Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The bank's 2024 total revenue increased by 1.8% year-on-year, with a net profit attributable to shareholders rising by 0.2%. Interest income grew by 1.5%, while non-interest income saw a 3.2% increase. Investment income helped mitigate the decline in middle-income revenue [2][6]. - The bank's loan growth was 9.4% for the year, with retail products showing positive growth despite weak demand. Deposits increased by 9.5% [2][6]. - The net interest margin for the year was 1.87%, down 14 basis points year-on-year, while the deposit cost rate decreased by 9 basis points to 1.44%, expected to remain the lowest in the industry [2][6]. - The year-end non-performing loan ratio rose by 4 basis points to 0.90%, with a provision coverage ratio decreasing by 16 percentage points to 286% [2][6]. - The bank announced an active adjustment plan for savings agency fees, which is expected to effectively release future profits, estimating a reduction of 4.7% in pre-tax profit for 2025 due to a decrease in agency fee expenses by 4.5 billion yuan [2][6]. Summary by Sections Financial Performance - In 2024, the bank's total revenue was 348.8 billion yuan, with a net profit of 86.5 billion yuan. Interest income was 286.1 billion yuan, and non-interest income was 25.3 billion yuan [27]. - The bank's total loans grew to 8.7 trillion yuan, with retail loans showing a growth rate of 9.4% [27]. Asset Quality - The non-performing loan ratio at year-end was 0.90%, with a new generation rate of 0.84% for the year. The provision coverage ratio was 286% [2][6]. - The bank's asset quality indicators remained strong despite some fluctuations in retail risk pressures [2][6]. Fee Adjustment Impact - The active adjustment of savings agency fees is projected to save 11.5 billion yuan in 2024 and 4.5 billion yuan in 2025, enhancing pre-tax profit by 4.7% [21][22]. - The comprehensive savings agency fee rate is expected to decrease from 1.15% to 1.04% following the adjustments [21][22]. Investment Outlook - The bank is expected to maintain a stable dividend payout ratio of 30% for 2024, with a projected dividend yield of 5.0% for A-shares and 5.7% for H-shares [2][6]. - The current price-to-book (PB) ratio is estimated at 0.58x for A-shares and 0.51x for H-shares, indicating a low valuation with high dividend yield advantages [2][6].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's revenue for 2024 is reported at 135.4 billion yuan, a year-on-year decrease of 7.05%, while the net profit attributable to shareholders is 41.7 billion yuan, reflecting a year-on-year increase of 2.22. The non-performing loan ratio and provision coverage ratio at the end of Q4 2024 are 1.25% and 180.59%, respectively, remaining stable and improving by 9.9 percentage points compared to the previous quarter [1][4] Summary by Sections Performance - The company's revenue growth rate for 2024 is -7.05%, with a marginal improvement of 1.7 percentage points compared to the first three quarters. The net profit growth rate is 2.22%, improving by 0.3 percentage points from the first three quarters. This improvement is attributed to a stabilization in interest margins, a reduced decline in middle-income, and growth in other non-interest income [2] - Net interest income for 2024 decreased by 10.06%, with a net interest margin of 1.54%, remaining stable compared to the first half of 2024. The year-on-year decline in net interest margin is 20 basis points, which is a smaller decline than the previous year [2][3] Asset Quality - The non-performing loan ratio at the end of Q4 2024 is 1.25%, unchanged from the previous quarter. Leading indicators such as the attention rate and overdue rate have improved, decreasing by 15 basis points and 19 basis points, respectively, compared to Q2 2024. The provision coverage ratio has increased by 9.9 percentage points [4] - The non-performing loan generation rate for 2024 is 1.25%, a year-on-year decrease of 23 basis points. The total amount of non-performing loans is reported at 49.25 billion yuan, with a net increase of 1.7 billion yuan in corporate loans [4] Assets and Liabilities - As of the end of Q4 2024, total assets and loans amount to 6.96 trillion yuan and 3.93 trillion yuan, respectively, with year-on-year growth rates of 2.75% and 3.88%. The growth in total assets is primarily driven by a rapid increase in interbank assets [10] - Total deposits at the end of Q4 2024 are reported at 3.96 trillion yuan, a year-on-year decrease of 1.67%, mainly due to a net decrease in corporate demand deposits [10]

Core Viewpoints - The company reported a slight recovery in performance metrics for 2024, with operating income, PPOP, and net profit growth rates of -2.54%, -4.03%, and 0.88% respectively, showing marginal improvements compared to the first three quarters of 2024 [1] - The company experienced a decrease in net interest margin, but improvements in liability costs contributed to a stabilization of the margin in Q4 2024 [2] - Non-interest income saw significant growth, with a year-on-year increase of 50.56%, primarily driven by trading gains and realized income from investment accounts [2] Financial Performance - For Q4 2024, the company reported year-on-year growth rates of -0.09% for revenue, -3.26% for PPOP, and 3.37% for net profit, with quarter-on-quarter changes of +2.63pct, +1.24pct, and -0.42pct respectively [1] - The net interest margin for 2024 was 1.51%, with a slight decrease of 1 basis point compared to the first three quarters, while Q4 2024's estimated margin was 1.49%, reflecting a 4 basis point increase [2] - The non-performing loan (NPL) ratio at the end of Q4 2024 was 1.34%, a decrease of 1 basis point, indicating stable asset quality [2] Asset and Liability Management - The company’s interest-earning assets grew by 5.75% year-on-year, with loans increasing by 8.33%, although growth rates for both corporate and retail loans showed a decline [3] - Deposit growth for 2024 was 3.8%, a significant decrease from 2023, as the company focused on proactive liability management and increased bond issuance [3] - The cost-to-income ratio for 2024 was 29.44%, up 1.24 percentage points from 2023, reflecting pressures on revenue [3] Risk and Outlook - The company noted that retail loan quality showed signs of stress, with the retail loan NPL ratio rising to 0.98%, an increase of 14 basis points [2] - Despite a slowdown in scale expansion, the company maintains a stable operational foundation, with expectations for improvement in key performance indicators in 2025 as economic policies take effect [3]

Core Viewpoint - Zhejiang Commercial Bank reported a slight increase in net profit for 2024, with a net profit of 15.186 billion RMB, up 0.92% year-on-year, and a significant increase in fair value changes net income by 1095.92% [1][2]. Financial Performance - The bank achieved an operating income of 67.65 billion RMB in 2024, a year-on-year increase of 6.19% [2]. - Total profit amounted to 17.579 billion RMB, reflecting a 0.50% increase compared to the previous year [2]. - The net interest income was 45.157 billion RMB, down 4.99% year-on-year, with interest income at 110.697 billion RMB, up 0.40% [2][3]. - Non-interest net income reached 22.493 billion RMB, a 39.05% increase, driven by strong performance in trading financial assets [3]. Asset and Liability Overview - As of the end of 2024, total assets were 3,325.539 billion RMB, up 5.78% from the previous year [4]. - Total liabilities increased by 5.70% to 3,122.796 billion RMB [4]. - The bank's loan and advance total was 1,857.116 billion RMB, an increase of 8.21% [4]. Asset Quality - Non-performing loans (NPL) stood at 25.494 billion RMB, an increase of 8.98 billion RMB, with an NPL ratio of 1.38%, down 0.06 percentage points [5][6]. - The provision coverage ratio was 178.67%, a decrease of 3.93 percentage points [6]. Capital Adequacy - The capital adequacy ratio was 12.61%, up 0.42 percentage points from the previous year [7]. - The core tier 1 capital adequacy ratio increased to 8.38%, reflecting a 0.16 percentage point rise [7].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The asset quality indicators of the company have improved sequentially, with a slight increase in the dividend payout ratio to 30.2% [1] - The company's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth, while revenue increased by 0.7% year-on-year, although the growth rate declined by 1 percentage point sequentially [2] - The significant improvement in impairment losses has supported profitability, with a 1.6% year-on-year decrease in impairment losses for 2024, contrasting with a 14.3% increase in the first three quarters [2] - The net interest margin showed resilience, decreasing by only 1 basis point to 1.56% in Q4 2024, better than expected due to improved funding costs [3] - The company's asset quality is showing a positive turning point, with a non-performing loan (NPL) ratio of 1.07% at the end of Q4 2024, down 1 basis point from Q3 2024 [4] - The dividend payout ratio has slightly increased, reinforcing the dividend logic, with a dividend yield of 4.93% as of March 27, 2025 [5] - Profit forecasts indicate a net profit growth of 0.42%/4.45%/5.46% for 2025-2027, with a target price of 25.82 CNY per share, implying a 20% upside from the current price [6] Summary by Sections Financial Overview - The company's total revenue for 2024 was 212,226 million CNY, with a year-on-year growth of 0.66% [12] - The net profit attributable to shareholders for 2024 was 77,205 million CNY, reflecting a year-on-year increase of 0.12% [12] - The company reported a non-performing loan balance of 61,477 million CNY, with a non-performing loan ratio of 1.07% [13] Asset Quality - The NPL ratio improved to 1.07% at the end of Q4 2024, with a real NPL generation rate decreasing by 19 basis points to 1.40% [4] - The company has seen a significant improvement in credit card risk, while real estate risk remains a concern [4] Profitability and Valuation - The company is expected to maintain a net interest margin under pressure but is projected to perform better in 2025 compared to 2024 due to effective cost control [3] - The forecasted earnings per share (EPS) for 2024 is 3.51 CNY, with projected growth in subsequent years [14]

21世纪经济报道记者 郭聪聪 北京报道 3 月 27 日，中信银行于北京举办 2024 年度业绩发布会。中信银行董事长方合英在业绩会上表示，中信 银行经营业绩在2024年实现"双增双优双稳"。 非利息净收入也表现突出，实现 669.67 亿元，较上年增长 7.39%，连续 5 年保持正增长，非息占比持 续提升，同比提高 1.05 个百分点，占比达 31.34%。 中信银行董事长方合英在业绩会上表示，中信银行2024年核心指标表现亮眼，净息差连续3年跑赢大 市，非息收入连续 5 年正增长，净利润连续3年增长，分红水平 5年内稳步提高；同时从结构上看，中 信银行"三驾齐驱" 格局更加成型，整体来看表现出较强的韧性与稳定性。 不良与拨备指标实现"双稳" 中信银行在资产质量管控方面同样成果显著，不良与拨备指标实现 "双稳"显示出其质量管控能力。 截至报告期末，中信银行不良贷款余额为 664.85 亿元，较上年末增加 16.85 亿元，增幅 2.60%；不良贷 款率为 1.16%，相比上年末下降0.02 个百分点，已实现连续六年下降。与此同时，拨备覆盖率较上年末 提升 1.84 个百分点，达 209.43%，连续四年呈 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 630.1 billion yuan in 2024, representing a year-on-year growth of 1.2%, and a net profit attributable to shareholders of 237.8 billion yuan, up 2.6% year-on-year [4][9] - The report highlights a stable performance with a gradual improvement in asset quality, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.25% and an increase in the provision coverage ratio to 201% [4][12] - The company’s non-interest income grew by 15.9% year-on-year, although investment-related non-interest income saw a slowdown to 35% [6][9] Financial Data and Earnings Forecast - The total revenue and net profit forecasts for the upcoming years are as follows: - 2025E Revenue: 641.1 billion yuan, growth of 1.75% - 2025E Net Profit: 245.8 billion yuan, growth of 3.34% [5] - The company’s cost-to-income ratio is projected to improve, contributing positively to profit growth [6][9] - The report anticipates a stable net interest margin (NIM) of 1.40% for 2024, supported by a decrease in deposit costs [6][10] Loan and Credit Quality - The company’s loan growth was 8.2% year-on-year, with significant contributions from corporate loans, particularly in manufacturing and infrastructure sectors [6][8] - The report notes a balanced contribution from various sectors, with corporate loans accounting for approximately 86% of new loans in the second half of 2024 [8][9] - Retail loan quality showed some volatility, with an increase in the NPL ratio for retail loans, particularly in mortgages and credit cards [9][12] Dividend and Shareholder Returns - The company maintained a stable dividend payout ratio of approximately 32%, supporting a high dividend yield of 6.52% [1][4] - The current share price corresponds to a price-to-book (PB) ratio of 0.63 for 2025, indicating potential value for investors [9]

2025 年 3 月 27 日 公司研究 经营业绩稳中有进，资产质量保持稳健 ——中国银行（601988.SH）2024 年年报点评 增持（维持） 当前价：5.48 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2,943.88 | | 总市值(亿元)： | 16,132.45 | | 一年最低/最高(元)： | 4.05/5.6 | | 近 3 月换手率： | 8.72% | 股价相对走势 要点 事件： 3 月 26 日，中国银行发布 2024 年年度报告，全年实现营业收入 6301 亿，同比 增长 1.2%，归母净利润 2378 亿，同比增长 2.6%。加权平均净资产收益率 9.5%， 同比下降 0.62pct。 点评： 盈利增速较前三季度提升 2.1pct，经营业绩稳中有进。中行 2024 年营收、PPOP、 归母净利润同比增速分 ...

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, expecting it to outperform the benchmark index by 10%-20% over the next six months [2][22]. Core Views - CITIC Bank's 2024 performance shows steady growth in revenue and profit, with total operating income reaching CNY 213.65 billion, a year-on-year increase of 3.76%, and net profit attributable to shareholders at CNY 68.58 billion, up 2.33% year-on-year [2][7]. - The bank's non-performing loan (NPL) ratio decreased to 1.16%, while the provision coverage ratio fell to 209.4%, indicating stable asset quality [2][7]. - The bank's net interest margin (NIM) remained relatively stable, decreasing only 1 basis point to 1.77% compared to the end of 2023, supported by effective cost management on the liability side [7][10]. Financial Performance Summary - **Revenue and Profit Growth**: - Total operating income for 2024 is projected at CNY 213.65 billion, with a growth rate of 3.76% [8]. - Net profit attributable to shareholders is expected to reach CNY 68.58 billion, reflecting a growth of 2.33% [8]. - **Earnings Per Share (EPS)**: - EPS for 2024 is estimated at CNY 1.23, with a projected price-to-earnings (P/E) ratio of 5.87 [8][12]. - **Dividends**: - The annual dividend is projected at CNY 0.3547 per share, with a dividend payout ratio increasing to 30.5% [7][8]. Asset Quality and Risk Management - **Non-Performing Loan Ratio**: - The NPL ratio is reported at 1.16%, with a slight decrease from previous periods, indicating improved asset quality [7][10]. - **Provision Coverage Ratio**: - The provision coverage ratio stands at 209.4%, reflecting a robust buffer against potential loan losses [7][10]. - **Loan Growth**: - Total loans are expected to grow by approximately 4% annually, with a balanced distribution between corporate and retail loans [7][9]. Future Projections - **Revenue Growth Forecast**: - Revenue growth is projected at 3.6%, 4.1%, and 5.4% for 2025, 2026, and 2027, respectively [7][8]. - **Net Profit Growth Forecast**: - Net profit growth is expected to be 3.4%, 4.6%, and 6.2% for the same years [7][8]. - **Target Price**: - The target price for CITIC Bank is set at CNY 7.98, with a corresponding price-to-book (P/B) ratio of 0.6x for 2025 [7][8].

公 司 报 告 招商银行(600036.SH) 营收韧性凸显，分红率稳中有升 强烈推荐（维持） 股价：45.09 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 11,351 | | 流通 A 股市值(亿元) | 9,302 | | 每股净资产(元) | 41.46 | | 资产负债率(%) | 89.8 | 行情走势图 银行 2025 年 3 月 26 日 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*盈利 负缺口收窄，资产质量保持稳健*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...