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成都银行(601838):规模扩张强度加大,营收盈利增长提速
EBSCN· 2025-08-27 10:02
2025 年 8 月 27 日 当前价:17.86 元 作者 分析师:王一峰 执业证书编号:S0930519050002 010-57378038 wangyf@ebscn.com 分析师:赵晨阳 公司研究 规模扩张强度加大,营收盈利增长提速 ——成都银行(601838.SH)2025 年半年报点评 增持(维持) 执业证书编号:S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 42.38 | | 总市值(亿元): | 756.98 | | 一年最低/最高(元): | 12.24/20 | | 近 3 月换手率: | 56.49% | 股价相对走势 资料来源:Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -11.81 | -17.05 | -9.18 | | 绝对 | -3.93 | -1.08 | 24.77 | 资料来源:Wind 要点 事件: 8 月 26 日,成都银行发布 202 ...
瑞丰银行(601528):贷款结构优化调整,净息差环比持平
GOLDEN SUN SECURITIES· 2025-08-27 09:23
贷款结构优化调整,净息差环比持平 事件:瑞丰银行披露 2025 年中报,2025 年上半年实现营收 22.6 亿元, 同比增长 3.91%,归母净利润 8.9 亿元,同比增长 5.59%。2025Q2 末不 良率、拨备覆盖率分别为 0.98%、340.3%,较上季度末分别提升 1bp、 提升 14.2pc。 25H1 营业收入、归母净利润增速分别为 3.91%、5.59%,分别较 25Q1 增 速下降 1.2pc、下降 1.1pc,其中净息差同比降幅收窄、信用成本下降对业 绩形成正向贡献。 1)利息净收入:同比增长 3.44%,较 25Q1 增速提升 0.8pc,25H1 净息 差为 1.46%,较 24A 下降 4bp(其中 25Q1 环比下降 4bp、25Q2 环比持 平),息差同比降幅呈现收敛趋势,主要得益于负债端成本改善。 A、资产端:25H1 生息资产、贷款收益率分别为 3.27%、3.79%,分别较 24A 下降 27bp、下降 44bp。其中企业贷款、个人贷款分别下降 43bp、下 降 54bp 至 3.83%、4.17%,此外金融资产投资收益率仅下降 3bp 至 2.65%,对生息资产收益率形 ...
渝农商行(601077):信贷扩张提速,负债成本改善
HTSC· 2025-08-27 05:28
证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速,负债成本改善 华泰研究 中报点评 息差降幅收窄,非息增速下滑 渝农商行 25H1 净息差 1.60%,较 25Q1、24 年均下行 1bp,息差降幅收窄, 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道,25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长,25H1 同比+6.0%,增速较 Q1+0.7pct。非息有所波动,25H1 中收同比-13.2%,增速较 Q1-10.0pct,主要是银行卡手续费下降;其他非 息收入同比-17.7%,增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%,主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳,零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%, 不良走势平稳,拨备略有下行但仍保持充裕水平。分行业看,对公 ...
平安银行(000001):零售贷款质量大幅改善,营收增速出现向上拐点
Tianfeng Securities· 2025-08-24 03:41
公司报告 | 半年报点评 平安银行(000001) 证券研究报告 零售贷款质量大幅改善,营收增速出现向上拐点 事件: 平安银行发布 2025 半年度财报。2025 上半年,公司营业收入、归母净利润分别 同比-10.04%、-3.90%;不良率、拨备覆盖率分别为 1.05%、238.5%。 点评摘要: 营收增速出现向上改善拐点。2025 上半年,平安银行实现营收约 694 亿元,同比 -10.04%,环比提升 3.01pct,继 24H1 以来再现营收增速的向上拐点。营收结构 上,净利息收入 445 亿元(YoY-9.33%),占总营收 64.1%;非息净收入 249 亿 元,同比增长-11.30%,结构占比较一季度提升 3.5pct。拨备前利润 25Q1、25H1 增速为-12.92%、-10.43%,归母净利润同比增速分别为-5.60%、-3.90%。拨 备方面较去年同期释放约 37.03 亿元空间,反哺利润支持向上改善。 息差水平整体较为稳定。2025 上半年,平安银行净息差录得 1.80%,较 25Q1 小 幅下行 3bp。生息资产收益率录得 3.55%,较 2024 年末下行 42bp;计息负债成 本 ...
江苏金租(600901):2025 年中报点评:业务投放快速增长,净利差同比扩大
Soochow Securities· 2025-08-15 15:38
Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [1] Core Views - Jiangsu Jinzu's business investment is rapidly growing, with a significant year-on-year increase in net interest margin [7] - The company achieved a total operating revenue of 30.1 billion yuan in the first half of 2025, representing a year-on-year growth of 14.9% [7] - The net profit attributable to shareholders reached 15.6 billion yuan, up 9.0% year-on-year, with an EPS of 0.27 yuan [7] - The company’s leasing asset scale increased to 1,491 billion yuan, a growth of 15.7% compared to the beginning of the year [7] - The net interest margin for the leasing business was 3.71%, an increase of 3 basis points year-on-year, driven by a reduction in funding costs [7] - The non-performing loan ratio remained stable at 0.91%, indicating good asset quality [7] Financial Forecasts - Total operating revenue is projected to reach 61.35 billion yuan in 2025, with a year-on-year growth of 16.2% [1] - The net profit attributable to shareholders is expected to be 32.4 billion yuan in 2025, with a growth rate of 10.1% [7] - The book value per share (BVPS) is forecasted to be 4.41 yuan in 2025, with a P/B ratio of 1.32 [1][7] Business Segment Performance - The clean energy and transportation sectors showed strong growth, with year-on-year increases of 36.5% and 31.1% respectively [7] - The industrial equipment sector experienced a decline of 5.4%, while the medical health and livelihood security sectors saw significant contractions, both exceeding 40% [7] Market Data - The closing price of Jiangsu Jinzu is 5.84 yuan, with a market capitalization of approximately 33.83 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.36 [5]
【常熟银行(601128.SH)】业绩维持高增,中期分红落地——2025年半年报点评(王一峰/赵晨阳)
光大证券研究· 2025-08-10 23:07
Core Viewpoint - The article highlights the strong performance of Changshu Bank in the first half of 2025, with significant growth in revenue and net profit, indicating resilience in its operations [3][4]. Financial Performance - In H1 2025, Changshu Bank achieved revenue of 6.1 billion, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 2 billion, up 13.5% year-on-year [3]. - The weighted average return on equity (ROAE) was 13.34%, reflecting a slight increase of 0.06 percentage points year-on-year [3]. Revenue and Profit Structure - The year-on-year growth rates for revenue, pre-provision profit, and net profit were 10.1%, 12.1%, and 13.5%, respectively, with slight changes compared to Q1 2025 [4]. - The contribution of provincial and rural banks to revenue and pre-provision profit was 7.1% and 7.5%, showing a slight decline compared to 2024 [4]. - Net interest income and non-interest income growth rates were 0.8% and 57.3%, respectively, with declines in growth rates compared to Q1 2025 [4]. Asset and Loan Growth - As of the end of Q2 2025, the growth rates for interest-earning assets and loans were 11.4% and 5.2%, respectively, indicating stable expansion [5]. - New loans, financial investments, and interbank assets added in H1 2025 were 10.6 billion, 13.3 billion, and 7.3 billion, respectively, with a notable increase in financial investments [5]. Deposit Trends - By the end of Q2 2025, the year-on-year growth rates for interest-bearing liabilities and deposits were 9.4% and 9.9%, respectively, showing improvement [6]. - Total deposits increased by 24.2 billion in H1 2025, although this was a decrease of 10.6 billion compared to the previous year [6]. Net Interest Margin - The net interest margin (NIM) for H1 2025 was 2.58%, with a narrowing of 3 basis points from Q1 2025 and 13 basis points from 2024 [8]. Non-Interest Income and Risk Metrics - Non-interest income reached 1.42 billion in H1 2025, representing a year-on-year increase of 57%, contributing to 23.5% of total revenue [9]. - The non-performing loan (NPL) ratio remained low at 0.76%, with a slight increase in overdue rates compared to the beginning of the year [9]. Capital Adequacy and Dividends - As of the end of Q2 2025, the core tier 1, tier 1, and total capital adequacy ratios were 10.7%, 10.8%, and 13.6%, respectively, reflecting a decrease due to dividend payouts [10]. - The bank announced a mid-term dividend plan with a cash dividend of 499 million, representing a payout ratio of 25.3%, which is an increase of 5.5 percentage points from 2024 [10].
远东宏信(03360):2025年中期业绩点评:发力普惠,追寻更好风险收益比
NORTHEAST SECURITIES· 2025-08-03 11:42
Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 3.9% year-on-year decline in revenue for the first half of 2025, totaling 17.336 billion yuan, while net profit attributable to shareholders increased by 3.8% to 2.164 billion yuan [1]. - The financial and consulting business remains a key revenue driver, with a revenue increase of 2.1% year-on-year, while equipment and industrial operations saw declines of 10.7% and 15.5%, respectively [1][17]. - The company has focused on the development of inclusive finance, achieving a 28.7% growth in the asset scale of this business, with revenue soaring by 124.1% year-on-year [3][38]. Summary by Sections Financial Performance - In the first half of 2025, the average return on equity was 8.66%, an increase of 0.17 percentage points year-on-year [1]. - The company’s interest-earning assets stood at 266.626 billion yuan, reflecting a 2.3% increase from the end of the previous year [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin of 4.51% [2][25]. Business Segments - The financial and consulting segment generated 110.90 billion yuan in revenue, accounting for 64.0% of total revenue, with a gross margin of 57.5% [1][19]. - The inclusive finance business achieved a revenue of 14.51 billion yuan, significantly contributing to overall growth [3][38]. Asset Quality - The company reported a non-performing loan ratio of 1.05% and a watchlist ratio of 5.51%, both showing a decline from the previous year [3][36]. - The provision coverage ratio remained stable at 227.33%, indicating solid asset quality [3]. Future Outlook - The company is expected to maintain a high cash dividend payout ratio, with projections for net profit attributable to shareholders of 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan for 2025, 2026, and 2027, respectively [4][5].
常熟银行(601128):2025 年半年度业绩快报点评:规模降速夯实发展根基,业绩韧性较强
Guoxin Securities· 2025-07-22 05:15
Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit of 1.97 billion yuan, up 13.5% year-on-year, indicating stable growth [1] - The company is actively reducing the pace of credit expansion to solidify its foundation for smaller-scale operations, as retail credit demand remains weak [1][2] - The company has managed to maintain a stable non-performing loan ratio of 0.76% and a provision coverage ratio of 490%, which is better than its peers [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.06 billion yuan, a 10.1% increase year-on-year, and a net profit of 1.97 billion yuan, reflecting a 13.5% growth [1] - The total assets reached approximately 401.3 billion yuan, with total loans amounting to 251.5 billion yuan, marking a growth of 9.5% and 4.4% respectively compared to the beginning of the year [1] Deposit Management - The company’s deposit balance stood at 310.8 billion yuan, growing by 8.5% year-on-year, which is lower than the 14.0% growth seen in the same period last year [2] - The company is focusing on reducing high-cost long-term deposits and encouraging clients to shorten deposit terms to balance its asset-liability structure and lower deposit costs [2] Profit Forecast and Valuation - The forecast for net profit for 2025-2027 is set at 4.41 billion yuan, 5.21 billion yuan, and 6.17 billion yuan respectively, with year-on-year growth rates of 15.7%, 18.1%, and 18.4% [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.75x for 2025, 0.66x for 2026, and 0.58x for 2027, indicating a favorable valuation [3] Market Position - The company maintains a competitive edge in the small and micro-enterprise lending sector, with a comprehensive network in Jiangsu and opportunities for expansion into other provinces through village banks [3]
25Q1商业银行主要监管指标数据点评
Tianfeng Securities· 2025-05-21 00:13
Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Viewpoints - In Q1 2025, commercial banks' net profit growth year-on-year was -2.32%, a decrease of 4 basis points compared to the end of 2024, although the profitability of state-owned banks and urban/rural commercial banks showed improvement [12][10] - The asset expansion of commercial banks remained stable, with total assets growing by 7.20% year-on-year in Q1 2025, slightly slowing down by 3 basis points compared to the end of last year [2][17] - The net interest margin (NIM) for commercial banks was recorded at 1.43% in Q1 2025, down 9 basis points from the end of 2024, with expectations for stabilization in Q2 2025 due to new monetary policy measures [3][20] - Asset quality remained robust, with a non-performing loan (NPL) ratio of 1.51% in Q1 2025, a slight increase of 1 basis point from the end of 2024, and a provision coverage ratio of 208%, indicating ample buffer above the regulatory requirement [4][23] - The capital adequacy ratios for commercial banks showed a decline, with the overall capital adequacy ratio at 15.28%, down 45 basis points from the previous quarter, indicating increased capital consumption due to credit expansion [5][26] Summary by Sections 1. Profitability - In Q1 2025, commercial banks' net profit totaled 656.8 billion yuan, a year-on-year decrease of 200 million yuan, with state-owned banks showing a profit increase of 15.8 billion yuan [12][10] 2. Asset Expansion and Credit Performance - Total assets of commercial banks reached approximately 394 trillion yuan, with a year-on-year growth of 7.20% in Q1 2025 [17] - The loan balance increased by 9.11 trillion yuan in Q1 2025, with a year-on-year growth rate of 7.33% [18] 3. Net Interest Margin - The NIM for state-owned banks, joint-stock banks, urban commercial banks, and rural commercial banks were 1.33%, 1.56%, 1.37%, and 1.58% respectively, with expectations for stabilization in Q2 2025 [20][21] 4. Asset Quality - The NPL ratio for state-owned banks, joint-stock banks, urban commercial banks, and rural commercial banks were 1.22%, 1.23%, 1.79%, and 2.86% respectively, indicating overall stable asset quality [23] 5. Capital Adequacy - The risk-weighted assets of commercial banks reached 214 trillion yuan, with capital adequacy ratios showing a decline across various types of banks [26][5]
青农商行股价破发不良率居首 员工降薪董事长加薪
Sou Hu Cai Jing· 2025-05-08 07:04
Core Viewpoint - Qingnong Bank (002958.SZ) has released its 2024 annual report, showing growth in both revenue and net profit, but continues to face challenges with a loss in the fourth quarter and the highest non-performing loan ratio among A-share rural commercial banks [3][5][12]. Financial Performance - In 2024, Qingnong Bank achieved operating revenue of 11.033 billion yuan, a year-on-year increase of 6.85%, and a net profit attributable to shareholders of 2.856 billion yuan, up 11.24% year-on-year [5][6]. - The bank's performance is recovering compared to historical data, with revenue increasing by approximately 2.3 billion yuan since 2019, but net profit remains nearly unchanged from that period [7]. Asset Quality - The non-performing loan ratio for Qingnong Bank stands at 1.79%, the highest among A-share rural commercial banks, despite a slight decrease from the previous year [4][14]. - The bank's credit impairment losses reached 5.113 billion yuan in 2024, reflecting increased pressure on asset quality [12]. Comparison with Peers - Compared to Changshu Bank, Qingnong Bank's profitability is significantly lower, with Changshu Bank's net profit at 3.813 billion yuan, 1.34 times that of Qingnong Bank [10]. - Other banks with lower total assets than Qingnong Bank, such as Wuxi Bank and Jiangyin Bank, reported net profits exceeding 2 billion yuan, highlighting Qingnong Bank's relative underperformance [10]. Executive Compensation - Qingnong Bank's executives received significant salary increases, with Chairman Wang Xifeng earning approximately 1.9584 million yuan, the highest among A-share rural commercial bank chairmen [17][19]. - In contrast, the average salary for employees outside the executive level decreased, raising concerns about compensation equity within the organization [18][19]. Dividend Policy - Qingnong Bank's dividend distribution has been modest, with a proposed cash dividend of 0.12 yuan per share for 2024, resulting in a payout of approximately 667 million yuan, which is still below 30% of net profit [21].