Investment Rating - The report maintains a "Buy" rating for China Merchants Bank [1] Core Views - The report highlights that non-interest income pressure has negatively impacted revenue, while interest income continues to show positive growth. The bank's provisioning advantage remains solid, helping to mitigate profit declines [6][8] - In Q1 2025, China Merchants Bank reported revenue of 83.8 billion yuan, a year-on-year decline of 3.1%, and a net profit attributable to shareholders of 37.3 billion yuan, down 2.1% year-on-year [4][6] - The report emphasizes the bank's ability to manage credit risk effectively, with a non-performing loan (NPL) ratio of 0.94% and a provisioning coverage ratio of 410% [4][9] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 338.02 billion yuan, with a year-on-year growth rate of 0.16% [5] - Net profit attributable to shareholders is projected to be 149.69 billion yuan in 2025, reflecting a year-on-year growth rate of 0.88% [5] - The report anticipates a gradual recovery in performance, with net profit growth rates of 0.9%, 3%, and 5.4% for 2025-2027 [9] Revenue Composition - Non-interest income decreased by 10.6% in Q1 2025, significantly impacting overall revenue growth [6][8] - Interest income showed a positive growth of 1.9% in Q1 2025, contributing positively to revenue despite the decline in non-interest income [6][8] Loan Growth and Credit Quality - Total loans increased by 5.2% year-on-year in Q1 2025, with corporate loans remaining stable while retail loan growth slowed [6][10] - The report notes a shift in retail lending focus towards lower-risk products, with a significant reduction in credit card lending [6][10] Cost of Deposits and Interest Margin - The bank's net interest margin was reported at 1.91% in Q1 2025, with a slight quarter-on-quarter decline of 3 basis points [9][11] - Deposit costs decreased significantly, supporting the bank's interest margin stability [9][11]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.35 CNY and 4.85 HKD respectively [1][10]. Core Insights - Postal Savings Bank's Q1 2025 report shows stable revenue at 893.6 billion CNY, with a slight year-over-year decline of 0.1%. The net profit attributable to shareholders is 252.5 billion CNY, down 2.6% year-over-year [2][3]. - The bank's non-interest income has increased its contribution to total revenue, rising to 22.9%, up 4.9 percentage points from the previous year [3][4]. - The bank's loan and interest income growth rates are 9.8% and -3.8% respectively, indicating a shift towards non-interest income sources [3][4]. Financial Performance - For Q1 2025, the bank's net interest margin decreased to 1.71%, down 16 basis points from 2024, primarily due to lower asset yields [6][10]. - Non-interest income grew by 14.8% year-over-year, reaching 205.1 billion CNY, with significant contributions from fees and commissions [7][10]. - The bank's non-performing loan ratio remains low at 0.91%, with a slight increase from the previous year [8][10]. Asset and Liability Management - As of Q1 2025, the bank's interest-earning assets and loans grew by 8% and 9.8% year-over-year, respectively, with loans making up 56.5% of interest-earning assets [4][5]. - The bank's deposit growth was robust, with total deposits increasing by 9.2% year-over-year, reflecting strong core funding capabilities [5][10]. Capital Adequacy - The risk-weighted assets (RWA) increased by 6.9% year-over-year, with a decline in capital adequacy ratios, indicating higher capital consumption due to increased lending [9][10]. - The bank's core tier 1 capital ratio stood at 9.21%, down from the previous year, but is expected to improve following a planned capital increase of 130 billion CNY [9][10]. Earnings Forecast and Valuation - The report projects a slight decline in earnings per share (EPS) for 2025-2027, adjusting the forecast to 0.74, 0.75, and 0.78 CNY respectively [10][11]. - The current price-to-book (P/B) ratios for A-shares and H-shares are estimated at 0.7 and 0.55 respectively for 2025 [10][11].

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [1] Core Views - Suzhou Bank achieved a revenue of 12.2 billion in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 5.1 billion, up 10.2% year-on-year [3] - The bank's credit maintains double-digit growth, with loans increasing by 12.7% year-on-year as of Q1 2025, and a steady expansion of its asset scale [5] - The bank's non-interest income growth has slowed but remains stable at around 35% of total revenue [9] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.83% at the end of 2024 [10] Summary by Sections Financial Performance - In 2024, Suzhou Bank's operating income was 12.2 billion, with a net profit of 5.1 billion, reflecting a 3% and 10.2% increase year-on-year respectively [3] - For Q1 2025, the bank reported operating income of 3.25 billion, a 0.8% increase year-on-year, and a net profit of 1.55 billion, up 6.8% year-on-year [3] Revenue and Profitability - The bank's net interest income decreased by 6.8% in 2024, while non-interest income grew by 27.6% [4] - The bank's cost-to-income ratio was 36.4% in 2024, with credit impairment losses at 9.2% of revenue [4] Asset Quality - The non-performing loan ratio was 0.83% at the end of 2024, with a coverage ratio of 447% [10][11] - The bank's credit risk management remains robust, with a significant reduction in new non-performing loans [10] Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 9.8%, indicating a solid capital base for future growth [11] - The bank's capital adequacy ratios are well above regulatory requirements, providing a strong buffer for potential risks [11] Future Outlook - The bank is expected to continue its expansion in both corporate and retail lending, with a focus on manufacturing and small micro-enterprises [5] - The report anticipates stable growth in non-interest income and improvements in asset quality, supporting sustainable development [12][13]

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].

Core Viewpoint - Shengjing Bank is struggling to transform itself two years after shedding its "Evergrande system" identity, facing significant historical burdens and declining financial performance, with a strategic goal of "stabilizing growth, improving quality, increasing efficiency, and enhancing effectiveness" for 2024 [2] Financial Performance - In 2024, Shengjing Bank reported revenue of 8.577 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 621 million yuan, down 15.21%, marking the fourth consecutive year of revenue and profit decline [2] - The bank's net interest margin was only 0.8%, down 16 basis points year-on-year, significantly lower than the average for commercial banks and city commercial banks, which were 1.52% and 1.38% respectively [4][3] - Total interest-earning assets decreased by nearly 70 billion yuan to 8555.16 billion yuan, a decline of 7.5% year-on-year, with a significant gap between interest-earning assets and interest-bearing liabilities [5] Asset Quality and Loan Performance - As of the end of 2024, Shengjing Bank's total assets grew by 4% to 1.12 trillion yuan, with loans issued amounting to 500.6 billion yuan, a year-on-year increase of 4.8% [9] - The bank's corporate loans, which account for over two-thirds of its credit portfolio, reached 337.88 billion yuan, growing by 9.67% year-on-year, while personal loans showed mixed performance with a notable increase in personal consumption loans [10] - The non-performing loan (NPL) ratio for personal loans was 2.9%, with mortgage loans having a particularly high NPL ratio of 3.66% [12][11] Non-Interest Income - Shengjing Bank achieved non-interest income of 1.69 billion yuan in 2024, a significant increase of 44% year-on-year, attributed to improved investment trading capabilities [7] Market Performance and Shareholder Sentiment - The bank's stock price in the Hong Kong market has been underperforming, trading around 1.06 HKD per share, significantly lower than its initial listing price of 7.65 HKD in 2014, with liquidity issues evident as trading volumes dropped to zero during certain periods [15] - The number of H-share shareholders has dwindled to just 124, reflecting market skepticism regarding the bank's future profitability and growth prospects [15] Strategic Direction - Shengjing Bank is actively pursuing a "de-Evergrande" strategy, having removed references to Evergrande from its annual reports since 2023, and has undergone significant management restructuring to align with its vision of becoming a "good bank for enterprises and the public" [16][17]

非息收入同比增加54.11％ 华夏银行年报显示，报告期内，集团实现利息收入1464.83亿元，比上年减少了91.28亿元，下降了 5.87％。具体来看，"发放贷款和垫款"一项净利息收入因利率因素减少了82.44亿元，因规模因素净利息 收入增加了23.27亿元后，该项合计净利息减少了59.17亿元。"金融投资"一项净利息收入因利率因素减 少了28亿元，因规模因素净利息收入增加了1.53亿元，该项合计净利息减少了26.47亿元。 而华夏银行2024年的非利息净收入则同比增加了123.18亿元，增幅达54.11％。具体来看，报告期内，华 夏银行在投资收益、公允价值变动收益、汇兑收益和其他业务收入这几项中取得的非息净收入同比增长 较高，分别增长了66.58％、203.26％、40.51％和42.31％；手续费及佣金净收入、资产处置收益则同比 负增长，分别下降了14.98％、38.46％。 值得注意的是，2024年，华夏银行投资收益净收入同比增长最多，为62.75亿元；公允价值变动收益的 同比增速最高，增幅达203.26％。 21世纪经济报道记者以投资者身份致电华夏银行，华夏银行工作人员称，2024年华夏银行在同业业务 ...

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 10.44 CNY [1]. Core Insights - Nanjing Bank reported a resilient performance with a 2024 revenue of 50.3 billion CNY, up 11.3% year-on-year, and a net profit of 20.2 billion CNY, up 9.1% year-on-year. The annualized return on equity (ROE) for 2024 was 12.97%, a slight decline of 0.15 percentage points [4][12]. - For Q1 2025, the bank achieved a revenue of 14.2 billion CNY, reflecting a 6.5% year-on-year growth, and a net profit of 6.1 billion CNY, up 7.1% year-on-year, with an annualized ROE of 15.2%, down 0.76 percentage points [4][12]. Summary by Sections Financial Performance - In 2024, Nanjing Bank's revenue and net profit growth rates were 11.3% and 9.1%, respectively. For Q1 2025, these figures were 6.5% and 7.1%. The bank's net interest income and non-interest income growth rates were 4.6% and 20% for 2024, while for Q1 2025, they were 17.8% and -4.5% [5][6]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 19.4% and 14.7% year-on-year, respectively. The total new loans for 2024 were 157.3 billion CNY, with Q1 2025 contributing 89.7 billion CNY. The bank maintained a strong focus on corporate and retail loans, with significant growth in technology and green sectors [6][7]. Deposit and Liability Management - By the end of Q1 2025, the bank's interest-bearing liabilities and deposits grew by 16.3% and 16.7% year-on-year, respectively. The bank added 161.1 billion CNY in deposits during Q1 2025, with a notable increase in both corporate and personal term deposits [7][8]. Net Interest Margin (NIM) - The bank's NIM for 2024 was reported at 1.94%, with a slight decline observed. The bank's interest-earning asset yield and cost of interest-bearing liabilities showed a downward trend, but the decline in NIM has been moderating [8][9]. Non-Interest Income - In Q1 2025, non-interest income decreased by 4.5% year-on-year, accounting for 45.4% of total revenue. The bank's net fee and commission income increased by 18%, while other non-interest income saw a decline [9][10]. Asset Quality - Nanjing Bank maintained a low non-performing loan (NPL) ratio of 0.83% as of the end of 2024, with a strong risk coverage capability. The bank's NPL balance increased by 5.2 billion CNY in 2024, with a notable increase in credit impairment losses in Q1 2025 [10][11]. Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 8.9%, with significant shareholder confidence reflected in recent share purchases. The bank's dividend payout ratio has remained around 30% [11][12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 2.00, 2.13, and 2.21 CNY, respectively. The current price-to-book (PB) and price-to-earnings (PE) ratios indicate attractive valuation levels [12][14].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.87 CNY [1] Core Views - Jiangsu Bank's revenue and profit growth show resilience, with a reported revenue of 80.8 billion CNY for 2024, representing an 8.8% year-on-year increase, and a net profit of 31.8 billion CNY, up 10.8% year-on-year [3][4] - The bank's return on average equity (ROAE) stands at 13.6%, a decrease of 0.9 percentage points compared to the previous year [3] Summary by Sections Financial Performance - Revenue growth accelerated, with year-on-year increases in revenue, pre-provision profit, and net profit of 8.8%, 7.6%, and 10.8% respectively, showing improvements from the first three quarters of 2024 [4] - Net interest income and non-interest income grew by 6.3% and 14.8% respectively, with non-interest income accounting for 31% of total revenue [4][8] Asset and Liability Management - By the end of 2024, the bank's interest-earning assets and net loans grew by 16.1% and 11% year-on-year, maintaining a high expansion intensity [5] - Deposits increased by 12.8% year-on-year, with a notable rise in demand deposits [6] Credit Quality - The non-performing loan (NPL) ratio remained low at 0.89%, with a coverage ratio of 350.1% [9][10] - The bank's credit loss provisions were robust, with a provision coverage ratio that supports its risk mitigation capabilities [9] Capital Adequacy - The core tier 1 capital ratio was reported at 9.12%, indicating a solid capital buffer for future growth [10] - The bank's dividend payout ratio remained stable at 30%, with a total dividend of 9.55 billion CNY for the year [10] Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, focusing on key sectors such as advanced manufacturing and small enterprises [11] - EPS forecasts for 2025-2027 have been adjusted to 1.88, 1.98, and 2.07 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 5.24, 4.97, and 4.77 [11][14]

Investment Rating - The investment rating for Ningbo Bank is "Buy-A" with a target price of 28.09 CNY, compared to the current stock price of 23.36 CNY [5]. Core Views - Ningbo Bank's 2024 revenue showed a steady growth of 8.19% year-on-year, with pre-provision profit increasing by 13.92% and net profit attributable to shareholders rising by 6.23% [1][11]. - The bank's net interest margin demonstrated resilience, with a slight decrease of only 2 basis points compared to 2023, outperforming peers [8][10]. - The bank's asset quality remains stable, with a non-performing loan generation rate gradually declining, benefiting from controlled consumer credit expansion [9][10]. Summary by Sections Financial Performance - In Q4 2024, Ningbo Bank's net profit attributable to shareholders grew by 3.78% year-on-year, driven by scale expansion, widening net interest margin, and cost savings, despite a slowdown in non-interest income growth and increased taxes [1]. - The average daily balance of interest-earning assets grew by 16.01% year-on-year, although the growth rate decreased by 5.64 percentage points compared to Q3 2024 [1][8]. - The bank's non-interest income decreased by 12.3% year-on-year in Q4 2024, primarily due to a decline in other non-interest income [8]. Credit and Asset Quality - New loans in Q4 2024 totaled 214 billion CNY, a decrease of 153 billion CNY year-on-year, with both corporate and retail credit growth lagging behind 2023 levels [2][10]. - The non-performing loan ratio remained stable at 0.76%, with improvements in corporate loan asset quality [9][32]. - The provision coverage ratio decreased to 389.35%, indicating strong risk resistance capabilities [9][32]. Future Outlook - The bank is expected to achieve a revenue growth of 6.50% and a net profit growth of 5.48% in 2025, with a focus on maintaining a strong balance sheet while controlling risk [11][12]. - The dividend payout ratio has significantly increased to 22.77%, reflecting a stronger commitment to shareholder returns [10][11].

Core Viewpoint - Zhangjiagang Bank reported a revenue of 4.71 billion with a year-on-year growth of 3.8% and a net profit attributable to shareholders of 1.88 billion, reflecting a year-on-year increase of 5.1% [1] Financial Performance - Revenue growth is stable, with a year-on-year increase of 3.8% and net profit growth of 5.1%, showing resilience in performance [2] - The weighted average return on equity (ROAE) is 11.05%, down 0.6 percentage points year-on-year [1] - Net interest income and non-interest income growth rates are -12.6% and 96.8%, respectively, indicating a significant recovery in non-interest income [2] Loan and Asset Growth - The growth rate of interest-earning assets and loans is 4% and 8%, respectively, showing a slight slowdown compared to the previous quarter [3] - New loans for the year totaled 10.2 billion, with a decrease in financial investments and interbank assets [3] - The bank's focus on corporate and retail loans remains strong, with corporate loans accounting for 53.2% of total loans [3] Deposit Trends - Deposit growth has slowed, with a year-on-year increase of 6.4% in total deposits [5] - The proportion of time deposits continues to rise, reaching 79.4% by year-end [5] - New deposits for the year totaled 10.1 billion, reflecting a decrease compared to the previous year [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the year is 1.62%, showing a "L"-shaped trend with a decrease of 37 basis points year-on-year [6] - Non-interest income reached 1.33 billion, a year-on-year increase of 97%, driven by bond trading [7][8] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stands at 0.94%, indicating strong risk management capabilities [9] - The bank's provision coverage ratio is 376%, maintaining a high level of risk buffer [9] Capital Adequacy - The core tier 1 capital ratio is 11.1%, reflecting an increase due to the conversion of convertible bonds [10] - The bank's risk-weighted assets (RWA) growth rate is 6.7%, showing a slowdown in asset expansion [10] Strategic Focus - The bank is focusing on the local market, particularly in personal business loans, and is expanding its presence in Suzhou, Wuxi, and Nantong [11] - The strategy aims to enhance loan growth and improve asset pricing [11]