2025 年 08 月 21 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 非息收入同比增速超 30% ——江阴银行（002807）公司点评 最近一年走势 | 相对沪深 | 300 表现 | | 2025/08/20 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 江阴银行 | | 1.8% | 15.3% | 39.1% | | 沪深 300 | | 5.2% | 9.6% | 28.2% | | 市场数据 | 2025/08/20 | | --- | --- | | 当前价格（元） | 4.98 | | 周价格区间（元） 52 | 3.37-5.10 | | 总市值（百万） | 12,257.74 | | 流通市值（百万） | 12,240.92 | | 总股本（万股） | 246,139.28 | | 流通股本（万股） | ...

Core Viewpoint - Zhejiang Commercial Bank reported a decline in key financial metrics for Q1 2025, with year-on-year growth rates for operating income, PPOP, and net profit attributable to shareholders at -7.07%, -5.32%, and 0.61% respectively, indicating a slowdown compared to 2024 [1] Group 1: Financial Performance - The total asset size of the company grew by 8.90% year-on-year in Q1 2025, an increase of 3.12 percentage points compared to 2024 [2] - Loan size increased by 6.85% year-on-year, but the growth rate decreased by 1.35 percentage points compared to 2024 [2] - Deposit size saw a year-on-year growth of 6.03%, with an increase of 3.16 percentage points compared to 2024 [2] - The company reported a net interest margin of 1.76% in Q1 2025, up by 5 basis points from 2024 [3] - Non-interest income decreased by 22.23% year-on-year in Q1 2025, with a significant drop in intermediary income and other non-interest income due to market adjustments [4] Group 2: Asset Quality and Efficiency - The non-performing loan ratio remained stable at 1.38% as of the end of Q1 2025, unchanged from 2024 [3] - The provision coverage ratio was 171.21%, showing a slight decrease of 7.46 percentage points compared to 2024 [3] - The cost-to-income ratio improved to 25.49%, down by 2.03 percentage points year-on-year, reflecting effective cost management [3] Group 3: Investment Outlook - The bank is well-positioned in Zhejiang Province, benefiting from a strong economic foundation and market-oriented mechanisms, with continuous credit expansion and stable asset quality [4]

Core Viewpoint - Zhejiang Merchants Bank reported a 1Q25 performance with a year-on-year decline in operating income of 7.1% and a slight increase in net profit attributable to shareholders of 0.6%, aligning with expectations [1] Financial Performance - In 1Q25, net interest income increased by 1.4% year-on-year, primarily due to effective control of deposit costs, which supported a rebound in net interest margin [2] - The net interest margin for 1Q25 was 1.60%, with a year-on-year decrease of 8 basis points and a quarter-on-quarter increase of 29 basis points [2] - Interest-earning asset yield decreased by 50 basis points year-on-year to 3.60%, while the cost of interest-bearing liabilities fell by 42 basis points to 1.93% [2] - The bank maintained a steady expansion of interest-earning assets, which grew by 8.9% year-on-year and 3.5% quarter-on-quarter, with total loans increasing by 6.9% year-on-year [2] Non-Interest Income - Other non-interest income saw a significant decline of 24.9% year-on-year in 1Q25, attributed to a high base in 1Q24 and rising bond rates [3] - Net fee income decreased by 13.2% year-on-year, contributing to an overall decline in non-interest income of 22.2% [3] Asset Quality - The non-performing loan ratio slightly increased by 6 basis points to 1.44% in 1Q25, while the net non-performing loan generation rate decreased by 20 basis points to 1.32% [3] - The provision coverage ratio fell by 7.46 percentage points to 171.21% [3] Profit Forecast and Valuation - The profit forecast remains unchanged, with the A-shares trading at 0.4x P/B for 2025E and 2026E, maintaining a target price of 3.55 yuan, indicating a 17.5% upside [4] - The H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.01 HKD, reflecting a 15.3% upside [4]