Investment Rating - The report assigns a "Buy-A" rating to Postal Savings Bank (PSBC) with a 6-month target price of 5.98 CNY [5] Core Views - PSBC's performance showed a moderate recovery in Q3 2024, with a 3.50% YoY growth in net profit attributable to shareholders, driven by scale expansion and cost reduction, while narrowing net interest margin (NIM) and provision expenses dragged on performance [1] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 0.86% and a provision coverage ratio of 301.88% [10] - PSBC is expected to increase its focus on consumer loans and small loans, while continuing to absorb low-cost deposits to leverage its retail banking advantage [10] Asset Side Analysis - PSBC's total assets grew by 9.34% YoY in Q3 2024, with loans increasing by 9.46% YoY, though the growth rate slowed by 1.23 ppts compared to Q2 [2] - Corporate loan structure continued to optimize, with a 13.66% YoY growth in general corporate loans, mainly driven by loans to the "three rural" and small and micro enterprises sectors [2] - Retail loan growth slowed to 7.30% YoY in the first three quarters of 2024, with new housing loans contributing 8.94% of the retail loan growth [3] Liability Side Analysis - PSBC's deposit base grew by 11.22% YoY in Q3 2024, with retail deposits accounting for 89.00% of total deposits, reflecting an optimized deposit structure [3] Net Interest Margin (NIM) - PSBC's NIM in Q3 2024 was 1.85%, down 14 bps YoY and 5 bps QoQ, primarily due to declining yields on interest-earning assets and an increase in the proportion of interbank assets [4][8] - The cost of interest-bearing liabilities decreased to 1.45% in Q3 2024, down 12 bps YoY and 5 bps QoQ, supported by the rapid adjustment of deposit rates following LPR cuts [8] Non-Interest Income - Net non-interest income declined by 0.99% YoY in Q3 2024, but the decline narrowed by 9.34 ppts compared to the previous quarter, with net fee income growing by 0.76% YoY [9] Cost Efficiency - PSBC's cost-to-income ratio improved to 60.29% in Q3 2024, down 2.94 ppts YoY, driven by a 4.17% YoY decline in business and management expenses [9] Asset Quality - PSBC's NPL ratio slightly increased to 0.86% in Q3 2024, up 2 bps QoQ, with the NPL formation rate (annualized) rising to 0.79% [10] - The bank's provision coverage ratio remained strong at 301.88%, indicating sufficient risk buffer capacity [10] Future Outlook - PSBC is expected to maintain a stable asset quality and continue optimizing its loan structure, with a focus on supporting small and micro enterprises, green finance, and technological innovation [2][10] - The bank's NIM is expected to face continued pressure in Q4 2024 due to LPR cuts and the repricing of existing mortgages, but the pressure is likely to ease gradually [8]

准法下核心一级资本充足率、一级资本充足率、资本充足率分别为 9.42%、 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 10 月 31 日 公司研究 零售基石地位夯实，营收盈利增速回正 ——邮储银行（601658.SH/1658.HK）2024 年三季报点评 A 股：买入（维持） 当前价：5.27 元 H 股：买入（维持） 当前价：4.52 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 市场数据 总股本(亿股) 991.61 总市值(亿)： 5,225.79 一年最低/最高(元)： 4/5.83 近 3 月换手率： 25.92% 股价相对走势 资料来源：Wind 收益表现 % 1M 3M 1Y 相对 3.39 -3.89 12.60 绝对 0.19 9.11 21.47 资料来源：Wind 要点 事件： 10 月 30 日，邮储银行发布 2024 年三季度报告，1-3Q 实现营业收入 2603 亿， YoY + 0.1%，归母净利润 758 亿，YoY+ 0.2%。加权平均净资产收益率 11.79% （YoY ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company's revenue and net profit growth have turned positive, with a revenue of 260.3 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.1% [1]. - The net profit attributable to shareholders reached 75.8 billion yuan, reflecting a year-on-year growth of 0.2% [1]. - The company maintains a strong asset growth, with total assets increasing by 9.3% year-on-year to 16.7 trillion yuan [1]. - The net interest margin has slightly narrowed, with an average of 1.89% for the first three quarters, down 16 basis points year-on-year [1]. - The company has a significant advantage in liabilities, with a rapid growth in deposits, which increased by 11.2% year-on-year [1]. - The asset quality remains strong, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 302% [1]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 86.6 billion yuan, with a year-on-year growth of 0.4% [2][4]. - The diluted EPS is projected to be 0.82 yuan for 2024, with a PE ratio of 6.4x [2][4]. - The total assets are forecasted to reach 17.5 trillion yuan by 2024, reflecting a year-on-year growth of 11.0% [4]. - The company’s return on equity (ROE) is expected to decline to 10.7% in 2024 [4].

[Table_Title] 研究报告 Research Report 30 Oct 2024 中国银行行业 China (A-share) Banks 24Q3 邮储银行业绩点评：继续关注资产质量和成本管控 24Q3 Postal Savings Bank of China: Keep Watching for Asset Quality & Cost Control 周琦 Nicole Zhou, CFA nicole.q.zhou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 邮储银行发布 2024 年三季报业绩。24Q3 营收同比+0.5,%，转负为正，拨备前利润同比+8.8%，归母净利润同比 +3.5%。24Q1-3 营收同比+0.1%，转负为正，拨备前利润同比-1.8%，归母净利润同比+0.2%。24Q1-3 的年化 ROA 同比 -0.07pct 至 0.62%，年化 ROE 同比-1.11pct 至 11.79%。核心一级资本 ...

公 司 季 报 点 评 公 司 报 告 银行 2024 年 10 月 31 日 邮储银行(601658.SH) 盈利增速转正，代理费调降红利逐步释放 强烈推荐（维持） 事项： 股价：5.27 元 | --- | --- | |--------------------------|------------------------------| | | | | 主要数据 | | | 行业 | 银行 | | 公司网址 | www.psbc.com;www.psbcltd.cn | | 大股东 / 持股 | 中国邮政集团有限公司 /62.78% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本 ( 百万股 ) | 99,161 | | 流通 A 股 ( 百万股 ) | 67,122 | | 流通 B/H 股 ( 百万股 | ) 19,856 | | 总市值（亿元） | 5,004 | | 流通 A 股市值 ( 亿元 | ) 3,537 | | 每股净资产 ( 元 ) | 8.38 | | 资产负债率 (%) | 93.9 | | 行情走势图 | | 相关研究报告 【平安证券】邮储银行（601658.SH） ...

中 国 邮 政 储 蓄 银 行 股 份 有 限 公 司 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 2024 年 第三季度报告 | | | | | | 1 重要提示 1.1 中国邮政储蓄银行股份有限公司（以下简称本行）董事会、监事会及董事、监事、高级管理人员保证本季度报 | | 告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 2024 年 10 月 30 日，本行董事会审议通过了《2024 年第三季度报告》。 1.3 本行法定代表人刘建军、主管财务工作副行长徐学明及财务会计部负责人邓萍保证本季度报告中财务信息的真 实、准确、完整。 1.4 本季度财务报表未经审计。 1 2 主要财务数据 2.1 主要会计数据和财务指标 本季度报告所载财务资料按照中国会计准则编制。除特别说明外，为本行及子公司合并数据，以人 ...

证券代码：601658 证券简称：邮储银行 公告编号：临 2024-039 中国邮政储蓄银行股份有限公司 关于关联交易框架协议续期及 2025-2027 年度 日常关联交易预计的公告 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。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 鉴于本行与中国邮政集团有限公司（以下简称邮政集团）签署的 1 根据《上海证券交易所股票上市规则》等相关规定，中国邮政储 蓄银行股份有限公司（以下简称本行）董事会审议通过的《关于 中国邮政集团有限公司和中国邮政储蓄银行股份有限公司<综合 服务框架协议>续期的议案》《关于中国邮政集团有限公司和中 国邮政储蓄银行股份有限公司〈土地使用权及房屋租赁框架协 议〉续期的议案》《关于继续履行中国邮政集团有限公司和中国 邮政储蓄银行股份有限公司〈商标许可使用协议〉的议案》《关 于中国邮政储蓄银行预测 2025-2027 年关联交易金额上限的议 案》无需提交股东大会审议。 本次审议事项为本行日常业务，不会对本行的财务状 ...

中国邮政储蓄银行股份有限公司 监事会决议公告 证券代码：601658 证券简称：邮储银行 公告编号：临 2024-040 议案表决情况：有效表决票 5 票，同意 5 票，反对 0 票，弃权 0 票。 本行监事会认为，本行 2024 年第三季度报告的编制和审议程序 符合法律、行政法规和监管规定，报告的内容真实、准确、完整地反 映了本行的实际情况。 特此公告。 中国邮政储蓄银行股份有限公司监事会 二〇二四年十月三十日 会议由陈跃军监事长主持，出席会议的监事审议并表决通过了以 下议案： 关于中国邮政储蓄银行 2024 年第三季度报告的议案 中国邮政储蓄银行股份有限公司监事会及全体监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）监事会于 2024 年 10 月 15 日以书面形式发出会议通知，于 2024 年 10 月 30 日在北 京以现场方式召开会议。会议应出席监事 5 名，亲自出席 4 名，委托 出席 1 名；陈世敏监事由于其他公务安排，书面委托白建军监事出席 会议并代为行使表决权。会议的召开符合《中 ...