公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 -4.63%，较 2024 年末改善 4.72pct。另外，投资净收益依旧亮眼，一季 度营收 43 亿元，同比增长 145.83%。 2025 年一季度，建设银行净息差录得 1.41%，环比下行 10bp，同比 -16bp。结合 2024 年底公司生息资产收益率和计息负债成本率来看，因 2024 年 LPR 多次调整，新年存量贷款重定价可能是公司 2025 第一季度 净息差下行的主要原因。另外 ...

资产端： 2025 年一季度建设银行生息资产总计 41.93 万亿元，同比增长 7.8%。其中，信贷投放和金融投资依旧是企业规模增长的主要动能，2025 一季度分别同比增长 8.0%、14.4%，环比增长 4.5%、5.8%；另外同业 资产环比高增 17.4%。生息资产结构上，贷款、金融投资、同业及拆放、 存放央行分别较 2024 年末变动-0.58、+0.08、+0.41、+0.09pct。 公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 ...

Core Viewpoint - China Bank reported a slight year-on-year increase in revenue for Q1 2025, driven primarily by non-interest income, despite a decline in net interest income and net profit [1][2][3]. Revenue and Profitability - In Q1 2025, China Bank achieved revenue of 164.9 billion yuan, a year-on-year increase of 2.56% [1][2]. - Net interest income was 107.7 billion yuan, down 4.42% year-on-year, accounting for 65.32% of total revenue [2]. - Non-interest income reached 57.2 billion yuan, showing a significant year-on-year growth of 18.91%, becoming the main driver for revenue improvement [2][3]. - The bank's net profit attributable to shareholders was 54.4 billion yuan, reflecting a year-on-year decrease of 2.90% [1][2]. Asset and Liability Management - As of Q1 2025, the total interest-earning assets amounted to 34.92 trillion yuan, representing a year-on-year growth of 7.2% [3]. - The loan and financial investment segments were key growth drivers, with year-on-year increases of 8.3% and 20.0%, respectively [3]. - The total interest-bearing liabilities stood at 31.59 trillion yuan, up 6.8% year-on-year, with deposits growing by 6.2% [4]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25%, unchanged from 2024 [5]. - The provision coverage ratio was 198%, a decrease of 2.63 percentage points compared to the end of 2024 [6]. Shareholder Structure - Changes in the top ten shareholders included a slight increase in the stake of the second-largest shareholder, Hong Kong Central Clearing Limited, and minor decreases for others [6]. Profit Forecast and Valuation - The bank is expected to see marginal improvements in revenue and profit for 2024, with projected year-on-year growth in net profit attributable to shareholders of 0.03%, 2.37%, and 3.41% for 2025-2027 [7].

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 ...

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]

Investment Rating - The report maintains a buy rating for the company’s A/H shares [5][8]. Core Views - The company reported a year-on-year decline in net profit and operating income for Q1 2025, with net profit down by 2.6% and operating income down by 0.1% [1]. - The company is experiencing pressure on its net interest margin, which decreased to 1.71%, while non-interest income showed strong growth of 14.8% year-on-year [2][3]. - The company is focusing on cost optimization, which is reflected in the reduction of its cost-to-income ratio to 56.7% [3]. Summary by Sections Financial Performance - For Q1 2025, the company’s annualized ROE and ROA were 11.33% and 0.58%, respectively, both showing a decline compared to the previous year [1]. - The company’s total assets, loans, and deposits grew by 8.3%, 9.8%, and 9.2% year-on-year, respectively [2]. Credit and Asset Quality - The non-performing loan (NPL) ratio was reported at 0.91%, with a provision coverage ratio of 266% [4]. - The company’s NPL generation rate increased to 0.88%, indicating a rise in asset quality concerns [4]. Capital and Valuation - The report estimates the company’s EPS for 2025 at 0.88 RMB, with a projected PB ratio of 0.70 for A shares and 0.64 for H shares [5]. - The target prices are set at 6.29 RMB for A shares and 6.17 HKD for H shares [8][9].

Group 1 - The core viewpoint of the report indicates that China Merchants Bank experienced a decline in both operating income and net profit for Q1 2025 compared to the previous year, with operating income at 83.751 billion yuan, down 3.09%, and net profit at 37.286 billion yuan, down 2.08% [1] - The bank's net interest income increased by 1.92% year-on-year, reaching 52.996 billion yuan, while non-interest income saw a significant decline of 10.64%, totaling 30.755 billion yuan [1] - As of the end of Q1 2025, the total assets of China Merchants Bank reached 12.529 trillion yuan, a growth of 3.11% from the end of the previous year, with total loans and advances at 7.125 trillion yuan, up 3.44% [1] Group 2 - The bank's non-interest income accounted for 36.72% of total operating income, with net fee and commission income at 19.696 billion yuan, down 2.51% year-on-year, while other net income fell by 22.19% to 11.059 billion yuan, primarily due to the impact of rising market interest rates on the fair value of bond and fund investments [1] - In terms of asset quality, as of the end of Q1 2025, the non-performing loan balance was 66.743 billion yuan, an increase of 1.133 billion yuan from the end of the previous year, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points [2] - The bank's provision coverage ratio stood at 410.03%, down 1.95 percentage points from the end of the previous year, and the loan provision ratio was 3.84%, down 0.08 percentage points [2]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows strong revenue growth and profitability, with operating income of 9.98 billion CNY, a year-on-year increase of 2.2%, and net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year [3][4]. - The bank's annualized weighted average return on equity (ROE) stands at 20.6%, an increase of 0.64 percentage points year-on-year [3]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Deposit Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with loan growth slightly decreasing compared to the end of the previous year [5]. - The bank's total deposits increased by 98 billion CNY in Q1, with a year-on-year growth rate of 21.1% [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, a decrease of 6 basis points from 2024 [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, primarily due to a decline in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 530.1% [9]. - Capital adequacy ratios as of Q1 2025 are 9.01% for core tier 1, 11.34% for tier 1, and 14.05% for total capital, showing a stable increase [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to earnings per share (EPS) estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to price-to-book (PB) ratios of 0.75, 0.65, and 0.56 for 2025-2027 [10].

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]

Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577.SH) with a current price of 9.39 CNY [1]. Core Views - Changsha Bank achieved an operating income of 25.936 billion CNY in 2024, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 7.827 billion CNY, up 4.9% year-on-year [4]. - The bank's loan growth remains robust, with a year-on-year increase of 12.6% in loans as of the end of Q1 2025, indicating strong credit demand [6]. - Non-interest income grew by 10% in Q1 2025, contributing 25% to total revenue, reflecting an improvement in the bank's revenue diversification [9]. Summary by Sections Financial Performance - In 2024, Changsha Bank's operating income was 25.936 billion CNY, with a net profit of 7.827 billion CNY, and a return on equity (ROE) of 12.31% [4][28]. - For Q1 2025, the bank reported an operating income of 6.8 billion CNY and a net profit of 2.2 billion CNY, both showing a growth of 3.8% year-on-year [4]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 11.3% and 12.6% year-on-year, respectively, with a significant increase in loan issuance [6]. - The total new loans for 2024 were 56.7 billion CNY, with Q1 2025 alone contributing 42.8 billion CNY, indicating a strong start to the year [6]. Non-Interest Income - Non-interest income for Q1 2025 reached 1.7 billion CNY, up 10% year-on-year, with net fees and commissions contributing significantly to this growth [9]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.17% at the end of 2024, with a coverage ratio of 312.8%, indicating strong risk management [10][24]. - The bank's credit impairment losses for Q1 2025 were 2.5 billion CNY, reflecting a year-on-year increase, but the overall asset quality remains solid [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital adequacy ratio was 9.7%, indicating a strong capital position despite the expansion of risk-weighted assets [10][27]. Valuation and Forecast - The report adjusts the EPS forecast for 2025 to 2.02 CNY, with corresponding price-to-earnings (P/E) ratios of 4.64 for 2025, maintaining a "Buy" rating based on the bank's growth potential and asset quality [11][12].