Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's asset quality remains stable with a non-performing loan ratio of 0.91% and a provision coverage ratio of 266% [2][3] - The bank's core tier one capital adequacy ratio is at 9.21%, reflecting a decrease due to increased loan disbursements [3] Financial Performance Summary - In Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, with net profit at 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, a year-on-year increase of 14.83%, driven mainly by a 104.58% increase in investment net income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - Total interest-earning assets amounted to 17.45 trillion yuan, growing 8.1% year-on-year, with loans and financial investments increasing by 10.1% and 9.5% respectively [2] - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-on-year, with deposits growing by 9.2% [2] Profitability Forecast - The bank's projected net profit growth for 2025-2027 is estimated at 1.23%, 3.98%, and 4.42% respectively, with corresponding book value per share (BPS) of 8.82, 9.25, and 9.64 yuan [4][11]

招商银行（600036） 证券研究报告 事件： 4 月 29 日，招商银行发布 2025 年一季度报告。2025Q1 公司实现营收 838 亿元，YoY-3.09%；归母净利润 373 亿元，YoY-2.08%；年化 ROE 同比下降 1.95pct 至 14.13%。 点评： 公司报告 | 季报点评 净息差保持韧性，资产质量稳健 信贷增长放缓，净息差韧性较强。2025Q1 净利息收入同比增长 1.9%， 而 2024 年同比增长-1.6%，净利息收入回归正增轨道。 规模方面，2025Q1 末总资产同比增长 8.8%，其中贷款总额、金融投资 分别同比增长 4.5%、20.2%，信贷需求疲弱下公司加大债券配置力度。 净息差方面，2025Q1 净息差为 1.91%，较 2024Q4 仅下降 3bp，韧性 较强。资产端，2025Q1 生息资产收益率环比下降 12bp 至 3.21%，LPR 和存量房贷利率下调，叠加有效需求不足导致的贷款利率自发式下行，贷 款收益持续承压。负债端，2025Q1 计息负债成本率环比下降 11bp 至 1.39%。我们认为，存款挂牌利率下调红利加速释放，负债成本压力缓解 是支撑净息差的核 ...

Financial Data and Key Metrics Changes - The company originated approximately $1.3 billion in loans during the first quarter, with a tangible book value per common share increasing to $13.42 from $13.15 in the prior quarter [3][4] - Net income for the first quarter was $3.2 million, or $0.23 per diluted common share, with net interest income declining to $14.3 million from $15.5 million in the prior quarter [10][11] - The net interest margin (NIM) decreased to 8.27% from 10% in the prior quarter, primarily due to a change in the mix of loan originations and lower rates on variable rate loans [11][12] Business Line Data and Key Metrics Changes - The largest student lending program had strong originations but is expected to decelerate in the second quarter due to school calendars [6] - SBA seven loan originations decreased slightly quarter over quarter, driven by a lower average loan size, while equipment leasing and owner-occupied commercial real estate lines showed solid growth [7][8] - The provision for credit losses was $3.3 million in Q1, down from $3.9 million in the prior quarter, with non-performing asset (NPA) balances reduced to $29.9 million from $36.5 million [9] Market Data and Key Metrics Changes - Average loan balances increased to $565 million from $522 million in the prior quarter, with average interest-bearing deposits rising to $430 million from $355 million [10][11] - The company expects gradual growth driven by existing programs and new partnerships, with loan originations tracking at a quarterly rate of $1.2 billion in early April [5][6] Company Strategy and Development Direction - The company announced a new strategic program agreement with Fintech partner BACT to provide business installment loans to small and medium-sized businesses [4] - The focus remains on migrating the loan portfolio to a lower risk profile while maintaining profitability and increasing tangible book value [3][5] - The company anticipates that the credit enhanced balance sheet program will significantly contribute to earnings in 2025, particularly in the second half of the year [5][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the business, despite a more uncertain macro environment [5] - The company is closely monitoring economic conditions but remains comfortable with the guidance for gradual growth from new partners throughout 2025 [36] - Concerns about potential macro risks, such as a slowdown in consumer spending, were acknowledged, but no immediate issues were reported [36] Other Important Information - The efficiency ratio remained relatively flat at 64.8%, with expectations for future decreases as revenue from new programs materializes [14] - The effective tax rate for the first quarter was 28.1%, with an expected rate of approximately 27.5% for 2025 [15] Q&A Session Summary Question: What is the current expense run rate and expectations for future expenses? - Management indicated that the efficiency ratio is around 64.8%, with expenses expected to remain flat and increase as revenues grow [19][21] Question: What is the outlook for net interest income (NII) growth given margin pressures? - Management expects NII growth to come from a return to normal origination levels and growth in traditional banking products, despite a continued decline in NIM [22][24] Question: What are the current credit enhanced loan balances and the timeline for growth? - The credit enhanced portfolio balance was slightly under $2 million at the end of the quarter, with expectations to reach $50 million to $100 million by year-end with existing partners [31][30] Question: How does the company view the health of its strategic partners in the current market? - Management reported no concerns about strategic partners, with origination levels remaining healthy and a gradual pickup expected from newer partners [36] Question: What is the yield on owner-occupied commercial real estate loans? - The gross yield on owner-occupied commercial real estate loans is expected to be around prime minus 100 basis points [63]

Core Viewpoint - In the first quarter of 2025, Industrial Bank (兴业银行) reported a decline in both revenue and net profit, reflecting a challenging operating environment characterized by low interest rates and increased risk management focus [1][3]. Financial Performance - The bank achieved a revenue of 55.683 billion yuan, a year-on-year decrease of 3.58%, and a net profit attributable to shareholders of 23.796 billion yuan, down 2.22% year-on-year [1]. - The net interest margin for the first quarter was 1.80%, a decrease of 2 basis points from the previous year and 7 basis points year-on-year [1]. - Interest income remained stable at 37.722 billion yuan, with a year-on-year growth of 1.29%, while non-interest income fell by 12.42% to 17.961 billion yuan [3]. Asset Quality - The bank's non-performing loan balance was 62.831 billion yuan, an increase of 1.354 billion yuan from the end of the previous year, with a non-performing loan ratio of 1.08% [5]. - The bank reported a provision coverage ratio of 233.42%, indicating a strong buffer against potential loan losses [5]. Strategic Focus - The management emphasized a strategy of "letting profits go to avoid risks," indicating a preference for maintaining asset quality over short-term revenue gains [1]. - The bank's green and technology loan balances exceeded 1 trillion yuan, reflecting a strategic focus on these sectors [3]. - The bank aims to maintain positive growth in net interest income and is confident in managing revenue pressures while optimizing income structure [3]. Non-Interest Income Breakdown - Within non-interest income, fee and commission income grew by 8.54%, while other non-interest income declined by 21.50%, with investment income down by 22.4% [4].

公司报告 | 季报点评 4 月 29 日，工商银行发布 2025 年一季度报告。2025Q1 公司实现营收 2128 亿元，YoY-3.22%；归母净利润 842 亿元，YoY-3.99%；年化 ROE 同比下降 1.00pct 至 9.06%。 点评： 营收和利润进一步下滑。2025Q1 公司营收、归母净利润分别同比增长 -3.22%、-3.99%，分别较 2024 年下降 0.7pct、4.5pct。业绩归因来看， 净息差下行和其他非息负增拖累营收表现，规模扩张和拨备释放提振业绩。 持续发挥头雁作用，息差下行压力仍存。2025Q1 净利息收入同比增长 -2.9%，而 2024 年同比增长-2.7%，降幅进一步扩大。 规模方面，2025Q1 末总资产同比增长 8.3%，其中贷款总额、金融投资 分别同比增长 8.5%、23.6%，信贷前置发力和增配债券带动资产规模扩 张。信贷投向上，一季度对公贷款、零售贷款分别新增 1.11 万亿、1820 亿，分别贡献贷款增量的 84.8%、13.9%，对公端仍是信贷扩张的主要抓 手。此外，2025Q1 末存款总额同比增长 4.0%，远低于 8.6%的总负债增 速，预计受一 ...

Core Viewpoint - The performance of Industrial Bank in the first quarter of 2025 remains stable, but the bank faces certain operational pressures [1] Group 1: Net Interest Margin - The net interest margin for the first quarter is reported at 1.80%, a decrease of 0.07 percentage points year-on-year [2] - The management anticipates a decline of 10 basis points in the net interest margin for the year, which is expected to outperform the industry average [2] - Key strategies to stabilize the net interest margin include promoting low-cost deposits and managing bond issuance effectively [2] Group 2: Credit Structure Adjustment - The bank's loan growth rate is slightly below the industry average, with a focus on adjusting the credit structure towards green finance and technology finance [3] - Green loans and technology loans increased by 9.37% and 9.90% respectively compared to the end of the previous year, both exceeding overall loan growth [3] - The bank aims to support traditional industry upgrades and emerging industries while stabilizing mortgage loans and exploring potential in consumer loans [3] Group 3: Risk Management in Retail Loans - The new non-performing assets in the first quarter are in line with expectations, showing no significant change in risk levels compared to the previous year [4] - The bank is enhancing risk control measures for retail loans, including upgrading risk assessment models and optimizing internal rating standards [4] - A collaborative collection system is being established to improve recovery rates on small, dispersed loans, thereby reducing the pressure from new non-performing assets [4]

文/曹萌 4月30日，A股上市公司年报披露接近尾声，从各家银行披露的2024年财报获悉，处在行业腰部的 城商行，整体资产质量有所提升，且在不良贷款率上，东南沿海地区城商行依旧明显低于中西部地区 城商行。 虽然2024年末11家A股上市城商行的不良贷款率较2023年末实现下降，但须格外注意的是整体不良 贷款率的下降源于加大了公司类不良贷款的处置力度，而与此同时城商行的个人贷款不良率却明显增 加。 在处置不良资产方面，对于城商行等中小银行而言，处置个人不良贷款的成本相对较高，且批量处置 难度较大。这就意味着，在净息差进一步收窄的2025年，城商行不仅要面临利息收入压力的增加， 同时还要面对较大的拨备计提压力。 01 两家上市城商行不良贷款率超平均水平 目前，A股上市城商行共17家，其中，沿海省份的商行9家，西部地区的城商行5家，而两者在资产 质量上对比鲜明。 财报显示，截至2024年末，A股上市城商行不良贷款率在1.7%以上的共有三家，分别为兰州银行、 郑州银行和西安银行。其中，兰州银行和郑州银行 的不良贷款率均超过了金融监管总局公布的2024 年末全国城商行平均不良贷款率1.76%。 02 个人贷款不良率普遍提 ...

4月29日，六大国有行集体披露2025年一季报，营收、净利润同比均呈现"两升四降"格局。其中，农业 银行实现营收、净利润"双增"，中国银行增收不增利，交通银行增利不增收；工商银行、建设银行、邮 储银行营收和净利润"双降"。 作为核心收入，2025年一季度，六大国有行利息净收入继续承压，除交通银行，其余利息净收入均同比 下滑，建设银行、中国银行降幅均超4%，下滑幅度居前；此外，一季度债市调整，有国有行公允价值 单季浮亏近60亿元，也有国有行通过兑现过往浮盈实现投资收益同比大增数十亿元。 数据来源：公司财报，wind | | | | 国有行一季度业绩情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 银行 | 营收 (亿) | 营收同比 | 净利润 | 净利润同比 | 利息净收入占比 | 利息净收入 增速 | | 工商银行 | 2127.74 | -3.2% | 847.09 | -3.8% | 73.7% | -2.9% | | 建设银行 | 1900.70 | -5.4% | 837.42 | -3.6% | 74.7% | -5.2% | | 农 ...

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [10]. Core Insights - Chengdu Bank reported a revenue of 22.982 billion yuan in 2024, a year-on-year increase of 5.89%, and a net profit attributable to shareholders of 12.858 billion yuan, up 10.17% year-on-year [3][6]. - In Q1 2025, the bank achieved a revenue of 5.817 billion yuan, reflecting a growth of 3.17%, and a net profit of 3.012 billion yuan, which is a 5.64% increase year-on-year [3][6]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 456% as of Q1 2025 [6][8]. Summary by Sections Financial Performance - Chengdu Bank's total assets, loans, total liabilities, and deposits grew by 13.25%, 17.26%, 12.87%, and 15.60% respectively in Q1 2025, compared to 14.56%, 18.99%, 14.15%, and 13.51% in 2024 [6]. - The net interest margin for 2024 was 1.66%, down 15 basis points year-on-year, while the asset yield was 3.84%, down 18 basis points [6][8]. Investment Valuation - The expected earnings per share (EPS) for 2025 is projected at 3.23 yuan, with a price-to-earnings (PE) ratio of 5.34 times [9]. - The bank's projected book value per share (BVPS) for 2025 is 21.51 yuan, leading to a price-to-book (PB) ratio of 0.80 times at the current stock price [9]. Dividend and Returns - Chengdu Bank plans to distribute a dividend of 0.89 yuan per share for 2024, resulting in a dividend yield of 5.16% based on the closing price on April 29, 2025 [6][9].

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company's revenue for Q1 2025 reached 164.9 billion yuan, a year-on-year increase of 2.56%, which is an improvement of 1.4 percentage points compared to the full-year growth rate of 2024. However, the net profit attributable to shareholders decreased by 2.9% year-on-year, reflecting a decline of 5.5 percentage points from the previous year's growth rate, primarily due to an increase in the effective tax rate [2][4] - The growth in revenue is mainly attributed to a significant increase in non-interest income, which rose by 37.3% year-on-year, while net interest income fell by 4.4% [3][4] - The company's total assets as of March 2025 amounted to 35.98 trillion yuan, with a loan total of 22.61 trillion yuan and deposits of 25.61 trillion yuan, reflecting growth rates of 2.6%, 4.7%, and 5.8% respectively since the beginning of the year [3] Financial Performance Summary - The annualized average return on total assets (ROA) is 0.66%, and the return on equity (ROE) is 9.09% [2] - The net interest margin for Q1 2025 was 1.29%, a decrease of 15 basis points year-on-year, but the decline is less severe compared to the previous year's full decline of 19 basis points [4] - The non-performing loan ratio remained stable at 1.25% as of March 2025, unchanged from the beginning of the year, with a provision coverage ratio of 198%, down by 2.6 percentage points [4] Earnings Forecast and Valuation - The company is expected to achieve net profits of 241.6 billion yuan, 249.4 billion yuan, and 267.3 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 1.6%, 3.2%, and 7.2% [4][5] - The diluted earnings per share (EPS) are projected to be 0.78 yuan, 0.80 yuan, and 0.86 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 6.7x, 6.5x, and 6.1x, and price-to-book (PB) ratios of 0.60x, 0.56x, and 0.53x [4][5]