Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - **Fee Income**: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - **Asset Quality**: The NPL ratio for corporate loans was 0.51%, down 13 basis points from Q2 2024, primarily due to a significant decrease in the NPL ratio for the real estate sector [3] - **Loan Growth**: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, with year-on-year growth of 12.18% and 12.74% [4] Asset and Liability Management - **Deposits**: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, reflecting a year-on-year increase of 12.63% [9] - **Loan Composition**: The net increase in loans for Q1 2025 was 29.5 billion yuan, with corporate loans contributing significantly to this growth [4][9] Financial Metrics - **Earnings Per Share (EPS)**: EPS for 2024 is projected at 1.32 yuan, with a growth rate of 6.81% expected for 2025 [11][12] - **Dividend Payout**: The dividend payout ratio for 2024 reached 32.50%, an increase from 31.08% in 2023 [1]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、业务 成本节约等对业绩形成正向贡献，具体来看： 1）利息净收入：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

Investment Rating - The investment rating for Ningbo Bank is "Buy" and it is maintained [5]. Core Views - Ningbo Bank reported a revenue of 18.5 billion yuan in Q1 2025, representing a year-on-year growth of 5.63%, and a net profit attributable to shareholders of 7.4 billion yuan, also up by 5.76% year-on-year [1][2]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 370.54% as of the end of Q1 2025, indicating stable risk compensation capabilities [3]. - The bank is expected to maintain high growth in both deposits and loans, with projections for revenue and profit growth of 8.36% and 8.19% respectively for 2025 [4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 5.63% and 5.76%, respectively, which are slightly lower than the previous year's growth rates [2]. - Net interest income increased by 11.59% year-on-year, although the net interest margin decreased to 1.80%, down by 6 basis points from the previous year [2]. - Fee and commission income decreased by 1.32% year-on-year, while other non-interest income fell by 7.18% [2]. Asset Quality - The NPL generation rate for Q1 2025 was 1.09%, showing a decline of 8 basis points from the previous quarter, continuing a downward trend since Q1 2024 [3]. - The bank's write-off amount for Q1 2025 was 3.05 billion yuan, with recoveries amounting to 670 million yuan [3]. Asset and Liability Management - As of Q1 2025, total assets and loans reached 3.40 trillion yuan and 1.64 trillion yuan, respectively, with year-on-year growth rates of 17.58% and 20.41% [4]. - Total deposits amounted to 2.18 trillion yuan, reflecting a year-on-year increase of 19.92% [4].

Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - Changsha Bank reported a revenue of 25.9 billion yuan in 2024, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank achieved a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 1.18% and 309.82%, respectively, showing slight improvements [1][2][4] Performance Summary - In Q1 2025, the growth rates for operating income and net profit attributable to shareholders were 3.78% and 3.81%, respectively, which were lower than the previous year's growth rates by 0.8 percentage points and 1.1 percentage points. The significant growth in non-interest income and cost savings are expected to positively contribute to performance [2] - Net interest income increased by 1.81% year-on-year, with a net interest margin of 2.11% for 2024, a decrease of 20 basis points compared to the previous year. The yield on interest-earning assets and loan yield for 2024 were 4.21% and 5.26%, respectively, both showing declines [2][3] - Fee and commission income saw a substantial increase of 53.08% year-on-year, attributed to a low comparative base from the previous year and the gradual reduction of policy impacts [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with an increase of 1 basis point from the previous quarter. The increase in non-performing loans is primarily due to fluctuations in retail loan asset quality. The provision coverage ratio decreased by 3 percentage points [4] - The non-performing loan ratio for personal loans increased to 1.87%, reflecting heightened pressure in personal operating loans and credit cards, consistent with industry trends [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56%. The net increase in loans for the quarter was 42.8 billion yuan, primarily driven by corporate loans [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98%, with a net increase of 27.7 billion yuan in personal deposits during the quarter [9] Financial Forecast - The bank is expected to achieve net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.97%, 5.83%, and 8.80% [9][11]

Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - In 2024, Changsha Bank achieved a revenue of 25.9 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank reported a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year [1][2] - The bank's non-performing loan ratio at the end of Q1 2025 was 1.18%, with a provision coverage ratio of 309.82%, showing slight improvements in asset quality [1][4] - The bank's dividend payout ratio for 2024 reached 22.49%, an increase from 21.39% in 2023, with a cash dividend of 4.20 yuan per 10 shares [1] Performance Summary - Revenue and net profit growth rates for Q1 2025 were 3.78% and 3.81%, respectively, reflecting a slight decline compared to 2024 [2] - Net interest income increased by 1.81% year-on-year, while the net interest margin for 2024 was 2.11%, showing a decrease of 20 basis points compared to 2023 [2] - Fee and commission income saw a significant increase of 53.08% year-on-year, attributed to a low base effect from the previous year [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with a slight increase from the previous quarter, primarily due to fluctuations in retail loan asset quality [4] - The provision coverage ratio decreased by 3 percentage points to 309.82% [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56% [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98% [9] Investment Outlook - Changsha Bank, as the largest city commercial bank in Hunan Province, is expected to continue benefiting from local economic growth, with projected net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively [9]

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [4][6]. Core Views - Chongqing Bank's net interest income increased significantly by 28.08% year-on-year in Q1 2025, driven by active scale expansion and a notable narrowing of interest margin [2][4]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.21%, down 4 basis points from the previous year-end [3][4]. - The bank is expected to benefit from the development opportunities brought by the Chengdu-Chongqing economic circle, with projected net profit growth rates of 3.96%, 4.03%, and 4.18% for 2025-2027 [4]. Financial Performance - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 1.6 billion yuan, also up 5.33% year-on-year [1][2]. - The bank's total assets and loans reached 931.7 billion yuan and 471.2 billion yuan, respectively, with year-on-year growth rates of 19.33% and 16.43% [4]. - The bank's deposit total was 509.8 billion yuan, reflecting an 18.60% year-on-year increase [4]. Asset Quality - The non-performing loan ratio improved to 1.21%, with a provision coverage ratio of 247.59%, indicating a strengthening of asset quality [3][4]. - The credit cost for Q1 2025 was 0.71%, down 5 basis points year-on-year [3]. Balance Sheet - The bank's general loans saw a significant increase, with a net increase of 330 million yuan in Q1 2025, and a net increase of 432 million yuan in general loans after excluding the impact of bill discounting [4]. - The bank's total deposits increased by 489 million yuan in Q1 2025, primarily driven by time deposits [4].

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 齐鲁银行（601665.SH） 资产质量持续向好，分红比例提升至 28% 事件：齐鲁银行披露 2024 年报及 2025 年一季报，2024 年实现营收 125 亿元，同比增长 4.55%，归母净利润 50 亿元，同比增长 17.77%。2025 年一季度实现营收 32 亿元，同比增长 4.72%，归母净利润 14 亿元，同比 增长 16.47%。2025Q1 末不良率、拨备覆盖率分别为 1.17%、324.06%， 较上年末分别下降 2bps、提升 1.7pc。此外，2024 年分红比例达 27.62% （2023 年为 26.73%）。 1、业绩表现：25Q1 息差同比降幅收窄 25Q1 营业收入、归母净利润增速分别为 4.72%、16.47%，分别较 24A 提 升 0.2pc、下降 1.3pc，其中净息差降幅收窄、成本费用节约对业绩增长形 成正向贡献，具体来看： 1）利息净收入：同比增长 7.89%，较 24A 增速提升 6.2pc，24A 净息差 为 1.51%，较 24H 下降 3bps，2024 年息差降幅 ...