2025 年 08 月 28 日 苏农银行 (603323) ——首推中期分红，稳健基本面获险资青睐 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 5.33 | | 一年内最高/最低（元） | 6.26/4.13 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 3.38 | | 流通 A 股市值（百万元） | 10,759 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.19 | | 资产负债率% | 91.68 | | 总股本/流通 A 股(百万) | 2,019/2,019 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-27 ...

Investment Rating - The report maintains a "Buy" rating for CITIC Bank [1] Core Views - CITIC Bank's performance in the first half of 2025 shows a revenue of 105.8 billion yuan, a year-on-year decline of 3%, while the net profit attributable to shareholders is 36.5 billion yuan, reflecting a year-on-year growth of 2.8% [4][6] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 1.16% and a provision coverage ratio increasing by 0.4 percentage points to 208% [4][9] - The report highlights a gradual recovery in non-interest income, which decreased by 5% year-on-year in the first half of 2025, compared to a 14.4% decline in the first quarter [6][8] Financial Data and Profit Forecast - Total revenue projections for CITIC Bank are as follows: 2023: 205.9 billion yuan, 2024: 213.6 billion yuan, 2025E: 213.0 billion yuan, 2026E: 217.0 billion yuan, 2027E: 224.1 billion yuan [5] - The forecasted net profit attributable to shareholders for 2025 is 69.9 billion yuan, with a year-on-year growth rate of 1.98% [5] - The bank's return on equity (ROE) is projected to decline slightly from 10.80% in 2023 to 9.22% in 2025 [5] Key Performance Indicators - The bank's net interest margin (NIM) for the first half of 2025 is reported at 1.63%, a decrease of 14 basis points year-on-year [9][11] - The cost-to-income ratio improved to 26.91% in the first half of 2025, down from 27.33% in 2024 [13] - The bank's total loans reached 5.8 trillion yuan, with a year-on-year growth of 3.7% [13] Loan and Deposit Structure - In the first half of 2025, CITIC Bank's new loans exceeded 820 billion yuan, with over 90% of new corporate loans directed towards key sectors such as green finance and manufacturing [6][10] - Retail loans showed a recovery with a net increase of 44 million yuan in the second quarter of 2025 [6][10] - The total deposits of CITIC Bank reached 6.1 trillion yuan, reflecting a year-on-year increase of 10.7% [13]

Core Viewpoint - Chengdu Bank reported a steady growth in revenue and net profit for the first half of 2025, with a focus on improving net interest margin and maintaining asset quality [1][5]. Financial Performance - The company achieved a revenue of 12.27 billion yuan, a year-on-year increase of 5.9%, with net profit reaching 6.62 billion yuan, up 7.3% year-on-year [1]. - Net interest income rose by 7.6% to 9.77 billion yuan, driven by a reduction in the drag from interest margin [2]. - The net interest margin for 1H25 was 1.62%, a decrease of 4 basis points year-on-year, but an improvement from a decline of 15 basis points in 2024 [4]. Income Sources - Non-interest income showed mixed results, with net fees and commissions dropping by 45.1% to 248 million yuan, primarily due to declines in wealth management and asset management services [2]. - Other non-interest income increased by 9.7% to 2.26 billion yuan, with notable investment returns from various accounts [2]. Loan and Deposit Trends - The total loan balance reached 833.4 billion yuan, a year-on-year increase of 18.0%, with significant contributions from public sector loans [3]. - The company saw a notable increase in bill discounting, with a net increase of 20.6 billion yuan to 22 billion yuan [3]. - Personal loans grew steadily, with a net increase of 5.1 billion yuan, although the company did not significantly increase personal loan issuance amid industry pressures [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with improvements in public sector asset quality, while retail NPLs saw a slight increase [5]. - The NPL ratio for public loans improved to 0.59%, while retail loans experienced a rise to 0.98% [5]. Future Outlook - The demand for infrastructure projects in the Chengdu-Chongqing area is expected to support continued loan growth, with further optimization of funding costs anticipated to enhance performance [5]. - Projected net profits for 2025-2027 are expected to be 13.893 billion, 15.101 billion, and 16.467 billion yuan, reflecting year-on-year growth rates of 8.0%, 8.7%, and 9.0% respectively [5].

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in revenue and profit growth despite a slight decline in return on average equity [1][2] Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to the first quarter [2] - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a mixed performance in income sources [2] - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [2] Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in asset expansion [3] - The bank's new loans and financial investments for Q2 were 27.2 billion and 11.4 billion respectively, with significant increases compared to the previous year [3] - Corporate loans showed a strong growth rate of 19.1%, while retail loans grew at a slower pace of 12.9% [4] Deposit Trends - By the end of Q2 2025, Chengdu Bank's interest-bearing liabilities and deposits grew by 13.7% and 14.7% year-on-year, with a slight decrease in the growth rate of deposits compared to Q1 [5] - The trend towards term deposits continued, with term deposits accounting for 70% of total deposits by the end of Q2 [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the first half of 2025 was 1.62%, showing a slight decrease from the previous year, but the decline in margin pressure has eased [6] - Non-interest income for the first half of 2025 was 2.5 billion, reflecting a year-on-year decrease of 0.2%, primarily due to reduced fee income [7][8] Asset Quality and Risk Management - Chengdu Bank maintained a low non-performing loan (NPL) ratio of 0.66% and a slight increase in the attention ratio to 0.44% by the end of Q2 2025 [8][9] - The bank's credit impairment losses for the first half of 2025 were 1.4 billion, indicating a stable risk management environment [9] Capital Adequacy - By the end of Q2 2025, Chengdu Bank's capital adequacy ratios were 8.61%, 9.24%, and 13.13%, showing a slight decline due to seasonal factors [9] - The rapid expansion of risk-weighted assets (RWA) at a growth rate of 15.8% indicates a strong capital base supporting future growth [9] Future Outlook - Chengdu Bank is expected to benefit from strategic opportunities in the Chengdu metropolitan area, with a strong asset quality and a high provision coverage ratio supporting its risk management capabilities [10]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1] Core Views - Chengdu Bank's mid-year performance exceeded expectations, with a revenue of 12.27 billion yuan, up 5.9% year-on-year, and a net profit attributable to shareholders of 6.62 billion yuan, up 7.3% year-on-year [4][6] - The bank's credit quality remains strong, with a non-performing loan ratio stable at 0.66% and a provision coverage ratio slightly decreasing to 453% [4][6] - The bank is benefiting from a high credit demand environment, with significant contributions from corporate loans, which accounted for over 90% of the total credit increase in the first half of 2025 [6][11] Financial Data and Earnings Forecast - Chengdu Bank's total revenue is projected to grow from 21.70 billion yuan in 2023 to 29.05 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.46% [5] - The net profit attributable to shareholders is expected to increase from 11.67 billion yuan in 2023 to 17.12 billion yuan in 2027, with a CAGR of about 11.52% [5] - The bank's return on equity (ROE) is forecasted to remain high, with a projected ROE of 16.02% in 2025 [5] Performance Drivers - The increase in interest income is driven by accelerated loan disbursement and improved net interest margins, with net interest income growing by 7.6% year-on-year in the first half of 2025 [6][8] - The bank's cost of liabilities has improved, contributing to a stabilization of net interest margins, which decreased by only 4 basis points to 1.62% in the first half of 2025 [9][12] - Corporate loans are the main growth driver, with a loan growth rate of 18.0% in the second quarter of 2025, and corporate lending contributing significantly to the overall credit increase [6][10] Asset Quality - The non-performing loan ratio remains low at 0.66%, with both corporate and retail non-performing loans below 1% [6][9] - The bank's asset quality indicators are strong, with a projected annualized non-performing loan generation rate of 0.16% for the first half of 2025 [9][11]

Core Viewpoint - Chengdu Bank reported a steady performance in the first half of 2025, with significant growth in operating income and net profit, driven by a robust loan portfolio and improved net interest margin [1][2][4]. Financial Performance - In H1 2025, Chengdu Bank achieved operating income of 12.27 billion yuan, a year-on-year increase of 5.91%, with Q2 growth accelerating to 8.51% [1][2]. - The net profit attributable to shareholders reached 6.62 billion yuan, up 7.29% year-on-year, with Q2 net profit growth at 8.70% [1][2]. - Basic earnings per share stood at 1.57 yuan, and the weighted average return on equity was 7.94% [1]. Loan and Deposit Growth - As of June 2025, Chengdu Bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32% [3]. - The loan portfolio grew by 18.30% year-on-year, indicating strong demand and a favorable lending environment [3]. - Total liabilities amounted to 1.28 trillion yuan, with deposits increasing by 14.80%, maintaining a stable operational structure [3]. Net Interest Margin and Cost of Liabilities - The net interest margin for H1 2025 was 1.62%, showing a 12 basis points increase from Q1, despite a year-on-year decline of 4 basis points [3]. - The cost of liabilities decreased, with the deposit cost rate at 1.96%, down 25 basis points year-on-year, benefiting from regulatory measures on high-interest deposits [3]. Asset Quality - Chengdu Bank maintained a low non-performing loan ratio of 0.66%, unchanged year-on-year, with a high provision coverage ratio of 452.65%, positioning it among the industry leaders [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.33, reflecting a target PB of 1.10 times for 2025 [8][6]. Core Views - The company's performance in H1 2025 shows an increase in net profit, revenue, and PPOP by 7.3%, 5.9%, and 6.7% year-on-year, respectively, driven by credit expansion and improved net interest income [1][2]. - The company is focusing on credit expansion, maintaining a leading position in the industry, with total assets, loans, and deposits growing by 14.3%, 18.0%, and 14.8% year-on-year as of June [2]. - The financial investment business remains stable, with investment income increasing by 7% year-on-year in H1 2025, although there was a significant decline in intermediary income by 45.2% [3]. - Asset quality is stable, with non-performing loan ratios at 0.66% and 0.98% for corporate and retail loans, respectively, indicating solid risk control capabilities [4]. Summary by Sections Performance Overview - In H1 2025, the company's net profit, revenue, and PPOP increased by 7.3%, 5.9%, and 6.7% year-on-year, respectively, with a notable improvement in performance compared to Q1 [1]. - The company adheres to a strategy of stable deposits and efficient asset management, indicating potential for operational improvement [1]. Credit and Asset Management - The company has accelerated credit issuance, maintaining a strong growth rate in loans, with a focus on retail and corporate loans [2]. - As of June, the net interest margin was 1.62%, showing a slight improvement from the previous year [2]. Financial Investments - The investment income showed a year-on-year increase of 7% in H1 2025, although intermediary income saw a significant decline [3]. - The company is optimizing its bond allocation and focusing on high-performing fund products to enhance investment returns [3]. Asset Quality - The overall asset quality remains stable, with a non-performing loan ratio of 0.66% for corporate loans and 0.98% for retail loans, reflecting effective risk management [4]. - The company has maintained a high provision coverage ratio of 453% as of June [4]. Management and Shareholder Actions - The company announced a change in leadership with the appointment of a new chairman, expected to ensure a smooth transition and continuity in strategy [5]. - Shareholders have approved adjustments to the share buyback plan, extending the buyback period to April 2026 without a price cap [5]. Valuation and Forecast - The forecast for net profit for 2025-2027 is RMB 138.2 billion, 151.1 billion, and 166.6 billion, respectively, with a target PB of 1.10 times for 2025 [6][12]. - The company is expected to maintain a strong position in the industry, justifying a valuation premium compared to peers [6].

| | 2.请问贵行 2025 年核销、计提的规划如何，合意的拨备水平大 | | --- | --- | | | 概在什么水平？ | | | 答：2025 年核销、计提规划会依据我行资产质量状况、信贷投放 | | | 规模及宏观经济形势动态调整。上半年，我行归母净利润同比增长 | | | 16.63%，资产质量保持稳健，不良贷款率为 0.86%，拨备覆盖率 | | | 381.22%，较年初提升 个百分点。后续核销将精准针对潜在风险 11.9 | | | 资产，力求最大程度化解不良。计提方面，会遵循谨慎性原则，保障 | | | 拨备对风险的足额覆盖。基于当前稳健态势，合意拨备水平会维持在 | | | 较高区间，持续强化风险抵御能力，预计在现有基础上，结合业务发 | | | 展与风险变动微调，确保资本充足率稳定，助力业务健康发展。 | | 附件清单（如有） | 无 | | 日期 | 2025 年 08 月 25 日 | 证券代码： 002807 证券简称：江阴银行 编号：2025-04 | 投资者关系活动 ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 □业绩说 ...

Core Viewpoint - Jiangsu Bank reported a steady performance in H1 2025, with revenue and net profit growth driven by strong net interest income and effective cost management [1][2][6]. Financial Performance - H1 2025 revenue reached 44.864 billion yuan, a year-on-year increase of 7.78%, while net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year [1][2]. - Net interest income for H1 2025 was 32.939 billion yuan, showing a significant increase of 19.10% year-on-year, attributed to effective liability cost management [2][4]. - Non-interest income faced pressure, with net fees and commissions growing by 5.15%, but fair value changes recorded a net loss of 226 million yuan compared to a net gain of 2.046 billion yuan in the same period last year [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased to 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [1][5]. - The provision coverage ratio stood at 331.02%, although it decreased from the beginning of the year, it remains significantly above regulatory requirements [5][6]. Credit Growth and Business Segmentation - Total new loans in H1 2025 amounted to 334.8 billion yuan, a year-on-year increase of 174.4 billion yuan, with corporate loans driving this growth [3]. - Corporate loans (excluding discounts) grew by 23.30% year-on-year, while retail loan growth showed divergence, with personal loans increasing by 3.07% [3][6]. Interest Margin and Cost Management - The net interest margin for H1 2025 was 1.78%, a decrease of 12 basis points year-on-year, but still reflects strong performance due to effective liability management [4][6]. - The average interest rate on interest-bearing liabilities was 1.89%, with the average deposit interest rate at 1.78%, down 40 basis points year-on-year, highlighting the bank's cost advantage [4]. Investment Outlook - Jiangsu Bank is positioned as a leading city commercial bank with a stable governance structure and clear strategic planning, benefiting from the developed regional economy of Jiangsu [6][7]. - The bank's long-term investment value is supported by its robust fundamentals, clear growth trajectory, and attractive valuation, with a target price of 13.03 yuan based on a target PB of 0.95X for 2025 [6][7].

Core Viewpoint - Jiangsu Bank's H1 2025 performance shows steady growth in operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders, with year-on-year growth rates of 7.78%, 7.89%, and 8.05% respectively, indicating stable performance despite slight fluctuations compared to Q1 2025 [1] Group 1: Performance Highlights - The bank's interest-earning assets grew by 30.51% year-on-year by the end of H1 2025, further increasing by 2.69 percentage points from Q1 2025 [1] - Non-loan assets are the main driver of balance sheet expansion, with investment assets and interbank assets growing by 35.79% and 67.40% respectively, showing significant quarter-on-quarter increases [2] - The loan portfolio increased by 18.33% year-on-year, maintaining a high growth rate despite a slight quarter-on-quarter decline of 0.49% [2] - Interest-bearing liabilities grew by 27.87% year-on-year, with deposits increasing by 21.63%, reflecting strong growth on the liability side [2] Group 2: Income and Asset Quality - Non-interest income showed signs of recovery, with a year-on-year decline of 20.1% in other non-interest income, although the rate of decline narrowed in Q2 2025 due to a recovery in the bond market [2] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.84% at the end of H1 2025, a decrease of 2 basis points from the previous quarter [2] - The provision coverage ratio stood at 331.02%, indicating sufficient provisions despite a quarter-on-quarter decline of 12.49 percentage points [2] Group 3: Risks and Opportunities - The net interest margin decreased by 19 basis points to 1.61% in Q2 2025, primarily due to a decline in the yield on interest-earning assets [3] - The growth rate of risk-weighted assets was 18.73%, which may impact the sustainability of internal capital growth, as the annualized ROE growth rate was only 10.71% [3] - The bank's strong fundamentals, high dividend yield, and resilience in performance position it as an attractive investment opportunity, especially in a favorable policy environment [3]