Financial Data and Key Metrics Changes - Net interest income increased by more than 12% from the fourth quarter and 17% year over year, with net interest margin expanding by 44 and 57 basis points respectively [4] - Non-interest income was $10,400,000, supported by enhancements to the company-owned life insurance portfolio and increased investment advisory income [5] - Net income for the first quarter was $16,900,000, with diluted EPS at $0.81, driven by improved net interest income and effective non-interest expense management [16] - The efficiency ratio was 59%, consistent with the full-year target of below 60% [5] Business Line Data and Key Metrics Changes - Total loans increased by 1.7% during the quarter, driven by both commercial and industrial (C&I) and commercial real estate (CRE) lending [7] - Commercial business loans rose by 6.6% during the quarter, while commercial mortgage loans increased by 1.3% [8] - Consumer indirect balances were up just shy of 1% from December 31, but down 7% year over year [10] - Residential lending decreased by 1% from both the linked and year-ago quarters due to high competition and tight housing inventory [12] Market Data and Key Metrics Changes - Deposits increased by 5.3% from year-end 2024, driven by seasonally higher public deposit balances and an increase in brokered deposits [12] - Cash-related deposits totaled approximately $55,000,000 as of March 31, 2025, with expectations for a portion to remain on the balance sheet into the third quarter [13] Company Strategy and Development Direction - The company is focused on driving internal efficiency, controlling credit extension, and maintaining a disciplined approach to management [6] - The strategic focus includes sustainable customer growth and service excellence across its retail network and banking locations [25] - The company plans to continue evaluating options for subordinated debt facilities moving forward [14] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the industry due to uncertainties in the political and macroeconomic environments [6] - The company remains committed to a low single-digit growth guidance for 2025, reflecting a conservative approach amid economic volatility [8] - Management reiterated confidence in maintaining profitability and credit discipline despite the uncertain economic landscape [24] Other Important Information - The company welcomed a new executive with extensive experience in consumer banking, expected to contribute to strategic objectives [25] - The company filed its 2025 proxy statement, with new directors nominated to enhance corporate governance [26] Q&A Session Summary Question: Loan growth outlook for the year - Management is comfortable with their guidance, noting that uncertainty has led customers to pause anticipated investments [30][31] Question: NIM guidance and levers for improvement - Key levers include cash flow from the portfolio and deposit repricing, with about $500,000,000 of CDs maturing in the next nine months [33][34] Question: Expected COLI income over the next quarters - COLI income is expected to be elevated in the second quarter before normalizing, with a significant increase in yield due to restructuring [41][42] Question: Provision outlook for credit - The guided ACL to average loans ratio is expected to hover around 107 to 108 basis points for the rest of the year [45]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [12] Core Views - The company demonstrates robust profit growth with a steady increase in both loans and deposits. In Q1 2025, the company achieved an operating income of 18.5 billion yuan, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.42 billion yuan, up 5.8% year-on-year [4][7] - The company's total asset scale grew by 17.6% year-on-year, with loans increasing by 20.4% and deposits by 19.9% [4][7] - The net interest margin (NIM) for Q1 2025 was 1.80%, showing a slight decline compared to the end of 2024, attributed to the pressure of asset repricing [7][8] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% and a coverage ratio of 371% [8] Summary by Sections Financial Performance - In Q1 2025, the company reported operating income of 18.5 billion yuan, a 5.6% increase year-on-year, and net profit of 7.42 billion yuan, up 5.8% year-on-year [4][9] - The company expects steady growth in operating income and net profit over the next few years, with projected EPS of 4.38 yuan in 2025, 4.83 yuan in 2026, and 5.34 yuan in 2027 [7][10] Asset Quality - The NPL ratio remained stable at 0.76%, with a slight decrease in the loan generation rate to 1.09% [8][10] - The company maintains a high provision coverage ratio, ensuring strong risk mitigation capabilities [8] Growth Projections - The company anticipates continued growth in loans and deposits, with loan growth rates projected at 17.8% for 2024 and 16.0% for 2025 [11] - The total asset growth rate is expected to be around 15.3% for 2024, gradually stabilizing in subsequent years [11]

Investment Rating - The report assigns a "Buy" rating for Chengdu Bank, indicating a positive outlook for the stock over the next six months [15]. Core Insights - Chengdu Bank reported a total operating income of 22.98 billion yuan in 2024, reflecting a year-on-year growth of 5.89%. The net profit attributable to shareholders reached 12.86 billion yuan, up 10.17% year-on-year [2][3]. - The bank's net interest income grew by 4.57% to 18.46 billion yuan, accounting for 80.33% of total revenue, although this represents a slight decrease in proportion compared to the previous year [3][17]. - The loan portfolio expanded significantly, with total loans amounting to 741.32 billion yuan, a year-on-year increase of 18.72%. Corporate loans grew by 20.25% to 602.62 billion yuan, while personal loans increased by 12.46% to 138.70 billion yuan [3][4]. - Deposits also saw growth, reaching 865.71 billion yuan, up 13.20% year-on-year. Personal deposits grew by 23.79%, now making up 50.64% of total deposits [4]. - The bank's net interest margin was reported at 1.66%, a decrease of 0.15 percentage points year-on-year, but the decline in margin has narrowed compared to previous periods [4][18]. - Asset quality improved, with a non-performing loan ratio of 0.66%, down 0.02 percentage points year-on-year. Corporate loans showed a non-performing rate of 0.63%, while personal loans increased to 0.78% [5][20]. - Capital adequacy ratios improved, with the core Tier 1 capital ratio at 9.06%, up 0.84 percentage points year-on-year [5][22]. Financial Summary - The bank's total assets reached 1.25 trillion yuan, a year-on-year increase of 14.56% [16]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 14.13 billion yuan, 15.46 billion yuan, and 16.71 billion yuan, respectively, indicating continued growth [5][26].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [5][9]. Core Views - Jiangsu Bank demonstrated strong performance in Q1 2025 with revenue and net profit growth of +6.2% and +8.2% year-on-year, respectively, while the annualized weighted average ROE increased to 16.5% [1][2]. - The bank's net interest income grew significantly by +21.9% year-on-year, supported by a stable net interest margin and a substantial increase in loan issuance [2][3]. - Asset quality remains robust, with a non-performing loan (NPL) ratio of 0.86%, down 3 basis points from the previous quarter, and a provision coverage ratio of 343.5% [4][5]. Summary by Sections Financial Performance - In Q1 2025, Jiangsu Bank's total assets and loans increased by +12.8% and +8% year-on-year, respectively, with new loan issuance reaching 166.8 billion, accounting for over 80% of last year's total increase [2][5]. - The bank's net interest margin for Q1 2025 was estimated at 1.58%, reflecting a 12 basis point increase from Q4 2024, primarily due to a significant reduction in funding costs [3][5]. Asset Quality - The overall asset quality improved, with the NPL ratio at 0.86% and a decrease in overdue loans, indicating a cautious approach to bad debt recognition [4][5]. - The bank increased its provision for credit losses by +28.2% year-on-year, maintaining a high provision coverage ratio [4][5]. Investment Outlook - The report forecasts net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, with corresponding BVPS of 14.68, 16.86, and 19.28 CNY per share [5][10]. - The current share price of 10.13 CNY corresponds to a PB ratio of 0.69 for 2025, indicating a favorable valuation given the bank's strong fundamentals and market position [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.417 billion, up 5.8% year-on-year [4][5]. - The annualized weighted average return on equity (ROE) was 14.18%, a decrease of 1.33 percentage points year-on-year [4]. Financial Performance - Q1 revenue and profit growth rates were both above 5%, indicating strong resilience in the fundamentals. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 5.6%, 10%, and 5.8%, respectively [5]. - The net interest income and non-interest income growth rates were 11.6% and -5.8%, respectively, compared to the previous year [5]. - The loan growth rate was over 20%, with a significant increase in loans to corporate clients, which accounted for nearly 86% of new loans in Q1 [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a coverage ratio of 370.5% [10]. - The company increased its credit impairment losses in Q1 to 4.94 billion, up 10.3% year-on-year [10]. Capital Adequacy - The core Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio were 9.32%, 10.44%, and 14.94%, respectively, all showing a decline compared to the previous year [10]. Earnings Forecast and Valuation - The company aims to maintain stable profitability, with EPS forecasts for 2025, 2026, and 2027 at 4.44, 4.82, and 5.27 yuan, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71, 0.64, and 0.58 for the respective years [11][12].

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - The report highlights steady growth in performance and continued excellent asset quality for Suzhou Bank [1] - The bank's total operating income for 2024 is projected to be 12.224 billion yuan, representing a year-on-year increase of 3.01% [1] - The net profit attributable to shareholders for 2024 is expected to reach 5.068 billion yuan, with a year-on-year growth of 10.16% [1] - The report anticipates a slight adjustment in net profit forecasts for 2025-2027, now projected at 5.444 billion yuan, 5.323 billion yuan, and 5.910 billion yuan respectively [1] Financial Performance Summary - Total operating income (in million yuan): - 2023A: 11,866 - 2024A: 12,224 (3.01% YoY) - 2025E: 12,987 (6.24% YoY) - 2026E: 14,192 (9.28% YoY) - 2027E: 15,832 (11.56% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2023A: 4,600 - 2024A: 5,068 (10.16% YoY) - 2025E: 5,444 (7.41% YoY) - 2026E: 5,323 (-2.22% YoY) - 2027E: 5,910 (11.02% YoY) [1] - Latest diluted EPS (in yuan/share): - 2023A: 1.00 - 2024A: 1.08 - 2025E: 1.15 - 2026E: 1.12 - 2027E: 1.25 [1] - P/B (current price & latest diluted): - 2023A: 0.92 - 2024A: 0.83 - 2025E: 0.70 - 2026E: 0.66 - 2027E: 0.62 [1] Asset Quality and Risk Management - The non-performing loan (NPL) ratio for Q1 2025 remains stable at 0.83% [1] - The provision coverage ratio for Q1 2025 decreased to 447% due to a rapid increase in non-performing loan balances [1] - The report indicates a slight increase in the non-performing loan generation rate to 0.20% in Q1 2025 [1] Market Data - Closing price: 8.11 yuan - Market capitalization: 36.257 billion yuan [5] - Price-to-book ratio: 0.74 [5] Conclusion - The report maintains a positive outlook on Suzhou Bank, emphasizing its robust performance and asset quality, while also noting the potential for further growth in the coming years [1]

公司研究 证 券 研 究 报 告 瑞丰银行（601528）2025 年一季报点评 推荐（维持） 单季息差企稳回升，资产质量保持稳定 目标价：6.86 元 事项： 4 月 28 日晚，瑞丰银行披露 1Q25 季报，实现营业收入 11.09 亿元，同比增长 5.12%；营业利润 3.96 亿元，同比增长 4.04%；归属于上市公司股东的净利润 4.24 亿元，同比增长 6.69%。不良率环比持平于 0.97%，拨备覆盖率环比增加 5.2pct 至 326%。 评论： 农商行 2025 年 04 月 29 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 196,216.14 | | --- | --- | | 已上市流通股(万股) | 170,544.22 | | ...

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。首席风险官朱卫对银行资产质 量状况及未来展望进行了深入阐述，他将银行整体资产质量概括为"总体稳健""挑战加大""风险可控"。 2024年末，沪农商行不良贷款率维持在0.97%，与2023年末持平，除一季度有小幅波动外，全年保持稳 定；拨备覆盖率高达352%，处于行业较高水平。这一稳定局面得益于银行长期稳健经营策略， 然而，外部经济环境的复杂性也不容忽视。朱卫指出，当前国内外经济形势给银行资产质量带来一定挑 战。国外关税及国际贸易不利变化冲击外向型企业及国内产业链，国内需求不足导致部分企业经营困 难、群众就业增收压力增大，风险隐患增多。尽管如此，朱卫强调，银行资产质量风险仍在可控范围 内。 对于风险可控的信心来源，朱卫从多个方面进行了说明。一方面，基于对中国经济基本面的长期信心， 中国经济的广阔市场、强韧性和潜力为银行稳健发展提供了有力支撑。另一方面，银行自身的稳健展业 模式也发挥了关键作用。 具体来看，在审批架构上，作为本地法人银行，授信审批层级少、效率高，对重点产品设置专业集中审 批，确保风险偏好有效执行。投向政策方面，坚持服务实体 ...

1）利息净收入：同比下降0.57%，较24A 降幅收窄6.2pc，25Q1 净息差为1.34%，较24A 下降4bps （24Q1 下降16bps），息差同比降幅明显收窄，主要得益于负债端成本持续优化，其中25Q1 生息资产 收益率、计息负债成本率分别下降33bps、下降21bps。 2）手续费及佣金净收入：同比增长22.48%，较24A 增速提升37pc，或主要源于上年同期低基数以及保 险基金代理费率政策调整的影响逐渐减退。 3）其他非息收入：同比下降7.76%，较24A 增速下降60pc，其中投资净收益同比增长47.11%，而受一 季度债市明显波动影响，公允价值变动损益浮亏2.3 亿元。 事件：苏州银行披露2024 年报及2025 年一季报，2024 年实现营收122亿元，同比增长3.01%，归母净利 润51 亿元，同比增长10.16%。2025年一季度实现营收32 亿元，同比增长0.76%，归母净利润16 亿元， 同比增长6.80%。2025Q1 末不良率、拨备覆盖率分别为0.83%、447.20%，较上年末分别持平、下降 36pc。2024 年全年分红比例达32.50%，较2023年（31.08%）进 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability remains high, with Q1 2025 revenue of 22.3 billion yuan, a year-on-year increase of 6.21%, and net profit attributable to shareholders of 9.78 billion yuan, up 8.16% year-on-year [1][3] - The net interest income saw a significant increase of 21.9% year-on-year, while non-interest income decreased by 22.7%, primarily due to net losses from other fair value changes [1][2] - The company maintains a strong asset quality with a non-performing loan ratio of 0.86%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 344% [2][3] Summary by Sections Financial Performance - Q1 2025 net interest income increased by 21.9%, while non-interest income decreased by 22.7% due to market volatility [1][2] - The total assets reached 4.46 trillion yuan, with loans and deposits growing by 12.8% and 13.8% respectively [2] Profitability Metrics - The annualized weighted average ROE was 16.5%, up 1.12 percentage points year-on-year, indicating strong profitability [1][2] - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.2%, 13.5%, and 13.2% [3][4] Valuation Metrics - The current stock price corresponds to a PB ratio of 0.72x for 2025, with a dividend yield of 5.14% [3][4] - The forecasted PE ratios for 2025, 2026, and 2027 are 5.2, 4.6, and 4.1 respectively, indicating attractive valuation levels [4][9]