银行/股份制银行Ⅱ 光大银行（601818.SH） 存贷增速提升，资产质量平稳 2025 年 04 月 28 日 投资评级：增持（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 3.89 | | 一年最高最低(元) | 3.97/2.98 | | 总市值(亿元) | 2,298.43 | | 流通市值(亿元) | 1,805.23 | | 总股本(亿股) | 590.86 | | 流通股本(亿股) | 464.07 | | 近 3 个月换手率(%) | 17.35 | 股价走势图 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 光大银行 沪深300 数据来源：聚源 相关研究报告 《资产质量稳定，高分红属性延续— 光大银行 2024 年报点评》-2025.3.29 《资产质量稳健，存款成本继续改善 —光大银行 2024 年三季报点评》 -2024.10.31 《营收降幅缩窄，中期分红确定性增 强—光大银行 2024 年中报点评》 -2024.9.1 刘呈祥（分析师） 吴文鑫（分析师） liuchengxi ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's revenue decline has narrowed, with a year-on-year decrease of 4.1% in Q1 2025, which is an improvement of 3.0 percentage points compared to the end of 2024. The net profit attributable to the parent company increased by 0.3% year-on-year, although the growth rate slowed by 1.9 percentage points compared to 2024 [2][5] - The bank's asset quality indicators have improved, with a non-performing loan ratio of 1.25% at the end of Q1 2025, unchanged from the end of 2024. The provision coverage ratio decreased by 6 percentage points to 174% [4][5] Summary by Relevant Sections Revenue and Profitability - In Q1 2025, the company's revenue decreased by 4.1% year-on-year, with core revenue down by 5.0%, but the decline was less severe than in previous periods. The net profit attributable to the parent company grew by 0.3%, reflecting a slowdown in growth compared to the previous year [2][5] - The total assets of the bank grew by 4.8% year-on-year, with loans and deposits increasing by 5.2% and 3.5%, respectively [2] Interest Margin - The interest margin for Q1 2025 decreased by 13 basis points to 1.37%, primarily due to a larger decline in asset yield compared to the cost of liabilities. The asset yield fell by 25 basis points to 3.31% [3] Risk Indicators - The non-performing loan ratio remained stable at 1.25%, with improvements in the attention and overdue loan ratios. The attention loan ratio was 1.71%, and the overdue loan ratio was 2.01%, both showing slight improvements compared to the end of 2024 [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is expected to grow by 0.9%, 2.5%, and 4.1% for the years 2025 to 2027, with corresponding book values per share of 8.51, 8.98, and 9.48 yuan. The target price is set at 4.38 yuan per share, indicating a potential upside of 15% from the current price [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained from the previous rating [5]. Core Views - The report indicates that the company's revenue for Q1 2025 is 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders is 12.5 billion yuan, showing a slight increase of 0.31% year-on-year. The non-performing loan ratio remains stable at 1.25% [1][2]. - The decline in net interest margin is expected to narrow, supported by improved costs of interest-bearing liabilities and growth in fee income [2][4]. - The bank's asset quality remains stable, with a provision coverage ratio of 174.44%, down 6.2 percentage points from the end of the previous year [3][4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 are -4.06% and 0.31%, respectively, which are improvements compared to the previous year's declines of 3 percentage points and 2 percentage points [2]. - Net interest income decreased by 6.84% year-on-year, but the decline is less severe than in the previous year, attributed to improvements in the cost of interest-bearing liabilities [2]. - Fee and commission income increased by 3.27% year-on-year, with a notable acceleration in growth compared to the previous year [2]. - Other non-interest income grew by 1.52% year-on-year, with significant growth in investment income, although affected by market volatility [2]. Asset Quality - The non-performing loan ratio is stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3]. - The credit cost for Q1 2025 is 0.86%, down 21 basis points year-on-year [3]. Asset and Liability Management - Total assets and loans as of Q1 2025 are 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4]. - The bank has focused on increasing loans in technology finance, manufacturing finance, green finance, and inclusive finance, with significant increases in these areas [4]. - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4]. Investment Recommendations - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining a "Buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1][2] - The decline in net interest margin has narrowed, primarily due to improvements in the cost of interest-bearing liabilities [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 174.44% [3] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, showing a narrowing decline compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline was less severe than in 2024, attributed to improved costs of interest-bearing liabilities [2] - Fee and commission income grew by 3.27% year-on-year, with a significant increase in growth rate compared to 2024 [2] - Other non-interest income increased by 1.52% year-on-year, with a notable rise in investment net income by 302.96% [2] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3] - The credit cost for Q1 2025 was 0.86%, down by 21 basis points year-on-year [3] Asset and Liability Management - Total assets and loans at the end of Q1 2025 were 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4] - The bank's focus on technology finance, manufacturing finance, green finance, and inclusive finance led to significant increases in loans to these sectors [4] - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4] Investment Recommendation - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining the previous "Buy" rating [4]

Core Viewpoint - The company reported a 4.1% year-on-year decrease in revenue for Q1 2025, while net profit attributable to shareholders increased by 0.3%, aligning with expectations [1] Development Trends - The improvement in funding costs accelerated, with a net interest margin (NIM) of 1.39%, down 16 basis points year-on-year and 14 basis points quarter-on-quarter [2] - The cost of interest-bearing liabilities decreased by 39 basis points year-on-year and 12 basis points quarter-on-quarter to 1.99%, indicating a significant improvement in funding costs [2] - Total assets, loans, and deposits grew by 3.9%, 4.5%, and 5.8% respectively compared to the beginning of the year, with loan growth primarily from technology and green loans [2] - The bank's non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, down 6.15 percentage points from the beginning of the year [3] Fee Income and Non-Interest Revenue - Net fee income increased by 3.3% year-on-year, a significant recovery from a 19.5% decline in 2024 [3] - The wealth management business stabilized, with retail AUM reaching 3.05 trillion yuan [3] - Other non-interest income grew by 1.5% year-on-year, supported by high investment income that offset losses from fair value changes [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with A-shares trading at 0.4x P/B for 2025E and 2026E, and a target price of 4.58 yuan, indicating a 20.2% upside [4] - H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.56 HKD, reflecting a 9.2% upside [4]

Core Viewpoints - The bank's Q1 2025 operating income, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of -4.06%, -4.38%, and 0.31% respectively, with changes of +2.99 percentage points, +5.26 percentage points, and -1.91 percentage points compared to Q4 2024 [1] Group 1: Highlights - Loan growth rebounded with a year-on-year increase of 5.24% by the end of Q1 2025, up 1.36 percentage points from Q4 2024, driven by targeted credit allocation in key sectors such as technology, green finance, and inclusive finance [2] - Deposit growth showed recovery with a year-on-year increase of 3.49% by the end of Q1 2025, up 4.92 percentage points from Q4 2024, resulting in an additional 202.7 billion yuan in deposits for the quarter [2] - The bank's fee and commission income grew by 3.27% year-on-year in Q1 2025, marking the first positive growth in this area since 2021, with expectations for continued growth throughout the year as macroeconomic conditions improve [2] - Investment income saw a significant increase, with net investment income rising by 303.0% year-on-year, despite a 212.6% negative change in fair value gains and losses [2] Group 2: Concerns - The net interest margin continued to narrow, measuring 1.39% in Q1 2025, down 14 basis points from Q4 2024, with asset yield under pressure [3] - The bank's non-performing loan ratio remained stable at 1.25%, while the provision coverage ratio decreased to 174.44%, indicating a need for further strengthening of the provision buffer [3] Group 3: Investment Recommendations - The bank announced a total dividend of 0.189 yuan per share for 2024, with a payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, suggesting ongoing investment value [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company shows recovery in credit growth and deposit growth, with loans increasing by 5.24% year-on-year and deposits by 3.49% year-on-year as of Q1 2025 [2][3] - The non-interest income has turned positive for the first time since 2021, with a 3.27% increase in net fee and commission income [2] - Investment income has significantly increased, although fair value changes showed a negative growth of 212.6% [2] Summary by Sections Performance - Q1 2025 operating revenue, PPOP, and net profit growth rates are -4.06%, -4.38%, and 0.31% respectively, showing a decline compared to the previous year [1][12] - The company’s net interest margin for Q1 2025 is estimated at 1.39%, a decrease of 14 basis points from Q4 2024 [3][12] Non-Interest Income - The company reported a 3.27% year-on-year increase in net fee and commission income in Q1 2025, marking a positive turnaround [2][31] - Other non-interest income increased by 1.52% year-on-year, despite significant losses in fair value changes [2][31] Asset Quality - The non-performing loan ratio remains stable at 1.25%, with a provision coverage ratio of 174.44%, which has decreased by 6.15 percentage points [3][12] - The company’s new non-performing loan generation rate is estimated at 1.01%, showing stability in new bad loans [3][12] Capital and Shareholder Information - The company plans to distribute a total dividend of 0.189 CNY per share for 2024, with a dividend payout ratio of 30.14% [3] - The latest closing price corresponds to a dynamic dividend yield of 4.96% for both A and H shares [3]

股票代码：601818 股票简称：光大银行 公告编号：临 2025-022 中国光大银行股份有限公司 第九届董事会第二十七次会议决议公告 本行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。 中国光大银行股份有限公司（简称本行）第九届董事会第二十七 次会议于2025年4月18日以书面形式发出会议通知，并于2025年4月25 日以书面传签方式召开。本次会议应参与表决董事16名，实际参与表 决董事16名。会议的召开符合法律、法规、规章和《中国光大银行股 份有限公司章程》的有关规定。 本次会议审议并通过以下议案： 一、关于《中国光大银行股份有限公司2025年第一季度报告（A 股、H股）》的议案 表决情况：有效表决票16票，同意16票，反对0票，弃权0票。 董事会审计委员会已审议通过该项议案，并同意将其提交董事会 审议。 本行2025年A股第一季度报告具体内容详见上海证券交易所网站 （www.sse.com.cn）及本行网站（www.cebbank.com），A股第一季度 报告亦登载于4月26日《中国证券报》《上海证券报》《证券时报》 《证券 ...

Financial Performance - The company reported a basic earnings per share of 0.1900 yuan for Q1 2025, reflecting a 5.56% increase compared to 0.1800 yuan in Q1 2024, and unchanged from Q1 2023 [1] - The total revenue for Q1 2025 was 33.086 billion yuan, down 4.06% from 34.487 billion yuan in Q1 2024, and down from 38.158 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 was 12.464 billion yuan, a slight increase of 0.31% from 12.426 billion yuan in Q1 2024, and up from 12.378 billion yuan in Q1 2023 [1] - The net asset return rate for Q1 2024 was 2.36%, down from 2.61% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 46,826,544.4 million shares, accounting for 79.26% of the circulating shares, with an increase of 29,942.65 million shares compared to the previous period [1] - China Everbright Group holds 2,613,272.15 million shares, representing 44.23% of the total share capital, with an increase of 4,132.36 million shares [2] - Hong Kong Central Clearing (Agent) Limited holds 523,858.61 million shares, accounting for 8.87% of the total, with a slight increase of 17.50 million shares [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

Core Viewpoint - China Everbright Bank has demonstrated a commitment to high-quality development by actively managing risks and enhancing financial services to support the real economy in the first quarter of 2025 [1] Group 1: Financial Performance - As of the end of Q1, the total assets of China Everbright Bank reached 72,289 billion yuan, a 3.9% increase from the end of the previous year, successfully surpassing the 70 trillion yuan mark [3] - The total loan amount was 41,110 billion yuan, an increase of 1,770 billion yuan (4.5% growth) compared to the end of the previous year, marking a new milestone of over 40 trillion yuan [3] - The bank's total liabilities reached 66,399 billion yuan, a 4.3% increase from the previous year, with deposits growing by 2,328 billion yuan (5.8% growth) [3] - The bank achieved an operating income of 330.9 billion yuan, a 4.1% year-on-year decline, while net profit was 125.3 billion yuan, reflecting a 0.3% year-on-year growth [3] Group 2: Service to the Real Economy - China Everbright Bank has focused on serving the real economy, with technology enterprise loans reaching 4,158 billion yuan (9.6% growth), green loans at 4,609 billion yuan (11.6% growth), and inclusive loans at 4,487 billion yuan (3.0% growth) by the end of Q1 [2] - The bank has established 64 "Pension Financial Service Centers" and provided over 760 pension financial products [2] - The bank is enhancing its online, mobile, intelligent, and ecological service capabilities, particularly in payment and financing scenarios [2] Group 3: Business Development - The bank is advancing its six key specialty businesses, including technology finance and wealth management, with a wealth management scale reaching 17 trillion yuan and retail AUM surpassing 30 trillion yuan for the first time [4] - The "Cloud Payment" service achieved a transaction amount exceeding 2,000 billion yuan, reflecting an 8.8% year-on-year growth [4] - The bank's bond underwriting reached 1,093 billion yuan, and it issued merger loans of 81.8 billion yuan in Q1 [4] Group 4: Asset Quality and Capital Adequacy - As of the end of Q1, the non-performing loan ratio was stable at 1.25%, with improvements in attention and overdue rates [5] - The capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 13.50%, 11.48%, and 9.40%, respectively, all meeting regulatory requirements [5]