Core Viewpoint - The company's Q1 2025 performance met expectations, with net profit, pre-provision profit, and operating income showing year-on-year changes of +1.4%, -4.5%, and -1.0% respectively [1] Development Trends - Profit growth has improved, with net profit growth increasing by 0.4 percentage points compared to 2024, primarily due to a decrease in credit costs and a 13.5% year-on-year decline in asset impairment losses [2] - Operating income growth has decreased, with other non-interest income falling by 10.6% year-on-year, a decline of 15.8 percentage points compared to 2024, attributed to increased volatility in bond and equity markets [2] - Net interest income grew by 2.5% year-on-year, a decrease of 1.0 percentage point compared to 2024, mainly due to significant pressure from interest margin repricing in Q1 [2] - Total assets and credit grew by 7.4% and 8.7% year-on-year respectively, with both metrics showing an increase of 1.4 and 1.2 percentage points compared to 2024 [2] - Key areas of growth include technology finance credit up by 11.3%, energy-saving and carbon-reduction enterprise credit up by 7.5%, inclusive small and micro loans up by 5.9%, and elderly care industry credit up by 13.8% [2] - The company expects the annual growth rate of RMB credit in 2025 to remain consistent with 2024, focusing on key sectors and increasing the proportion of retail credit [2] Asset Quality - The company's asset quality remains stable, with a non-performing loan ratio of 1.30% at the end of Q1 2025, a decrease of 1 basis point from the previous quarter [3] - The proportion of special mention loans decreased by 5 basis points to 1.52%, while overdue loans remained stable at 1.38% [3] - The provision coverage ratio is at 200.4%, showing a slight decline of 1.5 percentage points from the previous quarter, indicating strong risk mitigation capabilities [3] - Retail loan non-performing loan ratio increased by 10 basis points to 1.18% compared to the end of last year, with special mention and overdue loan ratios also showing slight increases [3] - The company anticipates that uncertainties in tariff policies may impact credit for enterprises in regions like the Yangtze River Delta and Pearl River Delta, and plans to optimize credit structure to support domestic demand industries [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with current A-share prices corresponding to 0.5 times P/B for 2025 and 2026, and H-share prices also at 0.5 times P/B for 2025 and 0.4 times for 2026 [4] - The target price for A-shares remains at 9.72 CNY, corresponding to 0.7 times P/B for 2025 and 2026, indicating a potential upside of 28.4% from the current price [4] - The target price for H-shares remains at 7.93 HKD, corresponding to 0.5 times P/B for 2025 and 0.5 times for 2026, indicating a potential upside of 16.4% from the current price [4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [2] Core Views - The bank's revenue for 2024 and Q1 2025 showed year-on-year growth of 5.9% and 3.2%, respectively, while net profit attributable to shareholders increased by 10.2% and 5.6% [5][7] - The bank's strategy focuses on achieving sustainable growth in return on equity (ROE) above 15%, despite a temporary dip due to convertible bond dilution [7][10] - The bank's non-performing loan (NPL) ratio remains at a low level of 0.66%, with a high provision coverage ratio of 456% [7][10] Financial Data and Profit Forecast - Total revenue is projected to grow from 21,702.19 million in 2023 to 23,985.39 million in 2025E, with a year-on-year growth rate of 4.37% [6] - Net profit attributable to shareholders is expected to increase from 11,671.12 million in 2023 to 13,617.38 million in 2025E, reflecting a growth rate of 5.90% [6] - The bank's ROE is forecasted to decline from 18.78% in 2023 to 15.66% in 2025E [6] Loan Growth and Composition - The bank's loan growth remains strong, with a 16.9% increase in Q1 2025, driven primarily by corporate loans, which grew approximately 18% [7][11] - Retail loans are gradually improving, with Q1 2025 showing an increase of 23 million, compared to 10 million in the same period last year [7][11] Interest Margin and Cost Management - The net interest margin is projected to decline to 1.58% in Q1 2025, down 15 basis points year-on-year, with a focus on improving funding costs [10][14] - The bank's cost-to-income ratio has improved, contributing positively to profit growth [7][10] Risk Management - The bank maintains a low NPL ratio and a strong provision coverage, indicating effective risk management practices [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.74 CNY [1]. Core Views - Chengdu Bank's revenue for 2024 reached 23 billion CNY, a year-on-year increase of 5.9%, while the net profit attributable to shareholders was 12.9 billion CNY, up 10.2% year-on-year [3]. - The bank's net interest margin (NIM) for 2024 was 1.66%, showing a narrowing decline compared to previous periods, indicating a stabilization in interest income [8]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% at the end of 2024, maintaining a low level [10]. Summary by Sections Financial Performance - In 2024, Chengdu Bank achieved operating income of 230 billion CNY, a 5.9% increase year-on-year, and a net profit of 129 billion CNY, reflecting a 10.2% growth [3]. - For Q1 2025, the bank reported operating income of 58 billion CNY, up 3.2% year-on-year, and a net profit of 30 billion CNY, a 5.6% increase [3]. Revenue Composition - The growth rates for net interest income and non-interest income in 2024 were 4.6% and 11.7%, respectively, with a notable decline in non-interest income growth in Q1 2025 [4][9]. - Non-interest income accounted for 17.4% of total revenue in Q1 2025, down 2.3 percentage points from 2024 [9]. Asset Quality - The NPL ratio remained stable at 0.66% at the end of 2024, with a coverage ratio of 456% [10][11]. - The bank's credit impairment losses for Q1 2025 were 8.6 billion CNY, showing a slight decrease compared to the previous year [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio was 8.8%, with a risk-weighted asset (RWA) growth rate of 16.1% [11][33]. - The bank's capital structure has been strengthened through the conversion of convertible bonds, increasing the total share capital [11]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 3.16, 3.27, and 3.35 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 5.61, 5.42, and 5.30 [12][34].

Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank with a target price of 29.57 CNY, based on the current price of 24.96 CNY [3][8]. Core Insights - Ningbo Bank reported a Q1 2025 revenue of 18.495 billion CNY, a year-on-year increase of 5.63%, and a net profit of 7.417 billion CNY, up 5.76% year-on-year. The non-performing loan ratio remained stable at 0.76% [2][3]. - The bank's net interest income grew by 11.59% to 12.835 billion CNY, although this was a decrease from the 17.3% growth seen in 2024. Non-interest income faced pressure, with net commission income slightly declining by 1.32% to 1.417 billion CNY [7][8]. - The bank's total assets reached 3.40 trillion CNY, an 8.67% increase from the beginning of the year, with loans and advances totaling 1.64 trillion CNY, reflecting an 11.12% growth [7][8]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's total revenue for 2024 is projected at 66.631 billion CNY, with a year-on-year growth rate of 8.20%. The net profit for 2024 is expected to be 27.127 billion CNY, with a growth rate of 6.20% [8]. - **Loan and Deposit Growth**: By the end of Q1 2025, total deposits reached 21.8 trillion CNY, a significant increase of 18.86% from the start of the year, driven by strong corporate deposit growth [7][8]. - **Asset Quality**: The non-performing loan ratio remained low at 0.76%, with a provision coverage ratio of 370.54%, indicating stable asset quality [7][8]. Future Projections - The report forecasts net profit growth rates of 6.4%, 8.3%, and 7.8% for 2025E, 2026E, and 2027E respectively, with a target price corresponding to a price-to-book ratio of 0.90X for 2025 [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Views - The company's revenue remains stable, with a notable dividend advantage, reflected in a dividend yield of 7.32% [2][10]. - The first quarter of 2025 saw a revenue decline of 7.4% year-on-year, attributed to high base effects from asset disposals in the previous year, while net profit growth remained modest at 0.3% [5][7]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of approximately 339% [10][12]. Financial Performance Summary - For the first quarter of 2025, the company reported a revenue of 66 billion yuan, down 7.4% year-on-year, and a net profit of 36 billion yuan, up 0.3% year-on-year [5][7]. - The total revenue for 2024 is projected at 26,641.34 million yuan, with a slight growth of 0.86% compared to 2023 [6]. - The forecast for net profit growth is adjusted to 0.9% for 2025, 3.6% for 2026, and 4.2% for 2027 [10][12]. Dividend and Capital Position - The dividend payout ratio for 2024 is 33.9%, an increase of 3.8 percentage points from the previous year, indicating a strong dividend policy supported by sufficient capital [7][10]. - The core tier 1 capital adequacy ratio stands at 14.36%, suggesting a robust capital position to support future growth and dividends [10][12]. Loan Growth and Quality - Loan growth remains stable, with a year-on-year increase of 6.6% in total loans as of the first quarter of 2025 [11][12]. - The bank's focus on corporate loans, particularly in technology and green sectors, has contributed significantly to new loan growth [7][11].

北京银行前身是由原北京 90 家城市信用社于 1996 年初组建而成的北京城市合作银行股份有限公 司， 1998 年更 名为 北京市商业银行股份有限公司 ， 2004 年正式更名为北京银行股份有限公司。 2005 年，北京银行引入外资战略投资者 荷兰国际集团 （ ING BANK N.V ）成为第一大股东， 2007 年在上交所 上市，股票代码为 601169 。 北京银行经营网络已经覆盖除北京外的，天津、石家庄、济南、青岛、上海、南京、苏州、杭州、宁波、深圳、 南昌、长沙、西安、乌鲁木齐等全国十余个中心城市，在香港特别行政区、荷兰设有代表处。但作为城市商业银行， 北京银行业务仍主要集中在北京及周边地区。 2024 年，京津冀及环渤海地区的营业收入、利润总额分别占全部收入和利润总额的 77.05% 和 85.66% 。 | 地区 | 营业收入 | 利润总额 | 资产总额 | | --- | --- | --- | --- | | 京津冀及环渤海地区 | 53,874 | 24,365 | 3,078,348 | | 长三角地区 | 6,936 | 1,675 | 636,718 | | 其他地区 | 9,10 ...

Core Viewpoint - Jiangsu Bank reported a year-on-year revenue growth of 8.8% for 2024, with a net profit growth of 10.8%, indicating strong financial performance driven by interest income recovery and improved credit demand [1][2]. Financial Performance - The bank's net interest income grew by 6.3% for the year, with a significant acceleration in the fourth quarter showing a 23% year-on-year increase [1]. - Non-interest income increased by 14.8% for the year, with investment income contributing to a 17.7% growth [1]. - The year-end non-performing loan (NPL) ratio stood at 0.89%, stable compared to the previous quarter, with a provision coverage ratio of 350% [1][3]. Loan and Deposit Growth - Total assets grew by 16.1% year-on-year, with loans increasing by 10.7% [2]. - Retail loan demand showed a notable recovery in the fourth quarter, with a 4.2% quarter-on-quarter growth, driven by improvements in mortgage, consumer, and business loans [2]. - Year-end deposits increased by 12.8%, with a stable proportion of demand deposits at 27.5% [2]. Interest Margin and Cost of Funds - The net interest margin for the year was 1.86%, with a decline of 4 basis points from the first half of the year [3]. - The cost of liabilities decreased significantly, with the deposit cost rate dropping by 23 basis points year-on-year [3]. Asset Quality - The bank maintained a stable NPL ratio, with a slight increase in the NPL generation rate reflecting retail risk pressures [3]. - The personal loan NPL ratio decreased to 0.99%, while the business loan NPL ratio remained under pressure at 2.04% [3]. Investment Outlook - The bank's dividend payout ratio for 2024 is expected to remain stable at 30%, translating to a projected dividend yield of 5.5%, positioning it favorably among A-share listed banks [4]. - Short-term performance is anticipated to exceed market expectations, supported by investment income realization [4]. - The bank's strategic planning and execution are viewed positively, indicating a high certainty of growth in performance [4].

华夏银行由首钢总公司（现更名为 "首钢集团有限公司"）于 1992 年独资组建， 1995 年实现股份 制改造，变更为有 33 家法人股东 的股份制商业银行 （首钢总公司仍是第一大股东）。 2003 年在上次 所上市，股票代码为 600015 。 一、传统收益下降，投资补位明显 截至 2024 年末，华夏银行总资产达到 4.38 万亿元 ，增速 2.86% ；当年实现营业收入 971.46 亿元 ，同比增长 4.23% ；实现归母净利润 276.76 亿元 ，同比增长 4.98% 。 2024 年华夏银行 主要规模类指标均保持正增长，整体经营尚可 。 随着商业银行净息差收窄，华夏银行等商业银行均在不断开拓非息收入，在手续费也下降的情况 下，依靠投资兼取价差成为其增收的手段。 从近五年看，利息净收入当然仍是营业收入最主要的组成部分，但 投资收益金额和占比在 2023 年 就超过了手续费和佣金净收入，成为营业收入第二大组成部分 。 二、存款占比较低 + 存款定期化，净息差持续收窄 2024 年华夏银行净息差为 1.59% ，较 2023 年大幅 下降 23 个 BP ，且近五年来基本每年下降均超 过 20 个 B ...

4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...