公司报告 | 季报点评 建设银行（601939） 证券研究报告 盈利回暖，不良压降 点评摘要： 盈利增速表现回暖。2025 前三季度，建设银行实现营收约 5737.02 亿元， 同比增长 0.82%，环比上半年增速-1.33pct。营收结构上，净利息收入 4276.06 亿元（YoY-3%），占总营收 74.53%；非息净收入 1460.96 亿 元，同比增长 13.95%，结构占比较上半年减少 1.8pct。拨备前利润 25H1、 1-3Q25 同比增速分别为 3.37%、1.03%,归母净利润同比增速分别为 -1.37%、0.62%。 2025 前三季度，建设银行净息差录得 1.36%,较 25H1 下行 4bp。 非息收入方面，1-3Q25 公司手续费及佣金净收入 896.68 亿元， YoY+5.31%；投资 净收益 367.61 亿 元，YoY+150.55%，占 总营收 6.41%。 资产端：截止 2025 第三季度，建设银行生息资产总计 44.48 万亿元，环 比 25H1+2.15%，同比增长 10.89%。其中，贷款、金融投资、同业及拆 放、存放央行分别同比+7.59%、+18.96%、+4 ...

智通财经APP讯，重庆农村商业银行(03618)发布公告，2025年1至9月，集团实现净利润109.25亿元，较上年同期增长3.32%;其中归属于该行股东的净利润 106.94亿元，较上年同期增长3.74%。年化平均总资产回报率0.92%，较上年同期下降0.03个百分点。年化加权平均净资产收益率10.82%，较上年同期下降 0.30个百分点。 2025年1至9月，集团实现营业收入216.57亿元，较上年同期增长0.81%。其中，利息净收入178.50亿元，较上年同期增长6.88%，手续费及佣金净收入10.57亿 元。净利息收益率为1.59%，较上年同期下降0.02个百分点，降幅收窄0.14个百分点。 截至2025年9月30日，集团不良贷款余额87.11亿元;不良贷款率1.12%，较上年末下降0.06个百分点;拨备覆盖率364.82%，较上年末上升1.38个百分点。 ...

集团不良贷款总额2,886.69亿元，不良贷款率1.24%，比上年末下降0.01个百分点，不良贷款拨备覆盖率 196.60%，比上年末下降4.00个百分点。核心一级资本充足率为12.58%，一级资本充足率为14.66%，资 本充足率为18.66%。 智通财经APP讯，中国银行(03988)发布公告，2025年前三季度，集团实现税后利润1895.89亿元，实现 该行股东应享税后利润1776.60亿元，同比分别增长1.12%和1.08%。平均总资产回报率(ROA)0.70%，净 资产收益率(ROE)8.98%。 集团实现营业收入4921.15亿元，同比增加130.10亿元，增长2.72%。净利息收入3257.92亿元，同比减少 102.05亿元，下降3.04%。净息差1.26%。非利息收入1663.23亿元，同比增加232.15亿元，增长16.22%， 非利息收入在营业收入中占比为33.80%。其中，手续费及佣金收支净额655.91亿元，同比增加48.98亿 元，增长8.07%;其他非利息收入合计1007.32亿元，同比增加183.17亿元，增长22.23%。营业费用 1865.75亿元，同比增加138.73亿元 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 net profit shows a year-on-year increase of 7.62%, indicating a recovery in profitability and improved asset quality [4] - The company has optimized its cost and risk management, leading to a decrease in the cost-to-income ratio to 29.95%, down 0.21 percentage points year-on-year [4] - The non-performing loan ratio decreased to 1.58%, reflecting a positive trend in asset quality [4] Financial Performance Summary - For the first nine months of 2025, the company reported revenue of 648.81 billion yuan, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 179.82 billion yuan, down 2.86% [4] - The total assets reached 4.59 trillion yuan, growing by 5.5% year-on-year, while total loans increased by 4.0% to 2.44 trillion yuan [4] - The deposit scale grew by 11.0% year-on-year, providing a stable funding source for business development [4] Key Financial Metrics - The net interest margin for the first nine months of 2025 was 1.55%, slightly up by 1 basis point from the first half of 2025 [4] - Fee and commission income rose by 8.3% year-on-year to 46.94 billion yuan, indicating a recovery in non-interest income [4] - Investment income increased by 3.6% year-on-year to 127.99 billion yuan, showcasing the effectiveness of asset structure adjustments [4] Asset Quality Improvement - The non-performing loan ratio and the proportion of special mention loans both decreased, with special mention loans' balance down by 4.5 billion yuan compared to the end of June 2025 [4] - The company maintains a strong provision coverage ratio, indicating robust risk management practices [4] Earnings Forecast - The company is projected to achieve revenues of 946 billion yuan, 991 billion yuan, and 1,037 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 268 billion yuan, 275 billion yuan, and 284 billion yuan [5][6]

Key Takeaways Q3 EPS of $1.35 surpassed estimates, helped by higher net interest income.Revenues climbed 3.3% y/y, but non-interest income and asset quality weakened.CMA agreed to merge with Fifth Third in a $10.9B all-stock deal expected to close in early 2026.Comerica Incorporated (CMA) has reported third-quarter 2025 earnings per share (EPS) of $1.35, beating the Zacks Consensus Estimate of $1.28. In the prior-year quarter, the company reported an EPS of $1.37.Results have benefited from a rise in net in ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows a revenue of 9.98 billion CNY, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year. The annualized weighted average return on equity is 20.6%, an increase of 0.64 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Loan Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with changes from the end of the previous year of +1.1 and -1.9 percentage points [5]. - The bank's loan increment for Q1 2025 is 57.7 billion CNY, with a focus on corporate loans, which increased by 61.6 billion CNY, while retail loans decreased by 3.9 billion CNY [5]. Deposit Growth - In Q1 2025, the increase in interest-bearing liabilities is 98 billion CNY, with a year-on-year growth rate of 15.1%, up 1.1 percentage points from the end of the previous year [6]. - The proportion of demand deposits increased to 40.8% by the end of Q1 2025, reflecting a slight improvement in the trend towards term deposits [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, down 6 basis points from 2024, primarily due to a decrease in the yield on interest-earning assets [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, with a significant drop in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan ratio remains low at 0.76%, with a provision coverage ratio of 530.1% as of Q1 2025 [9]. - Capital adequacy ratios show a stable increase, with the core tier 1 capital ratio at 9.01% as of Q1 2025 [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to EPS estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.75 for 2025 [10].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.88 CNY, representing a potential upside of 17% from the current price of 6.76 CNY [5]. Core Views - The company's profit continues to recover, with a reported revenue of approximately 821.8 billion CNY for 2024, showing a year-over-year decline of 2.52%. The net profit attributable to shareholders is 365.9 billion CNY, reflecting a slight increase of 0.51% year-over-year [2][4]. - The bank's net interest income for 2024 is 637.4 billion CNY, down 2.69% year-over-year, while non-interest income decreased by 1.95% to 184.4 billion CNY [2][9]. - The asset quality remains stable, with a non-performing loan ratio reduced to 1.34% by the end of 2024, down from previous periods [24]. Summary by Sections Financial Performance - The company achieved a revenue of approximately 821.8 billion CNY in 2024, with a net interest income of 637.4 billion CNY, accounting for 77.6% of total revenue, which is an increase of 1.5 percentage points compared to the first three quarters of 2024 [2][9]. - The net profit for 2024 is 365.9 billion CNY, with quarterly performance showing a trend of recovery: Q1 (-2.78%), H1 (-1.89%), first three quarters (+0.13%), and full year (+0.51%) [2][4]. Asset and Liability Management - By the end of 2024, the bank's interest-earning assets totaled 47.52 trillion CNY, with a year-over-year growth of 2.7%. Corporate loans increased by 8.3%, with strong growth in sectors such as mining and real estate [17][18]. - The cost of interest-bearing liabilities improved to 1.94%, a decrease of 10 basis points from mid-2024, supported by a reduction in deposit rates [12][18]. Asset Quality - The non-performing loan ratio decreased to 1.34% by the end of 2024, with a provision coverage ratio of 214.9%, indicating a healthy asset quality [24][26]. - The overdue loan ratio increased slightly to 1.43%, reflecting some pressure on asset quality despite the overall improvement [24]. Profitability Forecast - The forecast for net profit growth is 0.82%, 2.64%, and 3.40% for the years 2025, 2026, and 2027, respectively, with corresponding book value per share (BPS) estimates of 11.05, 11.84, and 12.60 CNY [4][26].

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a target price of 6.16 CNY, representing a potential upside of 21% from the current price of 5.11 CNY [6]. Core Views - Agricultural Bank's revenue and profit have shown a continuous recovery in 2024, with total revenue approximately 710.6 billion CNY, a year-on-year increase of 2.26%, and a net profit attributable to shareholders of 282.1 billion CNY, up 4.72% year-on-year [2][10]. - The bank's net interest income has increased to 580.7 billion CNY, reflecting a year-on-year growth of 1.56%, with the proportion of net interest income in total revenue rising to 81.7% [2][10]. - The asset quality remains stable, with a non-performing loan ratio reduced to 1.30% by the end of 2024, showing improvements compared to previous periods [26]. Financial Performance - In 2024, Agricultural Bank's revenue structure shows a recovery in net interest income, which constitutes 81.7% of total revenue, while non-interest income reached 129.9 billion CNY, growing by 5.51% year-on-year [2][10]. - The bank's net interest margin recorded 1.42%, down 3 basis points quarter-on-quarter and 18 basis points year-on-year [4][14]. - The bank's total assets increased by 5.3% year-on-year, with a significant growth in corporate loans by 10.2% [20][21]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 2.25%, 4.12%, and 4.31% respectively, with corresponding book values per share of 7.95 CNY, 8.50 CNY, and 9.02 CNY [5]. - The price-to-earnings ratio is projected to decrease from 6.34 in 2024 to 5.71 by 2027, indicating an improving valuation [5]. Asset Quality - By the end of 2024, the non-performing loan ratio improved to 1.30%, with a provision coverage ratio of 299.6% [26][28]. - The overdue loan ratio increased slightly to 1.18%, indicating some pressure in the retail loan segment, particularly in personal housing loans [26][28]. Loan and Deposit Structure - The bank's total interest-bearing liabilities grew by 9.8% year-on-year, with a significant portion coming from deposits, which accounted for 76.0% of total liabilities [21][24]. - The retail loan segment showed a notable increase in personal operating loans, which surged by 234% year-on-year, while personal housing loans faced a decline of 3.6% [20][23].