XIANMEN BANK(601187) 长江证券·2025-01-31 16:28Investment Rating - The investment rating for Xiamen Bank is "Buy" and is maintained [5][8]. Core Views - Xiamen Bank's revenue growth turned positive in 2024, with a year-on-year increase of 2.8%, while the net profit attributable to the parent company decreased by 2.6% [3][8]. - The bank's non-performing loan ratio decreased by 1 basis point to 0.74% at year-end, and the provision coverage ratio increased by 2 percentage points to 392% [3][8]. - The bank actively optimized its credit structure, reducing the scale of low-yield notes by 42.7% throughout the year [8]. Summary by Sections Revenue and Profitability - In 2024, Xiamen Bank's revenue growth was +2.8%, with a significant recovery in the fourth quarter, which saw a year-on-year increase of 22.2% [3][8]. - The net profit attributable to the parent company showed a decline of 2.6% for the year, but the decrease narrowed in the fourth quarter with a growth of 9.9% [3][8]. Asset Quality - The non-performing loan ratio at year-end was 0.74%, down 1 basis point from the previous quarter, indicating stable asset quality [3][8]. - The provision coverage ratio improved to 392%, reflecting a strong risk mitigation capacity [3][8]. Credit Structure and Loan Growth - Total assets grew by 4.4% year-on-year, while loans decreased by 2.0% compared to the beginning of the year, focusing on efficiency in credit allocation [8]. - Corporate loans increased by 7.8% in the first three quarters, particularly in manufacturing and infrastructure sectors, while retail loans contracted by 4.3% [8]. Investment Income and Dividend - The bank's investment income contributed positively to revenue recovery in the fourth quarter, with a projected dividend payout ratio of 34.7%, the highest on record [8]. - The expected dividend yield for the upcoming year is 5.9%, which is among the highest in the A-share listed banks [8]. Valuation - The current valuation stands at 0.52 times the projected 2025 price-to-book ratio, indicating a low valuation and low holding levels [8].