Core Insights - Jiangyin Bank, established in December 2001 and listed in September 2016, is a local joint-stock commercial bank with strong competitiveness in rural finance [1] - The bank's revenue and net profit rankings are low within the industry, indicating potential challenges in performance [2] Financial Performance - For Q3 2025, Jiangyin Bank reported revenue of 3.204 billion yuan, ranking 10th in the industry, significantly lower than the top performer, Chongqing Rural Commercial Bank, at 21.658 billion yuan [2] - The net profit for the same period was 1.258 billion yuan, ranking 9th, again far behind the leading banks [2] Financial Ratios - The bank's debt-to-asset ratio stood at 90.68%, slightly up from 90.41% year-on-year but below the industry average of 91.45% [3] - The gross profit margin was 44.04%, an increase from 36.51% year-on-year, yet still lower than the industry average of 51.47% [3] Executive Compensation - Chairman Song Ping's compensation for 2025 is reported at 1.2952 million yuan, reflecting a year-on-year increase of 193,200 yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.11% to 45,600, while the average number of circulating A-shares held per shareholder increased by 0.11% to 53,900 [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 15.922 million shares [5] Growth Outlook - Jiangyin Bank's revenue for Q3 2025 showed a year-on-year increase of 6.17%, and net profit rose by 13.38%, primarily due to improved bond investment returns [5] - The bank's total assets are steadily growing, with strong performance in corporate loans and improved non-performing loan ratios [5][6] - Forecasts for 2025-2027 predict revenues of 4.233 billion, 4.540 billion, and 4.893 billion yuan, with net profits of 2.244 billion, 2.387 billion, and 2.554 billion yuan respectively [5]

厦门银行成立于1996年11月26日，于2020年10月27日在上海证券交易所上市，注册及办公地址均为福建省 厦门市。它是一家具有区域影响力的城商行，在对公业务等方面具备一定优势。 长江证券指出，厦门银行上半年营收和归母净利润增速转正，利息净收入降幅收窄，非息净收入增速改 善。Q2存贷规模加速增长，对公贷款大幅上量，预计未来靠对公政府类业务拉动总资产规模。息差环比企 稳，负债成本加速下降。不良环比回落，拨备覆盖率回升，但零售贷款不良率受经营贷影响上升。该行考 虑到其底层资产质量和规模基数情况，预计未来两年信贷规模带动总资产及营收增长，中长期具备成长空 间，目前2025年PB估值0.65x，预计全年利润增速小幅正增，对应2025年预期股息率4.7%，维持"买入"评 级，同时提示信贷规模扩张不及预期和资产质量波动风险。 偿债能力方面，2025年三季度厦门银行资产负债率为92.52%，较去年同期的92.12%略有上升，但低于行业 平均的92.63%，这表明其偿债能力在行业中处于较好水平。从盈利能力看，2025年三季度毛利率为 48.80%，较去年同期的48.98%稍有下降，但高于行业平均的45.51%，显示出较强的 ...