这几天乐信（LX.US）财报发了后，大家讨论得挺热烈的，也有很多不错的分析。 不过金融行业会计分类比较复杂，很多人的理解未必准确。恰好，这家公司我了解比较多，就简单来分享下我对乐信这次财报的一些看法。 首先看整体的财报，2025Q1乐信整体营收31亿元；利润(Non-GAAP EBIT)5.8亿元，同比增长104.7%，环比增长25.3%，一季度利润创13个季度以来最高。 先说收入，在乐信的财报里，关注的重点其实更应该是金融净收入，而不是营收，毕竟乐信收入构成比较多，还有电商等业务。我们关注核心，看他的金融净收入，也就是信贷 服务收入（credit facilitation service income）和科技赋能收入（tech-empowered service income)总和，减去各项成本即可。 信贷服务收入、科技赋能收入两项（图中的红色区域），25Q1合计是28.157亿元。 | | | For the Three Months Ended Ma | | --- | --- | --- | | (In thousands, except for share and per share data) | ...

齐鲁银行 20250526 摘要 齐鲁银行积极扩张，计划覆盖山东省所有县域，目前县域存贷款占比约 30%，目标是 100%覆盖，提升资产规模和低成本存款竞争力。 山东经济结构稳定，工业门类齐全，农业基础雄厚，经济增速优于全国 平均水平，为齐鲁银行等城商行提供了良好的发展基础。 预计 2025 年齐鲁银行信贷增速将维持在 12%-13%的较高水平，高于 全国平均水平，主要通过抢占市场份额实现双位数增长。 齐鲁银行对公贷款占比较高，广义基建类政府相关贷款占比约为 42%， 同时加大普惠小微企业信贷投放，占比接近 30%，与县域经济深度绑定。 齐鲁银行息差绝对值不高，但存款付息率低于同业水平，资产质量优异， 不良净生成率持续下降，无房地产对公贷款和高风险零售贷款。 齐鲁银行利润高增长主要源于信用成本的下降，资产质量持续改善，拨 备覆盖率上升，非贷款减值计提充分，为未来盈利提供支撑。 齐鲁银行通过分支机构扩张、聚焦县域市场、资产质量改善等方式，有 望进一步提升市场占有率，实现利润高增长，维持买入评级。 Q&A 齐鲁银行在山东省的业务扩展情况如何？ 齐鲁银行近年来在山东省持续扩展分支机构，目标是成为山东省最大的城商行。 ...

华福证券 股份制银行Ⅲ 2025 年 05 月 05 日 公 司 研 究 浦发银行（600000.SH） 2025 一季报点评—营收增速回正，资产质量改善 投资要点： 营收增速回正 公 司 财 报 点 评 浦发银行 2025Q1 营收增速回正，利润继续正增长。公司 2025 一 季度营收增速为 1.3%，环比 2024 全年提升 2.9pct；公司 2025Q1 利润 增速为 1.02%，增速较 2024 全年回落，原因主要是公司加大拨备计提 力度、夯实资产质量，拨备对利润的贡献边际减少。同业对比来看， 浦发银行一季度营收和归母净利润同比增速均在股份行中排名第 2，业 绩增长能力优于可比同业。 浦发银行营收回正的主要驱动因素来自利息净收入增速转正，同 时非息业务正贡献营收。公司 2025Q1 利息净收入同比增长 0.48%，增 速较 2024 全年提升 3.62pct，利息净收入正增长一方面来自规模贡献， 另一方面来自净息差的负向拉动作用减轻。非息方面，浦发银行 2025Q1 非息业务走势明显优于可比同业，公司 2025Q1 手续费和佣金 收入、其他非息收入分别同比增长-0.03%、4.47%，增速较 202 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, indicating a shift from growth to decline compared to 2024 [2][6] - The average net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but showed a rebound of 2 basis points compared to Q4 2024, primarily due to a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market [4] Summary by Sections Performance Overview - Q1 2025 revenue was 55,683 million, down 3.6% year-on-year, while net profit was 23,796 million, down 2.2% year-on-year [12] - The non-performing loan ratio increased by 1 basis point to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [1][5] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding BPS of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 yuan per share, corresponding to a 2025 PB of 0.66, indicating a potential upside of 23% from the current price [6] Asset Quality - The bank's asset quality is on an improving path, with a focus on real estate and credit card risk generation, while retail remains under slight pressure [5] - The provision coverage ratio decreased by 4 percentage points to 233% at the end of Q1 2025 [1][5]

江苏银行核心营收高增，存贷两旺，息差提升，资产质量改善。 数据概览 2025Q1营收同比增长6.2%，增速较24A放缓2.6pc；归母净利润同比增长8.2%，增速较24A 放缓2.6pc。 2025Q1 末不良率0.86%，较年初下降3bp；2025Q1 末拨备覆盖率344%，较24A 末下降7pc。 核心营收高增 江苏银行25Q1 营收利润同比增速均达到5%+，业绩增速处在上市行靠前水平。 江苏银行较强的营收主要得益于核心营收改善，江苏银行25Q1 利息净收入和中收分别同比增长 21.9%、21.8%，分别较24A 提升16pc、18pc。 展望2025 年，江苏银行营收和利润增速有望维持中高个位数增长，主要考虑： ①Q1 贷款增长较强，为全年营收奠定了良好基础。②江苏银行25Q1 大幅加仓债券投资资产，25Q1 债 券投资同比增长30%，增速较24Q4 提升6pc。判断江苏银行在3 月市场利率短期高点积极把握机会，积 累了投资浮盈。 存贷实现高增 江苏银行25Q1 存贷两旺，25Q1 贷款和存款净增量分别占2024 年全年贷款和存款净增量的83%、 125%，体现了江苏银行较强的资产组织能力，同时贷款靠前 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has a strong cash position with a significant reduction in expenses year-on-year [2][6]. - The coal production and sales have shown stability, with a minor decrease in coal prices [6][9]. - The company is expected to face a decline in revenue and net profit in the upcoming years, but the overall asset quality is improving [9][10]. Financial Performance Summary - For 2024, the company reported revenue of 15.033 billion yuan, a decrease of 2.01% year-on-year, and a net profit of 2.808 billion yuan, down 14.93% year-on-year [5][9]. - In Q1 2025, the company achieved revenue of 2.424 billion yuan, a decline of 33.73% year-on-year, with a net profit of 512 million yuan, down 34.35% year-on-year [5][9]. - The company’s cash reserves stood at 16.61 billion yuan at the end of 2024, an increase of 1.401 billion yuan from the previous year [6][9]. Production and Sales Summary - In 2024, the company produced 34.6664 million tons of raw coal, a slight decrease of 0.06% year-on-year, with a total sales volume of 29.9665 million tons, down 0.43% year-on-year [6][9]. - In Q1 2025, the company produced 7.8626 million tons of raw coal, a decrease of 6.94% year-on-year, while the sales volume was 5.2617 million tons, down 24.33% year-on-year [6][9]. Profitability and Valuation Metrics - The company’s gross profit margin for 2024 was 49.79%, a decrease of 2.02 percentage points year-on-year [6][10]. - The projected earnings per share (EPS) for 2025 is 1.30 yuan, with a price-to-earnings (P/E) ratio of 8.85 [9][10]. - The return on equity (ROE) is expected to decline to 11% in 2025 from 15% in 2024 [10].

Investment Rating - The report maintains a "Recommend" rating for Qilu Bank, indicating a positive outlook for the company's stock performance relative to market benchmarks [10]. Core Views - Qilu Bank's revenue and net profit have shown consistent growth, with 2024 revenue increasing by 4.6% year-on-year and net profit rising by 17.8%. In Q1 2025, revenue grew by 4.7% and net profit by 16.5% [2][3]. - The bank's asset quality is improving, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.17% in Q1 2025, down 2 basis points from the previous quarter. The provision coverage ratio has increased to 324.1% [2][5][9]. - Qilu Bank's loan growth remains robust, with a year-on-year increase of 12.6% in 2024 and 12.3% in Q1 2025, primarily driven by corporate loans [4][10]. Summary by Sections Financial Performance - Qilu Bank's revenue for 2024 was reported at 125 billion, with a projected growth rate of 4.6% for 2025. The net profit for 2024 was 50 billion, with a growth rate of 17.8% [11]. - The bank's net interest income increased by 7.9% year-on-year in Q1 2025, contributing to stable revenue growth [3]. Asset Quality - The NPL ratio has shown a downward trend, with a current rate of 1.17% and a provision coverage ratio of 324.1%, indicating a strong buffer against potential loan losses [5][9]. - The bank's retail loan NPL ratio has increased to 2%, reflecting broader industry trends, while corporate loan NPL rates remain stable [9]. Loan and Deposit Growth - Qilu Bank's total loans reached 3,371 billion in 2024, with a significant portion allocated to infrastructure and wholesale retail sectors [4][11]. - The bank's deposit growth is also strong, with a projected increase of 10.4% in 2025 [11]. Future Outlook - The bank is expected to maintain a high growth trajectory, with projected net profit growth rates of 16.9%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively [10][11]. - The report anticipates that the narrowing of interest margin declines will further support profitability [10].

齐鲁银行（601665.SH）：业绩保持 高增，资产质量改善 ——2024 年年报及 2025 一季报点评 事件：4 月 25 日，齐鲁银行公布 2024 年年报及 2025 年一季报。 2024 年、1Q25 营收同比增速分别为+4.6 %、+4.7%；归母净利润同 比增速分别为+17.8%、16.5%。一季度末不良贷款率 1.17%、环比下 降 2bp；拨备覆盖率 324.1%、环比提高 1.68pct。 点评： 1Q25 规模支撑营收平稳增长，拨备反哺净利润保持双位数增长。 2025 年 4 月 28 日 推荐/维持 齐鲁银行 公司报告 公司简介： 齐鲁银行成立于 1996 年 6 月 6 日，是全国首 批、山东省首家设立并引进境外战略投资的城商 行。战略布局根植济南，立足山东，辐射天津、 河南、河北。2021 年 6 月 18 日，齐鲁银行在上 海 证 券 交 易 所 正 式 挂 牌 上 市 （ 股 票 代 码 601665.SH）。国内主体信用评级达到 AAA 最高 等级，连续多年获得山东省地方金融企业绩效评 价"AAA 优秀"等级、济南市高质量发展考核市 管企业一等奖。齐鲁银行坚守"服务城乡居民、 ...

4月8日，宜宾市商业银行（以下简称"宜宾银行"）公告，该行行长杨兴旺因个人身体原因辞任，自2025 年4月8日生效。 宜宾银行招股书显示，杨兴旺1974年出生，曾任宜宾市珙县巡场农村信用社分社负责人，宜宾市城市信 用社大观楼社副经理、工会主席、大顺社副经理。2006年12月加入宜宾银行，历任宜宾银行大顺支行行 长，隆昌兴隆村镇银行行长、董事，宜宾银行内江分行行长，内江兴隆村镇银行副董事长，2012年7月 至2013年10月任宜宾银行业务部总经理，2014年6月至2020年10月任副行长，于2020年10月至2021年12 月代为履职行长。此外，杨兴旺自2012年7月起任该行党委委员；自2016年7月起任董事；自2021年12月 起任行长。 3月31日，宜宾银行发布了2024年度业绩报告，为该行赴港交所上市以来首份"成绩单"。年报显示， 2024年，宜宾银行营收净利增速骤降。其总营业收入为21.804亿元，较2023年增长0.5%；净利润为 4.778亿元，同比增长0.1%。而该行2022年和2023年营业收入分别同比增长15.19%和16.22%，净利润分 别同比增长31.74%和10.38%。彼时宜宾银行在 ...