Investment Rating - The report maintains a rating of "Buy" for CITIC Bank (601998.SH) [1] Core Views - CITIC Bank's Q1 2025 report shows a revenue of 51.77 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 19.51 billion, a year-on-year increase of 1.7% [3][4] - The bank's annualized weighted average return on equity (ROE) for Q1 2025 is 11.42%, down 1.15 percentage points year-on-year [3] Summary by Sections Financial Performance - Revenue, PPOP, and net profit growth rates for Q1 2025 are -3.7%, -3.9%, and 1.7% respectively, showing a decline compared to 2024 [4] - Net interest income and non-interest income growth rates are 2.1% and -14.4% respectively, with significant declines from 2024 [4] Asset Quality - The non-performing loan (NPL) ratio remains stable at 1.16%, with a provision coverage ratio of 207.1% [9][10] - The bank's NPL balance is 67.85 billion, an increase of 1.36 billion from the beginning of the year [9] Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio are 9.45%, 10.9%, and 12.9% respectively, all showing a decline from the end of the previous year [10][30] Earnings Forecast and Valuation - The report forecasts EPS for 2025-2027 to be 1.25, 1.29, and 1.33 respectively, with current stock price corresponding to PB valuations of 0.54, 0.51, and 0.47 times [10][11]

业绩高增，扩表提速 ——杭州银行 2024 年年报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 结合财报数据，适度上调规模增速、不良生成等假设，预测公司 25/26/27 年归母净 利润同比增速为 16.5%/15.1%/15.7%，BVPS 为 19.87/22.75/26.09 元（25/26 年前 预测值 20.26/23.25 元）。相比可比公司维持 20%估值溢价，对应 25 年 0.83 倍 PB，目标价 16.48 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 杭州银行 600926.SH 公司研究 | 年报点评 | | 买入（维持） | | --- | --- | | 股价（2025年04月11日） | 14.43 元 | | 目标价格 | 16.48 元 | | 52 周最高价/最低价 | 15.06/10.61 元 | | 总股本/流通 A 股（万股） | 631,236/580,828 | | A 股市值（百万元） | 91,087 | | 国家/地区 | 中国 | ...