邮储银行：寻找市场缝隙，星火亦可燎原

Investment Rating - The report maintains an "Overweight" rating for Postal Savings Bank of China (601658.SH) [2] Core Views - The unique "self-operated + agency" business model enables rapid expansion of service outlets, resulting in a strong retail customer base and excellent deposit-raising capabilities [4][35] - The bank's focus on "agriculture, rural areas, and farmers" (三农) and small and micro enterprises positions it favorably in the retail banking sector, with retail loans accounting for 54% of total loans, significantly higher than the industry average of 33% [6][31] - The bank's asset quality remains robust, with non-performing loan ratios stable between 0.82% and 0.88% since 2018, and a provisioning coverage ratio of 302% as of Q3 2024, indicating strong risk management practices [7] Summary by Sections Company Overview - Postal Savings Bank has a long history, originating from postal savings services established in 1919, and has evolved into a major state-owned commercial bank since its establishment in 2007 [20][22] Business Model - The "self-operated + agency" model allows the bank to leverage a vast network of nearly 40,000 outlets, with 80.5% being agency outlets, enhancing its reach in rural and underserved areas [35][39] - The bank serves approximately 665 million personal customers, covering nearly half of the national population, with personal deposits making up about 90% of total deposits [4][46] Financial Performance - The bank's revenue structure is primarily driven by net interest income, which accounted for 83% of total revenue in the first three quarters of 2024, outperforming other major state-owned banks [53] - The bank's retail business contributes over 70% of its revenue, with personal banking income representing 72% of total income, although profit contribution from personal banking remains at 31% [54] Strategic Focus - The bank emphasizes a differentiated retail banking strategy, focusing on underserved markets and sectors, particularly in rural finance, with a framework established to enhance its service capabilities in these areas [6][31] - The "十大缝隙" (Ten Gaps) strategy targets new market opportunities across various sectors, aiming to enhance competitive advantages [29][31]