[Table_MainInfo] 公司研究/金融/银行 证券研究报告 长沙银行（601577）公司季报点评 2024年05月08日 [Table_InvestInfo] 长沙银行 2023&24Q1 业绩点评：财富管理 投资评级 优于大市 维持 逆势向上，消费贷款异军突起 股票数据 [0T5a月ble07_日St收oc盘k价In（fo元] ） 8.17 [ 投Ta 资ble 要_S 点um ：m 长ar 沙y] 银行 2023 年营收同比增长 8.46%，归母净利润同比 52周股价波动（元） 6.47-8.98 增长9.57%；24Q1营收同比增长7.89%，归母净利润同比增长5.75%。 股本结构 [总Ta股b本le（_C百a万p股ita）lI nfo] 4022 公司以广阔零售客群为基，挖掘消费贷款需求，零售 AUM 高增，同 流通A股（百万股） 4021 时新发生逾期贷款比例边际下降，我们维持“优于大市”评级。 B股/H股（百万股） 0/0 相关研究 消费贷款异军突起。公司挖潜存量零售客户需求，针对工资代发、公积金、房贷 [《Ta长b沙le银_R行e 2p 0o 23rtI中nf报o点] 评：营收利润增 ...

Investment Rating - The report assigns an "Accumulate" rating to Changsha Bank (601577.SH) [2][5][32] Core Views - The bank has shown significant growth in county and retail finance, with total assets reaching 1.06 trillion yuan by the end of March 2024 [2][6] - The bank's net interest margin is well-managed, with a reported net interest margin of 2.31% in 2023, only slightly narrowing by 10 basis points year-on-year [20][21] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.15% as of the end of 2023 [21][22] Summary by Relevant Sections Financial Performance - In 2023, the bank achieved a revenue of 24.8 billion yuan, representing an 8.5% year-on-year increase, and a net profit of 7.5 billion yuan, up 9.6% year-on-year [3][19] - For the first quarter of 2024, revenue was 6.6 billion yuan, reflecting a 7.9% year-on-year growth, with a net profit of 2.1 billion yuan, a 5.8% increase year-on-year [19] Asset Management - As of March 2024, total assets grew by 11.2% year-on-year, with total loans increasing by 14.3% [2][19] - The bank's loan structure shows a strong growth in corporate loans, which increased by 20.5% year-on-year, while personal loans saw a modest growth of 7.4% [2][19] Non-Interest Income - Non-interest income for the first quarter of 2024 grew by 22.9% year-on-year, with other non-interest income surging by 60% [2][19] Investment Valuation - The report estimates the reasonable stock price for 2024 to be between 10.1 and 11.7 yuan, corresponding to a price-to-book ratio of 0.61 to 0.70 [32][27] - The valuation reflects a potential upside of approximately 24% to 43% compared to the current stock price of 8.16 yuan [32]

Investment Rating - The report assigns an "Accumulate" rating for Changsha Bank (601577.SH) as the initial coverage [4]. Core Views - The bank has shown significant growth in county and retail finance, with total assets reaching 1.06 trillion yuan by the end of March 2024. The county finance strategy has been established as the bank's primary development initiative, given that 71% of Hunan's population resides in counties [1][9]. - The bank's net interest margin is well-managed, with a slight narrowing to 2.31% in 2023, while maintaining a stable loan growth rate. The bank's non-performing loan ratio remained stable at 1.15% as of March 2024, with a high provision coverage ratio of 314% [1][18]. Summary by Sections Financial Performance - In 2023, the bank achieved a revenue of 24.8 billion yuan, a year-on-year increase of 8.5%, and a net profit of 7.5 billion yuan, up 9.6% year-on-year. For Q1 2024, revenue was 6.6 billion yuan, reflecting a 7.9% increase year-on-year, with a net profit of 2.1 billion yuan, up 5.8% year-on-year [1][18]. - The bank's total assets grew by 12.7% year-on-year by the end of 2023 and by 11.2% year-on-year by the end of March 2024 [1]. Loan and Deposit Growth - By the end of 2023, total loans increased by 14.6% year-on-year, with corporate loans growing by 20.5% and personal loans increasing by 7.4%. The bank's deposit balance reached 676.4 billion yuan, with a significant portion coming from county finance [1][12]. - The bank's retail loans accounted for 37.84% of total loans, with personal consumption loans growing significantly by 21.6% [1][15]. Non-Interest Income - Non-interest income saw a substantial increase of 22.9% year-on-year in Q1 2024, driven by a 60% rise in other non-interest income, despite a 25% decline in net commission income [1][18]. Wealth Management and Retail Strategy - The bank has made significant strides in retail financial transformation, with retail customer numbers reaching 17.7 million by the end of 2023. Wealth management has also been a focus, with assets under management reaching 400.2 billion yuan and a 150.81% increase in wealth management fee income [1][16]. Valuation and Price Target - The report estimates the reasonable stock price for Changsha Bank in 2024 to be between 10.1 and 11.7 yuan, corresponding to a price-to-book ratio of 0.61 to 0.70x, indicating a potential upside of approximately 24% to 43% from the current price of 8.16 yuan [29].

公 银行 司 2024年 4月 29日 报 长沙银行(601577.SH) 告 息差韧性凸显，资产质量保持稳健 推荐（维持） 事项： 长沙银行发布 2023 年年报及 2024 年一季报，公司 23 年、24Q1 分别实现营 股价：7.85 元 业收入 248 亿元、66 亿元，对应同比增速分别为 8.5%/7.9%，23 年、24Q1 分别实现归母净利润75亿元、21亿元，对应同比增速分别为9.6%/5.8%。公 公 主要数据 司23年加权平均ROE为12.50%，同比下降0.07个百分点。24Q1年化ROE 司 为13.68%。公司23年末总资产为1.02万亿元，同比增长12.7%，24Q1总资 行业 银行 年 公司网址 www.bankofchangsha.com 产为 1.06 万亿元，较年初增长 4.05%。公司 2023 年利润分配预案为：每 10 大股东/持股 长沙市财政局/16.82% 股分红3.80元（含税），分红率为21.39%。 报 实际控制人 点 总股本(百万股) 4,022 平安观点： 流通A股(百万股) 4,021  非息贡献支撑营收稳定，拨备提高拖累盈利增速。盈利端受到拨备计提 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 长沙银行（601577） ＃title＃ ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） 息差韧性凸显，非息收入高增 ——长沙银行 2023年&2024 年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 28日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ 评 ⚫ 业绩稳健，投资收益表现亮眼。2023 年营收/归母净利润同比分别 +8.5%/+9.6%，Q4单季度同比分别为+8.5%/+10.9%，公司息差韧性较强， 报 2023年息差2.31%，较23H1收窄3bp。2024Q1营收同比+7.9%，归母净 告 利润同比+5.8%。拆开来看，（1）2024Q1净利息收入同比+3.9%，其中贷 ＃分em析a师ilA：ut hor＃ 款同比+14.5%，环比+7.0%，规模扩张稳健；（2）手续费净收入同比-25%， ＃陈a绍ss兴Au thor＃ 其他非息收入高增，同比+59.9%，主要由投资收益贡献。（3）利润增速慢 ...

Investment Rating - The investment rating for Changsha Bank is "Buy" (maintained) [2] Core Views - Changsha Bank's revenue growth remains stable, with a year-on-year increase of 8.46% in 2023, reaching 24.803 billion yuan. The bank's profitability is improving steadily, with net profit for 2023 at 7.463 billion yuan, reflecting a year-on-year growth of 9.57% [4][5] - The bank's total assets reached 1.02 trillion yuan by the end of 2023, marking a year-on-year growth of 12.74%. The loan balance also saw a significant increase of 14.64% year-on-year, totaling 488.4 billion yuan [5][6] - The bank's net interest margin (NIM) was 2.31% in 2023, showing a slight decline but remaining at a relatively high level. The cost of deposits decreased by 8 basis points to 2.20%, which helped mitigate the pressure on net interest margin [5][6] Summary by Sections Financial Performance - In 2023, Changsha Bank achieved a revenue of 24.803 billion yuan, with a year-on-year growth of 8.46%. The net profit attributable to shareholders was 7.463 billion yuan, reflecting a growth of 9.57% [4][7] - The bank's PPOP (pre-provision operating profit) for Q4 2023 and Q1 2024 grew by 6.13% and 7.11% year-on-year, respectively [4][5] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.15% by the end of 2023, with a slight increase in the attention rate, indicating manageable asset quality [6][9] - The provision coverage ratio was 313.16% at the end of Q1 2024, showing a slight decrease but still indicating strong coverage [6][9] Growth Projections - The bank's net profit forecasts for 2024, 2025, and 2026 are 8.444 billion yuan, 9.540 billion yuan, and 11.467 billion yuan, respectively, with year-on-year growth rates of 13.14%, 12.99%, and 20.19% [4][7] - The projected price-to-book (PB) ratios for 2024, 2025, and 2026 are 0.4, 0.4, and 0.3, respectively, indicating potential undervaluation [4][7]

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [长Table_沙Title] 银行（601577.SH） [公Tab司le_评Inve级st] 买入 当前价格 7.85元 24Q1 营收增速好于业绩 合理价值 9.95元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-28 ⚫ 长沙银行发布 23 年年报和 24 年一季报，23A 和 24Q1 营收分别为 [相Tab对le_P市icQ场uote表] 现 8.5%、7.9%，PPOP分别为9.1%、7.1%，归母净利润同比分别增长 9.6%、5.8%，24Q1公司营收增速表现好于归母净利润，超出投资者 10% 4% 预期（详细图表见正文）。 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 ⚫ 亮点：（1）营收增速下行幅度小于业绩增速。边际上看，单季营收增速 -8% 24Q1 为 7.9%（环比下降 0.7PCT），主要是净利息收入边际回升 -14% （23Q4:3.0%，24Q1:3.9%），同时其他非息收入同比维持高位 -20% 长沙银行 沪深300 （23 ...

2024年4月27日 公司研究 信贷增长稳健，非息收入转暖 ——长沙银行（601577.SH）2023 年度报告暨 2024 年一季报点评 买入（维持） 要点 当前价：7.85元 事件： 作者 4月26日，长沙银行发布2023年年度报告及2024年一季度报告： 分析师：王一峰 执业证书编号：S0930519050002 1）2023年实现营业收入248亿，同比增长8.5%，实现归母净利润74.6亿，同比 010-57378038 增长9.6%。2023年加权平均净资产收益率为12.5%，同比下降0.07pct； wangyf@ebscn.com 2）24Q1 实现营业收入 65.6 亿，同比增长 7.9%，实现归母净利润 20.9 亿，同比 分析师：蔡霆夆 增长5.8%。24Q1年化加权平均净资产收益率为13.68%，同比下降0.68pct。 执业证书编号：S0930523110001 021-52523871 caitingfeng1@ebscn.com 点评： 市场数据 营收增速维持相对稳定，非息收入大幅改善。公司2023/24Q1营收、拨备前利润、 总股本(亿股) 40.22 归母净利润同比增速分别为 ...

证券研究报告 | 年报点评报告 2024年04月27日 长沙银行（601577.SH） 息差韧性较强，资产质量保持稳健 事件：长沙银行披露 2023 年报及 2024 一季报，2023 全年、2024 年一 买入（维持） 季度分别实现营收248.0亿元、65.6亿元，分别同比增长8.5%、7.9%， 股票信息 归母净利润分别为74.6亿元、20.9亿元，分别同比增长9.6%、5.8%。 行业 城商行 业绩：息差韧性较强，投资收益表现亮眼。 前次评级 买入 4月26日收盘价(元) 7.85 23A营收同比增速为8.5%，与前三季度基本持平，24Q1营收同比增速为 总市值(百万元) 31,569.20 7.9%，共同的压力来自于息差下行，而债券投资相关收益增加则对营收 总股本(百万股) 4,021.55 起到支撑作用。 其中自由流通股(%) 99.98 1）利息净收入：23A同比增速为11.5%，较前三季度下降3.1pc，24Q1 30日日均成交量(百万股) 18.76 同比增速3.9%。23A净息差为2.31%，较23H1仅下降3bps，降幅明显 股价走势 好于同业，息差韧性较强。 A、资产端：23A生息资产收 ...

长沙银行股份有限公司 独立董事王丽君女士 2023 年度述职报告 2023 年，本人作为长沙银行股份有限公司（以下简称"长 沙银行"或"公司"）的独立董事，根据《中华人民共和国公 司法》《中华人民共和国证券法》《商业银行法》《银行保险机 构公司治理准则》《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》等法律法规、部门规章、规范性文件 以及长沙银行《公司章程》《独立董事工作制度》的规定，依 法履职，勤勉尽责，按要求出席董事会、风险控制与关联交 易委员会会议，按要求组织召开并出席审计委员会会议，认 真审议董事会会议的各项议案，对相关事项发表独立意见， 切实维护公司和全体股东的根本利益。 一、个人基本情况 作为公司独立董事、董事会审计委员会主任委员和董事 会风险控制与关联交易委员会委员，本人没有直接或间接持 有公司股份，未在公司担任独立董事以外的任何职务，也未 在公司实际控制人及其附属公司任职，不存在影响独立董事 独立性的情况。在职期间严格按照法律法规、监管规定，诚 信守法、恪尽职守、审慎高效地行使职权、严守秘密、履行 义务，没有从事任何与公司利益相冲突的活动。 董事应当具备履职所必需的专业知识、工作经 ...