Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's Q1 2025 earnings show resilience, with a slight recovery in net interest margin, while other non-interest income has been a drag [1] - Revenue for Q1 2025 increased by 5.1% year-on-year, but the growth rate slowed by 10.2 percentage points compared to 2024 [2][3] - Net profit attributable to shareholders grew by 6.7% year-on-year, with a slowdown of 4.6 percentage points compared to 2024 [2][3] - The non-performing loan ratio remained stable at 0.97% at the end of Q1 2025, while the provision coverage ratio increased to 326%, up by 5.2 percentage points from the end of 2024 [2][5] Revenue Overview - Revenue growth has slowed due to a deceleration in asset expansion and fluctuations in other non-interest income [3] - Total assets grew by 11.1% year-on-year, with loans increasing by 11.7%, although the growth rates have decreased compared to the end of 2024 [3] - The net interest margin for Q1 2025 was 1.45%, up by 5 basis points from the previous quarter, supported by improved funding costs [4] Asset Quality - The non-performing loan ratio remained unchanged at 0.97%, while the attention loan ratio increased slightly to 1.54% [5] - The true non-performing loan generation rate for Q1 2025 was 0.98%, showing a slight increase [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is expected to grow by 6.2% in 2025, 7.1% in 2026, and 8.2% in 2027, with corresponding book values per share of 10.24, 11.14, and 12.11 yuan [6] - The target price is set at 6.48 yuan per share, indicating a potential upside of 23% based on a price-to-book ratio of 0.63 for 2025 [6]

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 ...

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：常熟银行披露2025 年一季报，1Q25 实现营收30 亿元，同比增长10.0%，实现归母净利润11 亿 元，同比增长13.8%。1Q25 不良率季度环比下降1bp 至0.76%，拨备覆盖率季度环比下降11pct 至 490%。 集中兑现债市投资收益叠加利息净收入平稳正增支撑营收延续双位数增长，业绩增速略有放缓但预计仍 保持行业第一梯队。1Q25 营收同比增长10.0%（2024：10.5%），归母净利润同比增长 13.8%（2024:16.2%）。细拆驱动因子，① 一季度非息收入高增，一方面源自4Q24 滞后反映债市浮 盈，另一方面也体现1Q25 国债利率明显回升前及时兑现的精准择时。1Q25 非息收入同比增长62%，贡 献营收增速9.3pct，投资相关其他非息增长49%（4Q24 同比下降17%），贡献营收增速7.1pct。② 以量 补价下利息净收入延续正增长。 1Q25 利息净收入同比增长0.9%，规模扩张（正贡献7.4pct）对冲息差收窄扰动（拖累6.7pct）。③ 主动 处置、增提拨备夯实资产质量，拨备小幅拖累利润增速0.3pct。 一季报关注点：① 信贷投放主动降速，全年主线回归小微本源、优 ...

业绩回顾 2024 年及1Q25 业绩基本符合我们预期 南京银行发布2024&1Q25 业绩：2024 年全年营收同比增长11%，归母净利润同比增长9%，与此前业绩 快报一致；1Q25 营收同比+7%（净利息收入+18%、净手续费收入+18%、其他非息收入-11%），归母 净利润同比+7%，保持较好的业绩增长水平，主要来自资产规模扩张速度较快、息差同比微增。展望未 来，考虑到1Q25 已积累一定资产投放基础，我们预计在其他非息收入同比下降的假设下，2025 年营收 或仍可实现5%左右的正增长，支撑净利润增速在7%左右。 发展趋势 资产规模扩张速度超预期，为营收增长提供基本保障。1Q25 末分别同比增长15%/15%/ 17%，较此前加 速，超出我们和市场预期。我们预计规模增长主要来自区域韧性以及公司本地经营优势。2H24 消费 贷、租赁商务服务业、水利环境及公共设施业贷款增量占比较高，分别为53%/25%/22%。 1Q25 对公贷款增量占比91%，零售贷款增量占比9%、较1Q24 的0%有所提升，或由于按揭提前还款边 际减少。 1Q25 息差季度环比改善，主要来自负债成本下降。我们估算4Q24 息差季度环比 ...

2025 年 04 月 20 日 平安银行 (000001) ——业绩预期内承压，但更要关注业务结构的转型进阶 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 18 日 | | --- | --- | | 收盘价（元） | 11.18 | | 一年内最高/最低（元） | 13.43/9.61 | | 市净率 | 0.5 | | 股息率%（分红/股价） | 8.63 | | 流通 A 股市值（百万元） | 216,954 | | 上证指数/深证成指 | 3,276.73/9,781.65 | | 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） | 22.48 | | 资产负债率% | 91.24 | | 总股本/流通 A 股(百万) | 19,406/19,406 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-18 05-18 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 0 ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [1] Core Views - Hangzhou Bank's revenue for 2024 reached 38.4 billion yuan, a year-on-year increase of 9.6%, with net profit attributable to shareholders of 17 billion yuan, up 18.1% year-on-year [4][6] - The bank's non-interest income grew significantly, contributing to revenue acceleration, while net interest income showed marginal recovery [6][8] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 541% [9][11] Financial Data and Profit Forecast - Total revenue and net profit forecasts for 2025-2027 are adjusted, with expected growth rates of 15.1%, 13.1%, and 13.5% respectively [9][10] - The bank's net interest margin (NIM) for 2024 is projected at 1.41%, with a slight year-on-year decline of 9 basis points [9][11] - The bank's total assets are expected to grow to 2,112.36 billion yuan by the end of 2024, reflecting a 14.7% increase year-on-year [13] Loan and Deposit Growth - The bank's loan growth was driven by corporate lending, with a year-on-year increase of 16.2% in Q4 2024 [6][10] - Total deposits reached 1,272.55 billion yuan, marking a 21.7% increase year-on-year [13] Capital Adequacy and Dividend Policy - The core tier 1 capital adequacy ratio improved to 8.85% in 2024, with a dividend payout ratio increased from 22.5% to 24.5% [9][11] - Timely capital replenishment remains necessary despite the improved capital adequacy ratios [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The revenue growth rate shows marginal improvement, with resilience in net interest margin [10] - The company has adjusted its profit forecasts, predicting a net profit growth of 6.8%/7.7%/8.7% for the years 2025/2026/2027, with a target price of 27.75 CNY per share [3][6] Financial Performance Summary - Revenue (in million CNY) for 2023A is 61,585, with a year-on-year growth of 6.4%, projected to reach 66,631 in 2024A with an 8.2% growth [5] - Net profit attributable to the parent company for 2023A is 25,535 million CNY, with a year-on-year growth of 10.7%, expected to grow to 27,127 million CNY in 2024A, reflecting a 6.2% increase [5] - The company's net interest income for 2023A is 40,907 million CNY, with a projected increase to 47,993 million CNY in 2024A [13] - The company’s total assets are expected to grow from 2,711,662 million CNY in 2023A to 3,125,232 million CNY in 2024A [13] Profitability Metrics - The earnings per share (EPS) for 2023A is 3.75 CNY, projected to increase to 3.95 CNY in 2024A [5] - The price-to-earnings (P/E) ratio for 2023A is 6.23, expected to decrease to 5.91 in 2024A [5] - The price-to-book (P/B) ratio for 2023A is 0.87, projected to decline to 0.74 in 2024A [5] Asset Quality - The non-performing loan (NPL) ratio remains stable at 0.76% as of the end of 2024, indicating strong asset quality [10] - The company’s provision coverage ratio is reported at 389.4% [10]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.13 CNY / 7.91 HKD [6][10]. Core Views - The bank's net interest margin has increased against the trend, and retail loan growth has shown marginal improvement. The bank reported a total operating income of 750.15 billion CNY for 2024, a year-on-year decrease of 2.5%, while net profit attributable to shareholders increased by 0.88% to 335.58 billion CNY [2][10]. - The asset quality remains stable, with a non-performing loan ratio decreasing by 1 basis point to 1.34%, and the provision coverage ratio declining by 3.4 percentage points to 233.6% [2][10]. Financial Performance Summary - **2024 Financial Indicators**: - Total operating income: 750,151 million CNY, down 2.54% year-on-year - Net profit attributable to shareholders: 335,577 million CNY, up 0.88% year-on-year - Earnings per share: 1.29 CNY - Price-to-earnings ratio: 6.82 [5][10]. - **Future Projections**: - Revenue growth forecast for 2025-2027 is adjusted to 0.3%, 4.2%, and 5.6% respectively, with net profit growth forecasted at 1.1%, 2.0%, and 3.8% [10][11]. Asset Quality and Loan Growth - The bank's asset quality is on an improving trend, with a non-performing loan ratio of 1.34% and a net generation rate of non-performing loans at 0.41% [10][11]. - Retail loan growth has improved marginally, with a year-on-year increase of 8.3% in Q4 2024, while corporate loan growth has slowed [10][11]. Interest Margin and Cost Management - The net interest margin increased by 4 basis points to 1.49% in Q4 2024, primarily due to a reduction in funding costs [10][11]. - The bank's cost of interest-bearing liabilities decreased by 14 basis points to 1.72% [10][11].