Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's valuation at approximately 0.6x PB provides sufficient margin of safety, and the current low valuation reflects market concerns about its asset quality, which may be excessive [2][4] - The company has a strong retail loan proportion among listed city commercial banks, and while there are real challenges with retail non-performing loans, market fears may be overstated [2][28] - The company's core competitiveness lies in its deep roots in county-level markets, a large retail customer base, and low-cost stable deposits, with significant growth potential in retail banking [2][70] - The investment suggestion is to buy into a recovery option, aligning with Warren Buffett's investment philosophy of "picking up cigarette butts" (short-term) and "quality companies" (long-term) [2][120] Summary by Sections Valuation Concerns - The company's static PB value is 0.60x, which is at a low historical percentile among peer city commercial banks [4][10] - Market concerns primarily revolve around the asset quality, particularly the non-performing loans in retail banking, which are a common issue across the industry [2][34] County-Level Market Focus - The company has designated county-level finance as its "number one project," achieving full coverage in 86 counties in Hunan Province [43][50] - The annual compound growth rate of county-level loans from 2022 to 2024 is projected at 21.4%, surpassing the overall loan growth rate of 13.8% [50][58] - By the end of 2024, county-level loans are expected to account for 36.9% of total loans, with 50.6% of new loans directed towards county-level markets [50][70] Low-Cost Stable Liabilities - The company maintains a high net interest margin of 2.11%, benefiting from high-yield assets and low-cost stable deposits [104][111] - The average loan yield is projected at 5.26%, positioning the company favorably compared to peers [111] Investment Recommendations - The current low valuation reflects excessive market pessimism regarding asset quality, with the company actively addressing non-performing loans [120] - The company’s strategic focus on county-level finance and a solid retail customer base positions it well for future growth [70][120]

出品 | 妙投APP 作者 | 刘国辉 在今年一季度，招行的业绩相比于兴业和中信银行，也没有明显优势，大差不差。 看来，逆势之下，强者并未恒强。 招行、兴业、中信三家银行体量接近，已经坐稳股份行前三甲的位置，也都是银行业规模前十的银行。 三家银行都有自己的特色，招行的零售和财富管理优势独步天下，兴业银行和中信银行都以对公业务见 长，在投行业务上也有相对优势，此外积极向零售转型。 图片来源 | AI制图 四月底，A股上市银行2024年报以及2025年一季报披露完毕。未上市的银行也大多发布了2024年业绩。 对比一下12家股份制银行在2024年的财报表现，有亮眼业绩的是兴业银行和中信银行，均实现了营收与 净利润的双增，资产规模增长也相对较好。而招商银行已是连续两年营收下滑，而且还有吃老本之嫌。 其他股份行中，浦发、民生、光大、平安、广发银行都处在营收下滑的状态，利润水平可以调节，意义 不太大。华夏银行、浙商银行、渤海银行、恒丰银行实现营收与净利润双增，但体量较小，不太有可比 性。 | 银行 | 资产规模（万 亿） | 资产规模增速 | 营收 | 营收增速 | 净利润 | 净利润增速 | | --- | --- | ...