Core Viewpoint - The banking sector experienced a sudden decline in stock prices after reaching new highs, attributed to disappointing Q1 earnings reports from major banks [1][2]. Group 1: Stock Performance - After a period of growth, bank stocks fell sharply on April 30, 2025, with major banks like China Construction Bank and Industrial and Commercial Bank of China seeing declines of over 3% [1]. - By the end of the trading day, Industrial and Commercial Bank of China dropped 3.58% to 7.01 CNY per share, while China Construction Bank fell 3.21% to 9.06 CNY per share [1]. Group 2: Q1 Earnings Reports - Q1 earnings reports from several banks were below expectations, contributing to the decline in stock prices [2]. - Agricultural Bank of China was the only major bank to report growth in both revenue and net profit, with revenue of 186.67 billion CNY (up 0.35%) and net profit of 71.93 billion CNY (up 2.20%) [2]. - Other major banks, including Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank, reported declines in both revenue and net profit [2]. Group 3: Revenue and Profit Trends - Industrial and Commercial Bank of China reported Q1 revenue of 212.77 billion CNY, down 3.22%, and net profit of 84.16 billion CNY, down 3.99% [2]. - China Bank achieved revenue of 164.93 billion CNY (up 2.56%) but saw net profit decline by 2.90% to 54.36 billion CNY [3]. - Traffic Bank's revenue decreased by 1.02% to 66.37 billion CNY, while net profit increased by 1.54% to 25.37 billion CNY [3]. Group 4: Interest and Non-Interest Income - Interest income was a significant drag on performance, with most banks reporting declines in net interest income compared to the previous year [3][4]. - Agricultural Bank of China reported a net interest income of 140.58 billion CNY, down 2.74% [4]. - China Bank's net interest income fell by 4.42% to 107.73 billion CNY, while its non-interest income increased by 18.91% to 57.20 billion CNY [4]. Group 5: Agricultural Bank's Performance - Agricultural Bank of China's positive performance was attributed to strong growth in non-interest income, which increased by 45.3% in Q1 2025 [6]. - The bank's fee and commission income decreased by 3.54% to 28.01 billion CNY [5].

2025 年 04 月 30 日 招商银行 (600036) ——非息拖累营收，高拨备优势稳固 报告原因：有业绩公布需要点评 研究支持 李禹昊 A0230123070008 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 42.00 | | 一年内最高/最低（元） | 46.10/29.93 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 4.70 | | 流通 A 股市值（百万元） | 866,416 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 42.26 | | 资产负债率% | 89.99 | | 总股本/流通 A 股(百万) | 25,220/20,629 | | 流通 B 股/H 股（百 ...

Core Viewpoint - Xiamen Bank reported its first increase in revenue without profit growth in nearly a decade for the year 2024, with operating income rising by 2.79% but net profit declining by 1.69% [2][3] Financial Performance - In 2024, Xiamen Bank achieved operating income of 5.759 billion yuan, an increase of 2.79% year-on-year, while net profit was 2.706 billion yuan, a decrease of 1.69% compared to 2023 [3][4] - The decline in net profit was primarily attributed to a decrease in net interest income, which fell by 322 million yuan, or 7.43%, to 4.005 billion yuan [4][6] - Investment income saw a significant increase of 121.14%, amounting to 1.026 billion yuan, contributing positively to the overall performance [4][5] Revenue Composition - The main factor dragging down revenue was the decline in net interest income due to lower average loan yields influenced by LPR rate cuts and policy adjustments [4][6] - Non-interest income rose by 37.45% to 1.754 billion yuan, driven by strong investment returns [4][5] Asset Quality and Risk Management - Xiamen Bank reported an increase in loan impairment losses, totaling 701 million yuan, up 7.93% year-on-year [6][7] - The bank's non-performing loan ratio improved to 0.74%, a decrease of 0.02 percentage points from the previous year, indicating overall asset quality stability [7] - However, the amount of loans under special attention increased significantly, raising concerns about potential future risks [7] Market Reaction and Future Outlook - Following the earnings report, Xiamen Bank's stock price fell by 4.05%, closing at 5.92 yuan per share [8] - To boost investor confidence, the bank announced plans for key executives to collectively increase their holdings by no less than 964,000 yuan [8]