证券代码：601658 证券简称：邮储银行 公告编号：临 2024-042 中国邮政储蓄银行股份有限公司 董事会决议公告 会议由刘建军董事主持，出席会议的董事审议并表决通过了以下 议案： 一、关于《中国邮政储蓄银行 2024 年三季度流动性风险压力测 试报告》的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 二、关于《中国邮政储蓄银行 2024 年三季度全面风险管理报告》 的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 中国邮政储蓄银行股份有限公司董事会及全体董事保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 中国邮政储蓄银行股份有限公司（以下简称本行）董事会于 2024 年 11 月 14 日以书面形式发出会议通知，于 2024 年 11 月 29 日在北 京以现场方式召开会议。会议应出席董事 14 名，亲自出席董事 14 名， 部分监事及高级管理人员列席会议。会议的召开符合《中华人民共和 国公司法》等有关法律、行政法规、部门规章、规范性文件和《中国 邮政储蓄银行 ...

Investment Rating - The investment rating for Postal Savings Bank is maintained at "Add" [3][8]. Core Viewpoints - The report emphasizes the bank's strong deposit advantages and the positive impact of the adjustment in savings agency fees on net profit, projecting contributions of approximately 70 billion yuan in 2024 and 140 billion yuan in 2025 [2][30]. - The bank's asset quality remains robust, with non-performing loan rates lower than the average of state-owned banks, and a focus on retail loans which may experience short-term pressure [2][68]. - Continued investment in technology is highlighted as a key driver for business, management, and risk control improvements [2][78]. - The long-term outlook suggests significant potential for retail business growth and efficiency improvements through financial technology [2][87]. Summary by Sections Savings Agency Fee Adjustment - The bank's savings agency fee rate has been adjusted, resulting in a reduction of approximately 16 basis points, saving 15.06 billion yuan in fees [2][30]. - The adjustment will take effect from July 1, 2024, and is expected to positively impact net profits in the following years [2][30]. Deposit Advantages - As of June 2024, the bank's deposits reached 14.87 trillion yuan, with a year-on-year growth of 11.8%, and personal deposits accounting for 88.9% of total deposits [2][36]. - The bank's deposit cost is relatively low at 1.48%, which is advantageous compared to peers [2][38]. Asset Quality - The bank's non-performing loan rate stands at 0.84%, with a focus on maintaining a high proportion of secured loans [2][68]. - The bank's asset quality indicators are favorable compared to state-owned banks, with a low non-performing loan generation rate [2][68]. Technology Investment - In 2023, the bank invested 11.278 billion yuan in technology, representing a 5.88% increase year-on-year [2][78]. - The bank is enhancing its technology workforce, with over 7,000 IT personnel across the organization [2][78]. Profit Forecast and Investment Recommendations - The bank's revenue growth is projected at 0.04% for 2024, 4.74% for 2025, and 6.32% for 2026, with net profit growth of -2.23%, 6.43%, and 8.78% respectively [2][88]. - The report maintains a positive outlook on the bank's long-term growth potential, particularly in retail banking and technology-driven efficiency improvements [2][87].

Core Viewpoint - The development of inclusive finance in China has made significant progress, but issues such as supply imbalance and insufficient coverage remain prominent, necessitating the acceleration of digital financial services to reduce risks and costs [1][2][3] Group 1: Progress in Inclusive Finance - The concept of inclusive finance has gained deep recognition, with mechanisms becoming increasingly sound and supply more abundant [1] - The coverage of financial services has continuously expanded, achieving a situation where financial institutions are present in every town and village, ensuring that every household has access to accounts [1] - The accessibility of services has improved significantly, alleviating the financing difficulties faced by small and micro enterprises [1] - Public satisfaction has increased, and financing costs have continued to decrease [1] Group 2: Challenges in Inclusive Finance - Despite improvements, issues such as supply imbalance and varying perceptions among market participants persist, particularly regarding the financing difficulties faced by small and micro enterprises [1][2] - Quality financial supply is adequate for high-quality small and micro enterprises, but there are challenges in reaching long-tail customers, including small businesses and individual entrepreneurs, due to information asymmetry [2] - Start-up and growth-stage technology enterprises face challenges such as high risk and lack of sufficient collateral, which do not align with traditional risk preferences of commercial banks [2] Group 3: Recommendations for Improvement - To enhance inclusive finance, it is essential to recognize its political and social significance, expanding coverage to include various entities such as individual businesses, new agricultural operators, private enterprises, and technology firms [2] - Accelerating digital financial services is crucial to lower risks and costs, utilizing big data and modern technologies to improve risk identification and address information asymmetry [3] - Precision innovation is needed to continuously enhance the supply capacity of inclusive finance, guiding various financial institutions to establish a multi-layered and comprehensive financial supply system [3] - Coordinated efforts are required to optimize the development environment for inclusive finance, including expanding data sharing, improving credit systems, and enhancing information quality [3]

Investment Rating - The investment rating for Postal Savings Bank is "Outperform the Market" [2][4]. Core Views - The report indicates that Postal Savings Bank's profitability remains stable, with a net interest income growth rate improving. The bank's asset quality is overall stable, and it continues to deepen its support for rural revitalization [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, Postal Savings Bank's revenue growth was +0.1%, and the net profit attributable to the parent company grew by +0.22%. In Q3 2024, revenue increased by +0.5% year-on-year, and net profit rose by +3.5%, both showing an increase compared to Q2 2024 [3]. - The net interest margin for Q1-Q3 2024 was 1.89%, a slight decrease of 2 basis points compared to H1 2024. The Q3 2024 net interest income grew by +0.7% year-on-year, an improvement from Q2 2024's growth of +0.6% [3]. Loan and Asset Growth - As of the end of Q3 2024, the total assets of Postal Savings Bank increased by 6.48% compared to the end of 2023. Customer loans grew by 7.74%, with personal loans increasing by 5.69% and corporate loans by 11.66%. The bank has significantly increased its credit investment in key areas of rural revitalization, with agricultural loans totaling 2.22 trillion yuan, an increase of 187.77 billion yuan from the end of 2023 [4]. Investment Recommendations - The report forecasts EPS for 2024-2026 to be 0.83, 0.85, and 0.89 yuan, with net profit growth rates of 1.16%, 3.19%, and 4.00% respectively. The DDM model suggests a fair value of 7.24 yuan, while the PB-ROE model gives a 2024E PB valuation of 0.70 times, leading to a reasonable value range of 5.94-7.24 yuan [4].

证券代码：601658 证券简称：邮储银行 公告编号：临 2024-041 中国邮政储蓄银行股份有限公司关于转让 信托受益权和资产管理计划收益权的 关联交易进展公告 近日，本次交易的评估报告已完成财政部备案。根据经财政部备案的 评估结果，标的信托受益权及标的资产管理计划收益权于评估基准日采用 成本法得出的评估价值进行以下调整： 1 2 单位：万元 项目 初始评估价值 经调整评估价值 调整额 本行于建信信托-梧桐树集合资 金信托计划资产配置类 5 号投资 单元 1 期信托合同下的受益权份 额 1,378,228.92 1,372,704.09 (5,524.83) 本行于建信信托-梧桐树集合资 金信托计划资产配置类 5 号投资 单元 2 期信托合同项下的受益权 份额 3,705.49 3,706.91 1.42 本行于建信信托-梧桐树集合资 金信托计划资产配置类 15 号投 资单元信托合同下的受益权份额 516,000.85 512,580.84 (3,420.01) 本行于建信信托-梧桐树集合资 金信托计划资产配置类 20 号投 资单元信托合同下的受益权份额 617,413.15 617,413.15 0 本 ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank, with a target price of 6.81 CNY per share [4]. Core Views - Revenue and profit growth have rebounded, with the impact of reduced agency fees becoming evident. As of Q3 2024, the year-on-year growth rates for revenue, PPOP, and net profit attributable to the parent company have improved compared to H1 2024, reaching 0.1%, -1.8%, and 0.2% respectively [1]. - The bank has experienced a good growth in deposits, with total assets growing at a year-on-year rate of 9.3% as of Q3 2024, an increase of 0.8 percentage points from H1 2024 [1]. - The non-performing loan ratio has increased slightly to 0.86%, while the capital adequacy ratio has shown marginal improvement, indicating a stable risk absorption capacity [1]. Financial Performance Summary - For 2024, the forecasted net profit growth rates are 0.8%, 1.0%, and 0.7% for the years 2024, 2025, and 2026 respectively, with EPS projected at 0.81, 0.82, and 0.82 CNY [2]. - The bank's total revenue for 2023 is reported at 342,507 million CNY, with a year-on-year growth of 2.3% [3]. - The net interest income for 2023 is projected to be 281,803 million CNY, with a growth rate of 3.4% [7]. Valuation Metrics - The current stock price corresponds to a price-to-book (PB) ratio of 0.63X for 2024, 0.59X for 2025, and 0.55X for 2026 [2]. - The bank's average net asset return rate is expected to decline from 10.8% in 2023 to 9.3% in 2025 [3]. - The price-to-earnings (P/E) ratio for 2023 is reported at 6.45, with a projected decrease to 6.49 by 2026 [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.48 CNY, indicating a potential upside of 20% from the current price of 5.32 CNY [1][4]. Core Insights - The company has shown continuous revenue growth, with total revenue for the first three quarters of 2024 reaching approximately 260.35 billion CNY, and a year-over-year increase in net profit attributable to shareholders of 0.22% [2][11]. - The net interest income has remained stable, supporting profit margins, while the growth rate of net profit has turned positive after being negative in previous quarters [2][11]. - The company’s non-performing loan ratio stands at 0.86%, with a provision coverage ratio of 301.9%, indicating strong asset quality [3][24]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of approximately 2603.49 billion CNY, with net interest income of 2149.47 billion CNY, reflecting a year-over-year increase of 1.46% [2][11]. - Non-interest income was reported at 454.02 billion CNY, showing a decline of 5.95% year-over-year, although the rate of decline has narrowed [2][11]. - The company’s net interest margin decreased to 1.85% due to central bank policies affecting loan and deposit rates, but future pressure on interest margins may ease [12][19]. Asset and Liability Management - The total interest-earning assets amounted to approximately 165.11 trillion CNY, with a quarter-over-quarter increase of 2.0% [3][19]. - The total interest-bearing liabilities were about 157.96 trillion CNY, reflecting a quarter-over-quarter growth of 1.00% [3][19]. - The liquidity coverage ratio showed slight recovery, with values of 282.57%, 242.91%, and 259.95% for the first three quarters of 2024 [3][17]. Asset Quality - The non-performing loan balance was 755 billion CNY, maintaining a stable level with a slight increase in the ratio [24]. - The company’s loan provision ratio and non-performing loan coverage ratio were reported at 2.60% and 301.9%, respectively, indicating a robust reserve against potential loan losses [24][26]. Profitability Forecast - The company is projected to achieve a year-over-year growth in net profit of 2.30%, 3.60%, and 5.50% for the years 2024, 2025, and 2026, respectively [4][26]. - The estimated book value per share (BPS) for the years 2024, 2025, and 2026 is expected to be 8.55 CNY, 9.77 CNY, and 11.62 CNY, respectively [4][26].

Investment Rating - The report maintains an "Accumulate" rating for Postal Savings Bank [2][3]. Core Views - Postal Savings Bank's Q3 2024 performance met expectations, with both revenue and net profit growth turning positive. The bank continues to benefit from its liability advantages and maintains superior asset quality compared to peers [2][8]. - The target price has been adjusted to 6.51 RMB, reflecting a valuation of 0.77 times PB for 2024, up from the previous target of 6.31 RMB [3][8]. Financial Performance Summary - For Q3 2024, the bank's revenue growth was 0.5% year-on-year, and net profit growth was 3.5%, both showing improvement from Q2. Net interest income grew by 0.7%, while net fee and commission income increased by 0.8%, marking the first positive growth since Q2 2023 [8][9]. - The bank's total assets reached 15,726,631 million RMB, with total loans at 8,148,893 million RMB and total deposits at 13,955,963 million RMB. The core Tier 1 capital adequacy ratio stood at 11.19% [5][9]. Asset Quality and Liabilities - As of Q3 2024, the non-performing loan (NPL) ratio was 0.86%, with a slight increase in the attention loan ratio to 0.91%. The bank's provision coverage ratio was 302%, indicating strong risk mitigation capabilities despite slight pressures on asset quality [8][9]. - The bank's liabilities grew by 9.1% year-on-year, with deposits increasing by 11.2%, significantly outperforming peers. The cost of interest-bearing liabilities decreased to 1.49%, down 2 basis points from the previous half-year [8][9].

Investment Rating - The report assigns a "Buy" rating to the company, specifically a "Recommended" rating, indicating a positive outlook for the stock performance relative to the market index [3][4]. Core Insights - The company has shown a recovery in revenue and net profit growth, with a slight increase in operating income and net profit for the first three quarters of 2024, achieving revenues of 260.35 billion yuan and a net profit of 75.82 billion yuan, reflecting year-on-year growth of 0.09% and 0.22% respectively [1][6]. - The adjustment in agency fees has begun to show positive effects, leading to a decrease in business and management expenses by 4.17% in Q3 2024, resulting in an improved cost-to-income ratio of 60.29% [1][6]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 301.88%, although there is a slight increase in the ratio of watchlist loans [2][28]. Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company achieved operating income of 260.35 billion yuan, with a year-on-year growth of 0.09%, and a net profit attributable to shareholders of 75.82 billion yuan, growing by 0.22% [1][6]. - The annualized return on equity (ROE) stands at 11.79%, a decrease of 1.11 percentage points compared to the previous year [1][6]. Credit and Deposits - The net interest income for the first nine months of 2024 was 214.95 billion yuan, reflecting a year-on-year increase of 1.46% [8]. - Total loans increased by 7.74% compared to the end of the previous year, with corporate loans growing by 11.66% and personal loans by 5.69% [8]. - Total deposits grew by 7.53%, with personal deposits increasing by 6.89% [8]. Non-Interest Income and Wealth Management - Non-interest income for the first nine months of 2024 was 45.40 billion yuan, a decrease of 5.95%, but the decline rate has narrowed compared to the first half of the year [21]. - Retail assets under management (AUM) exceeded 16 trillion yuan, growing by 7.55% year-on-year, indicating a positive trend in wealth management [21]. Asset Quality and Capital Adequacy - The non-performing loan ratio is at 0.86%, with a slight increase from the previous year, while the provision coverage ratio has decreased by 45.69 percentage points [28]. - The core Tier 1 capital adequacy ratio is 9.42%, showing a slight decline from the previous year but an improvement from the first half of 2024 [28]. Investment Recommendations - The company is backed by the Postal Group and demonstrates strong comprehensive operational capabilities. The unique self-operated and agency model, along with the adjustment in agency fees, is expected to promote long-term healthy development [3][4]. - The projected book value per share (BVPS) for 2024-2026 is estimated at 8.50 yuan, 9.13 yuan, and 9.78 yuan, with corresponding price-to-book (PB) ratios of 0.62X, 0.58X, and 0.54X [3][4].

证券研究报告 金融公司|公司点评|邮储银行（601658） 代理费率下调成效显著，信贷投放结构 优异 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H1 小幅+0.19pct，主要系公司中收增速边际改善。 2024Q1-Q3 公司实现中收 207.15 亿元，同比-12.65%，增速较 2024H1 +4.06pct。2024Q1-Q3 公司归母净利润增速较 2024H1 +1.73pct，主要系费用管控成效显著。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年11月01日 邮储银行(601658) 代理费率下调成效显著，信贷投放结构优异 | --- | --- | |--------------------------|--------------------| | | | | 行 业： | 银行/国有大型银行Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | ...