邮储银行:扩表速度稳中有进,非息收入占比提升-20250430
EBSCN· 2025-04-30 02:10
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].
苏州银行(002966):2024年度报告暨2025年一季报点评:信贷维持双位数高增,可转债转股增厚股本
EBSCN· 2025-04-29 12:46
Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [1] Core Views - Suzhou Bank achieved a revenue of 12.2 billion in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 5.1 billion, up 10.2% year-on-year [3] - The bank's credit maintains double-digit growth, with loans increasing by 12.7% year-on-year as of Q1 2025, and a steady expansion of its asset scale [5] - The bank's non-interest income growth has slowed but remains stable at around 35% of total revenue [9] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.83% at the end of 2024 [10] Summary by Sections Financial Performance - In 2024, Suzhou Bank's operating income was 12.2 billion, with a net profit of 5.1 billion, reflecting a 3% and 10.2% increase year-on-year respectively [3] - For Q1 2025, the bank reported operating income of 3.25 billion, a 0.8% increase year-on-year, and a net profit of 1.55 billion, up 6.8% year-on-year [3] Revenue and Profitability - The bank's net interest income decreased by 6.8% in 2024, while non-interest income grew by 27.6% [4] - The bank's cost-to-income ratio was 36.4% in 2024, with credit impairment losses at 9.2% of revenue [4] Asset Quality - The non-performing loan ratio was 0.83% at the end of 2024, with a coverage ratio of 447% [10][11] - The bank's credit risk management remains robust, with a significant reduction in new non-performing loans [10] Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 9.8%, indicating a solid capital base for future growth [11] - The bank's capital adequacy ratios are well above regulatory requirements, providing a strong buffer for potential risks [11] Future Outlook - The bank is expected to continue its expansion in both corporate and retail lending, with a focus on manufacturing and small micro-enterprises [5] - The report anticipates stable growth in non-interest income and improvements in asset quality, supporting sustainable development [12][13]
宁波银行:2025年一季报点评不良生成速度放缓-20250429
Guotou Securities· 2025-04-29 04:20
Investment Rating - The investment rating for Ningbo Bank is "Buy-A" with a 6-month target price of 28.09 CNY, compared to the current stock price of 24.96 CNY [4]. Core Views - The report highlights that Ningbo Bank's performance in Q1 2025 was primarily driven by scale expansion, cost reduction, and tax benefits, despite a slight slowdown in various performance metrics compared to 2024 [1][10]. - The bank's non-performing loan generation rate has begun to decline, indicating improved asset quality, while the bank has increased its provisioning efforts [9][10]. Summary by Sections Financial Performance - In Q1 2025, Ningbo Bank's revenue grew by 5.63% year-on-year, with pre-provision profit increasing by 10% and net profit attributable to shareholders rising by 5.76% [1]. - The average daily balance of interest-earning assets increased by 17.79% year-on-year, with new asset scale reaching 270.8 billion CNY, a year-on-year increase of 94.3 billion CNY [1][17]. - New loans amounted to 162 billion CNY, up 53 billion CNY year-on-year, primarily driven by corporate loans and bill discounting [1][18]. Capital and Asset Quality - As of the end of Q1 2025, the core Tier 1 capital adequacy ratio was 9.32%, down 0.52 percentage points from the end of the previous year, indicating challenges in balancing capital consumption with asset expansion [2]. - The bank's non-performing loan balance increased by 20.61% year-on-year, while the total loan amount grew by 20.41% [10]. - The non-performing loan generation rate (annualized) was 1.08%, down 12 basis points year-on-year, reflecting a slowdown in the generation of new non-performing loans [9][10]. Income and Cost Management - The net interest margin decreased by 7 basis points quarter-on-quarter to 1.8%, with a year-on-year decline of 10 basis points, slightly impacting net interest income growth [2][3]. - Non-interest income fell by 5.78% year-on-year, with net fee and commission income down by 1.32% [3][9]. - The cost-to-income ratio improved to 29.07%, a decrease of 2.46 percentage points year-on-year, indicating effective cost control measures [9]. Future Outlook - For the full year of 2025, revenue growth is expected to be 6.50%, with net profit growth projected at 5.48% [10][12].
盛京银行的阵痛与曙光:2024年净利润6.2亿、同比降幅收窄,净息差仅0.8%创新低
Sou Hu Cai Jing· 2025-04-28 10:55
Core Viewpoint - Shengjing Bank is struggling to transform itself two years after shedding its "Evergrande system" identity, facing significant historical burdens and declining financial performance, with a strategic goal of "stabilizing growth, improving quality, increasing efficiency, and enhancing effectiveness" for 2024 [2] Financial Performance - In 2024, Shengjing Bank reported revenue of 8.577 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 621 million yuan, down 15.21%, marking the fourth consecutive year of revenue and profit decline [2] - The bank's net interest margin was only 0.8%, down 16 basis points year-on-year, significantly lower than the average for commercial banks and city commercial banks, which were 1.52% and 1.38% respectively [4][3] - Total interest-earning assets decreased by nearly 70 billion yuan to 8555.16 billion yuan, a decline of 7.5% year-on-year, with a significant gap between interest-earning assets and interest-bearing liabilities [5] Asset Quality and Loan Performance - As of the end of 2024, Shengjing Bank's total assets grew by 4% to 1.12 trillion yuan, with loans issued amounting to 500.6 billion yuan, a year-on-year increase of 4.8% [9] - The bank's corporate loans, which account for over two-thirds of its credit portfolio, reached 337.88 billion yuan, growing by 9.67% year-on-year, while personal loans showed mixed performance with a notable increase in personal consumption loans [10] - The non-performing loan (NPL) ratio for personal loans was 2.9%, with mortgage loans having a particularly high NPL ratio of 3.66% [12][11] Non-Interest Income - Shengjing Bank achieved non-interest income of 1.69 billion yuan in 2024, a significant increase of 44% year-on-year, attributed to improved investment trading capabilities [7] Market Performance and Shareholder Sentiment - The bank's stock price in the Hong Kong market has been underperforming, trading around 1.06 HKD per share, significantly lower than its initial listing price of 7.65 HKD in 2014, with liquidity issues evident as trading volumes dropped to zero during certain periods [15] - The number of H-share shareholders has dwindled to just 124, reflecting market skepticism regarding the bank's future profitability and growth prospects [15] Strategic Direction - Shengjing Bank is actively pursuing a "de-Evergrande" strategy, having removed references to Evergrande from its annual reports since 2023, and has undergone significant management restructuring to align with its vision of becoming a "good bank for enterprises and the public" [16][17]
宁波银行(002142):2024年报点评:经营稳健,分红提升
Guotou Securities· 2025-04-10 04:34
Investment Rating - The investment rating for Ningbo Bank is "Buy-A" with a target price of 28.09 CNY, compared to the current stock price of 23.36 CNY [5]. Core Views - Ningbo Bank's 2024 revenue showed a steady growth of 8.19% year-on-year, with pre-provision profit increasing by 13.92% and net profit attributable to shareholders rising by 6.23% [1][11]. - The bank's net interest margin demonstrated resilience, with a slight decrease of only 2 basis points compared to 2023, outperforming peers [8][10]. - The bank's asset quality remains stable, with a non-performing loan generation rate gradually declining, benefiting from controlled consumer credit expansion [9][10]. Summary by Sections Financial Performance - In Q4 2024, Ningbo Bank's net profit attributable to shareholders grew by 3.78% year-on-year, driven by scale expansion, widening net interest margin, and cost savings, despite a slowdown in non-interest income growth and increased taxes [1]. - The average daily balance of interest-earning assets grew by 16.01% year-on-year, although the growth rate decreased by 5.64 percentage points compared to Q3 2024 [1][8]. - The bank's non-interest income decreased by 12.3% year-on-year in Q4 2024, primarily due to a decline in other non-interest income [8]. Credit and Asset Quality - New loans in Q4 2024 totaled 214 billion CNY, a decrease of 153 billion CNY year-on-year, with both corporate and retail credit growth lagging behind 2023 levels [2][10]. - The non-performing loan ratio remained stable at 0.76%, with improvements in corporate loan asset quality [9][32]. - The provision coverage ratio decreased to 389.35%, indicating strong risk resistance capabilities [9][32]. Future Outlook - The bank is expected to achieve a revenue growth of 6.50% and a net profit growth of 5.48% in 2025, with a focus on maintaining a strong balance sheet while controlling risk [11][12]. - The dividend payout ratio has significantly increased to 22.77%, reflecting a stronger commitment to shareholder returns [10][11].
张家港行(002839):业绩增长韧性较强 转债转股增厚股本
Xin Lang Cai Jing· 2025-04-01 12:45
Core Viewpoint - Zhangjiagang Bank reported a revenue of 4.71 billion with a year-on-year growth of 3.8% and a net profit attributable to shareholders of 1.88 billion, reflecting a year-on-year increase of 5.1% [1] Financial Performance - Revenue growth is stable, with a year-on-year increase of 3.8% and net profit growth of 5.1%, showing resilience in performance [2] - The weighted average return on equity (ROAE) is 11.05%, down 0.6 percentage points year-on-year [1] - Net interest income and non-interest income growth rates are -12.6% and 96.8%, respectively, indicating a significant recovery in non-interest income [2] Loan and Asset Growth - The growth rate of interest-earning assets and loans is 4% and 8%, respectively, showing a slight slowdown compared to the previous quarter [3] - New loans for the year totaled 10.2 billion, with a decrease in financial investments and interbank assets [3] - The bank's focus on corporate and retail loans remains strong, with corporate loans accounting for 53.2% of total loans [3] Deposit Trends - Deposit growth has slowed, with a year-on-year increase of 6.4% in total deposits [5] - The proportion of time deposits continues to rise, reaching 79.4% by year-end [5] - New deposits for the year totaled 10.1 billion, reflecting a decrease compared to the previous year [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the year is 1.62%, showing a "L"-shaped trend with a decrease of 37 basis points year-on-year [6] - Non-interest income reached 1.33 billion, a year-on-year increase of 97%, driven by bond trading [7][8] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stands at 0.94%, indicating strong risk management capabilities [9] - The bank's provision coverage ratio is 376%, maintaining a high level of risk buffer [9] Capital Adequacy - The core tier 1 capital ratio is 11.1%, reflecting an increase due to the conversion of convertible bonds [10] - The bank's risk-weighted assets (RWA) growth rate is 6.7%, showing a slowdown in asset expansion [10] Strategic Focus - The bank is focusing on the local market, particularly in personal business loans, and is expanding its presence in Suzhou, Wuxi, and Nantong [11] - The strategy aims to enhance loan growth and improve asset pricing [11]
【建设银行(601939.SH)】盈利增长更进一步,“三大战略”稳步落实——2024年年报点评(王一峰/赵晨阳)
光大证券研究· 2025-03-31 06:59
Core Viewpoint - The article discusses the financial performance of China Construction Bank (CCB) for the year 2024, highlighting a slight decline in revenue but an improvement in profit growth, alongside various operational metrics and trends [3][4]. Financial Performance Summary - CCB reported a total revenue of 750.2 billion, reflecting a year-on-year decline of 2.5%, while the net profit attributable to shareholders was 335.6 billion, with a growth rate of 0.9% [3]. - The annualized weighted average return on equity (ROAE) was 10.69%, down by 0.9 percentage points compared to the previous year [3]. Revenue and Profit Growth - The revenue decline has narrowed, with profit growth accelerating; the year-on-year growth rates for revenue, pre-provision profit, and net profit were -2.5%, -4%, and 0.9%, respectively, showing improvements compared to the first three quarters of 2024 [4]. - The net interest income and non-interest income growth rates were -4.4% and 5.1%, respectively, with changes of +1.5 and -1.7 percentage points compared to the previous quarters [4]. Credit and Loan Growth - By the end of 2024, CCB's interest-earning assets and loans grew by 5.8% and 8.3% year-on-year, although these growth rates decreased by 2.9 and 0.5 percentage points compared to the end of the third quarter [5]. Deposit Trends - CCB experienced a 5.7% year-on-year growth in interest-bearing liabilities and a 3.7% growth in deposits, with changes of -3.8 and +1.4 percentage points from the previous quarter [6]. - The total new deposits for the year were 1 trillion, which was a decrease of 1.6 trillion compared to the previous year, influenced by regulatory adjustments and interest rate cuts [6]. Net Interest Margin (NIM) - The NIM for the year was 1.51%, down by 19 basis points from 2023, but the rate of decline has slowed down, indicating a potential stabilization [7]. Non-Interest Income - CCB's non-interest income reached 160.3 billion, growing by 5.1% year-on-year, although the growth rate decreased by 1.7 percentage points compared to the previous quarters [8]. Asset Quality - The non-performing loan (NPL) ratio and attention rate were 1.34% and 1.89%, respectively, showing a decline of 1 basis point and 18 basis points from mid-year [9]. - The new NPLs for the year totaled 19.4 billion, which was a decrease of 13 billion year-on-year, indicating improved asset quality [9]. Capital Adequacy - By the end of 2024, CCB's core tier 1, tier 1, and total capital adequacy ratios were 14.5%, 15.2%, and 19.7%, respectively, with increases of 38, 21, and 34 basis points from the end of the third quarter [10]. - The bank plans to distribute dividends of 100.75 billion, maintaining a payout ratio of 30% [10].