瑞丰银行(601528) 报告日期：2025 年 04 月 28 日 盈利显韧性 ——瑞丰银行 2025 年一季报点评 投资要点 ❑ 瑞丰银行 2025Q1 盈利韧性显现，息差小幅回升，其他非息拖累。 ❑ 业绩概览 瑞丰银行 2025Q1 营收同比增长 5.1%，增速较 24A 放缓 10.2pc；归母净利润同比 增长 6.7%，增速较 24A放缓 4.6pc。2025Q1末不良率环比持平于 0.97%；2025Q1 末拨备覆盖率 326%，较 24A 末上升 5.2pc。 ❑ 营收降幅收窄 瑞丰银行 2025Q1 营收同比增长 5.1%，增速较 24A 放缓 10.2pc；归母净利润同 比增长 6.7%，增速较 24A 放缓 4.6pc。驱动因素来看，规模扩张放缓和其他非息 波动拖累营收增速放缓。①规模，25Q1 末总资产同比增长 11.1%，增速较 24A 末放缓 0.9pc。25Q1 末贷款同比增长 11.7%，增速较 24A 末放缓 3.8pc，贷款投 放动能边际减弱。②息差，25Q1 单季息差（期初期末口径，下同）为 1.45%， 环比上升 5bp，息差回暖对营收形成支撑。③非息，25Q1 其他非息 ...

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].

Performance Review - Ningbo Bank's 1Q25 performance met expectations with revenue growth of 6% year-on-year, pre-tax profit growth of 2%, and net profit growth of 6% [1] Development Trends - The pace of scale expansion accelerated, with total assets, loans, and deposits growing by 18%, 20%, and 20% year-on-year, respectively, faster than previously expected [2] - In 1Q25, new loans comprised 86% corporate loans, 17% bill discounts, and -3% personal loans, while new deposits were 84% corporate deposits [2] - Net interest margin narrowed to 1.80%, down 10 basis points year-on-year and 9 basis points quarter-on-quarter, with asset yield declining by 48 basis points year-on-year to 3.62% [2] - Non-interest income decreased, with net fee income down 1% and other non-interest income down 7% due to losses from trading financial assets [2] Cost Control - Operating expenses decreased by 3% year-on-year, with the cost-to-income ratio dropping to 29% [3] - The non-performing loan (NPL) ratio remained stable at 0.76%, with an estimated NPL generation rate of 1.14%, slightly up by 6 basis points quarter-on-quarter [3] - Tax expenses decreased year-on-year, enhancing net profit growth to 6% despite a lower pre-tax profit growth rate [3] Tax and Trade Impact - The increase in the tax rate for 2024 is attributed to the bank's strategy of writing off bad loans before disposal [4] - The impact of tariff increases is manageable, with minimal exposure to businesses directly affected, and potential effects mainly on future credit demand and client transaction income [4] Profit Forecast and Valuation - The profit forecast for 2025E/2026E remains largely unchanged, with the current stock price corresponding to 0.72x/0.65x 2025E/2026E P/B [5] - The target price is maintained at 30.73 yuan, corresponding to 0.88x/0.80x 2025E/2026E P/B, indicating a potential upside of 23.1% from the current stock price [5]

重庆银行25Q1 经营全面向好，盈利动能改善、资产质量向好。 数据概览 重庆银行2025Q1 营收同比增长5.3%，增速较24A 提升1.8pc；归母净利润同比增长5.3%，增速较24A 提 升1.5pc。2025Q1 末不良率1.21%，环比下降4bp；2025Q1 末拨备覆盖率248%，环比提升3pc 盈利动能向好 资产质量向好 25Q1 末不良率环比-4bp 至1.21%，测算的不良TTM 生成率环比-5bp，不良环比改善。拨备方面，25Q1 末拨备覆盖率248%，环比+3pc，风险抵补能力增强。 盈利预测与估值 预计重庆银行2025-2027 年归母净利润同比增长6.8%/7.9%/9.7%，对应BPS16.50/17.66/18.95 元。给予目 标估值2025 年PB 0.72x，对应目标价11.85 元/股，现价空间15%，维持"买入"评级。 风险提示：宏观经济失速，不良大幅暴露。 2025Q1营收同比增长5.3%，增速较24A提升1.8pc；归母净利润同比增长5.3%，增速较24A 提升1.5pc。 驱动因素来看，主要是息差水平回升、规模扩张提速，带动利息净收入增速显著回升。25Q1 利息净收 ...

存贷增速均边际上升，资负结构更加均衡 光大银行2025Q1 末贷款本金总额4.11 万亿元，较年初增长5.24%，增速高于2024年四个季度，贷款放 量有所加快。吸收存款方面，2025Q1 末存款余额为4.27 万亿元，同比增加3.49%，逆转了2024Q2-Q4 连续三个季度的同比负增长，资负结构更加均衡，更好匹配贷款的增长。高息存款收紧后，2024 年光 大银行存款成本率同比下降14BP 至2.18%，部分对冲了资产端收益率下降的影响，预计随着存款增长 加快，负债压力减轻，净息差降幅或继续收窄。 不良率环比持平，高分红+低估值属性较强 营收结构改善，利润增速保持平稳 光大银行2025 年一季度实现营收330.86 亿元（YoY-4.06%），营收降幅边际收窄；归母净利润124.64 亿 元（YoY+0.31%），盈利增速相对平稳。收入结构更加均衡，2025Q1 单季实现净利息收入225.38 亿元 （YoY-6.84%），虽同比下降但降幅较2024 年全年有所收窄；2025Q1 单季实现非息收入105.48 亿元 （YoY+2.46%），主要中收和投资净收益均同比正增长贡献。考虑到实体需求有待恢复、银行业 ...

信贷增速继续回升，净息差收窄压力有望缓解。截至25Q1，总资产、贷款总额同比增速为6.8%、 6.0%，环比-0.1pct/+0.4pct，贷款增速已连续三个继续持续回升，对公贷款对25Q1 信贷投放支撑力度进 一步增强。24 年净息差1.5%，较23 年收窄17BP，较24H1 收窄6BP，伴随存款久期结构改善以及重定 价，25 年计息负债成本率改善空间或更为可观（24 年下降14BP），缓解净息差收窄压力。 风险提示：经济复苏不及预期；信贷需求不及预期；资产质量恶化。 资产质量保持平稳，内生增长支撑分红比例继续提升。截至25Q1，不良率与年初持平，关注率环比 +21BP（24 年末较24Q3 -8BP），测算不良净生成率0.5%，较24Q1/24 年末下降46BP/23BP。截至24 年 末，对公贷款不良率较24H1 下降1BP，主要是加大房地产不良核销处置的结果，同时个贷不良率持平 于24H1。截至25Q1，拨备覆盖率、拨贷比分别较年初下降13.1pct 和11BP。24 年全年分红比例（归母 净利润口径）从中期分红的33.1%进一步抬升至33.9%，是核心一级资本充足率足够厚实以及内源资本 补充能力较 ...

Core Insights - Qilu Bank's revenue growth for 2024 is projected at 4.6%, with a net profit growth of 17.8%, indicating strong financial performance [1] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.19% at the end of 2024, down from the beginning of the year [1][5] Financial Performance - For 2024, interest income growth is at 1.7%, recovering from a decline of 2.1% in the first three quarters, while non-interest income growth is at 12.7% [2] - The bank's net interest margin for 2024 is reported at 1.51%, with a decrease of 23 basis points year-on-year [4] - The bank's total loans grew by 12.3% in 2024, with corporate loans increasing by 15.5% and retail loans by 3.2% [3] Asset Quality - The bank's NPL generation rate decreased to 0.63%, reaching a new low since its listing, indicating improved asset quality [5] - The corporate loan NPL ratio has decreased, while the real estate sector shows an increase in NPLs, although its impact is limited due to its small proportion of total loans [5] Capital and Dividends - The bank's dividend payout ratio for 2024 is set at 26%, with an expected dividend yield of 4.5% [5] - The bank's valuation is currently at 0.71x 2025 price-to-book ratio, suggesting potential for capital growth [5]

上海银行1Q25 营收同比+3.9%（vs 2024 全年同比+4.8%），1Q25 净利润同比+2.3%（vs 2024 全年同比 +4.5%）。2024 年全年业绩实现稳步向好，进入1Q25，业绩继续实现稳定增长，负债端成本下降支撑 息差环比改善，手续费降幅收窄，1Q25 债市波动下其他非息仍实现6%正增长。 1Q25 单季净利息收入环比+11%，单季年化净息差环比提升11bp 至1.15%，同比仅下降2bp，息差较为 坚挺：单季年化资产收益率环比下降5bp 至2.91%，计息负债付息率环比下降16bp 至1.76%。年初负债 端支撑力度加强。 资产端：2024 年批零行业、信息传输计算机行业投放占比相较2023 年显著提升。（1）1Q25 生息资产 同比+3.3%（2024 同比+3.9%），贷款同比+0.5%（2024 同比+2.1%）。 （2）从2024 年度信贷结构来看：新增占比方面，对公新增占91.7%，票据新增占52.8%，零售 占-44.5%。行业情况来看，泛政信类（61%）、批发零售类（36.2%）、制造业类（32.2%）、信息传输 计算机软件（13.4%）分占前四。政信类、批零、信息计算 ...

事件: 对公及个人存款在付息率大幅下降的同时保持较高增速，或与公司精进交易银行、巩固养老金融优势等 有关。2025Q1 人民币公司存款同比增长5.0%，付息率为1.51%，同比下降31bps；人民币个人存款同比 增长5.5%，付息率1.90%，同比下降32 bps。公司助力国资国企司库管理体系建设，服务司库客户6507 户，较2024 年末增长5.24%。2025Q1 公司养老金代发获客量同比增长10.30%，截至2025 年一季度末总 规模保持上海地区养老金客户份额第一。 关注类贷款占比下降，拨备覆盖率、拨贷比双增。2025Q1 不良率较上年末持平，仍为1.18%；关注类 贷款占比较上年末下降1bp 至2.05%。拨备覆盖率较上年末提升1.43pct 至271.24%，拨贷比较上年末环 比提升2bps 至3.20%。 盈利预测和投资评级：上海银行负债端成本大幅下行，净息差同比平稳，反映公司交易银行与养老金融 的综合实力。首次覆盖，给予"买入"评级。我们预测2025-2027 年营收为541、555、570 亿元，同比增 速为2.02%、2.74%、2.63%；归母净利润为244、249、256亿元，同比增速 ...

Core Viewpoint - Changshu Bank reported a slight decline in performance growth for Q1 2025, with revenue growth at 10.04%, pre-provision profit growth at 12.58%, and net profit growth at 13.81, while still maintaining a high level of performance [1] Group 1: Financial Performance - In Q1 2025, Changshu Bank's total assets increased by 6.67% year-on-year, with a total asset addition of 22.4 billion yuan, where financial investments contributed 11.7 billion yuan, accounting for 52.00% of the increase [2] - The bank's net interest margin for Q1 2025 was 2.61%, showing a year-on-year decline of 22 basis points but a quarter-on-quarter improvement of 2 basis points [4] - Non-interest income saw a significant increase of 62.01% year-on-year, driven by a 495.23% rise in net fee income and a 48.84% increase in other non-interest income [4] Group 2: Asset and Liability Management - Retail loan demand remains weak, with retail loan balance growing only 0.1% year-on-year, and a quarterly addition of 0.3 billion yuan, which is a decrease of 2.7 billion yuan year-on-year [2] - Corporate loans increased by 13.04% year-on-year, with a quarterly addition of 8.5 billion yuan, supporting overall loan growth [3] - The bank's deposit balance grew by 9.00% year-on-year, outpacing loan growth, with a notable increase in the proportion of demand deposits [3] Group 3: Risk Management - The non-performing loan (NPL) ratio improved to 0.76% at the end of Q1 2025, with a provision coverage ratio of 489.56%, indicating strong risk mitigation capabilities [5] - The bank is focusing on enhancing retail risk management, expecting to see a turning point in NPL generation rates as retail risks are gradually addressed [5] Group 4: Future Outlook - The bank is projected to achieve a revenue growth of 9.71% and a profit growth of 13.39% for 2025, with a target price of 9.63 yuan, equivalent to a 0.90X price-to-book ratio [6]