| | 2.请问贵行 2025 年核销、计提的规划如何，合意的拨备水平大 | | --- | --- | | | 概在什么水平？ | | | 答：2025 年核销、计提规划会依据我行资产质量状况、信贷投放 | | | 规模及宏观经济形势动态调整。上半年，我行归母净利润同比增长 | | | 16.63%，资产质量保持稳健，不良贷款率为 0.86%，拨备覆盖率 | | | 381.22%，较年初提升 个百分点。后续核销将精准针对潜在风险 11.9 | | | 资产，力求最大程度化解不良。计提方面，会遵循谨慎性原则，保障 | | | 拨备对风险的足额覆盖。基于当前稳健态势，合意拨备水平会维持在 | | | 较高区间，持续强化风险抵御能力，预计在现有基础上，结合业务发 | | | 展与风险变动微调，确保资本充足率稳定，助力业务健康发展。 | | 附件清单（如有） | 无 | | 日期 | 2025 年 08 月 25 日 | 证券代码： 002807 证券简称：江阴银行 编号：2025-04 | 投资者关系活动 ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 □业绩说 ...

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Bank of China (03988.HK) with a target price of HKD 4.83, corresponding to a projected price-to-earnings ratio of 4.375 times for 2026 [1] Group 1: Financial Performance and Projections - Bank of China anticipates continued pressure on net interest margin in 2025, but expects the year-on-year decline to narrow [1] - The overseas net interest margin is expected to benefit from the Federal Reserve's slowing rate cuts [1] - The target for RMB loan growth in 2025 is close to last year's level, with a rebound in retail consumer loan demand [1] Group 2: Revenue and Investment Insights - The bank expects stable fee income in 2025, primarily supported by overseas business [1] - There is a slight growth in bond investments, with 70-80% allocated to government bonds [1] Group 3: Risk Management and Capital Injection - Asset quality risk is mainly concentrated in the retail sector, but overall risk is expected to be manageable with stable provisioning levels [1] - The completion of a capital injection of CNY 165 billion on June 17 is expected to leverage over CNY 1 trillion in credit growth, supporting the real economy [1]

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]