PSBC(601658) 国海证券·2025-04-02 12:43Investment Rating - The report assigns an "Accumulate" rating for Postal Savings Bank of China (601658) [2][9]. Core Views - The bank's deposit absorption capability is relatively strong, and its corporate business is developing healthily, leading to the "Accumulate" rating. The bank's revenue for 2024 is projected to be 348.775 billion yuan, with a year-on-year growth of 1.83%, and a net profit attributable to shareholders of 86.479 billion yuan, reflecting a slight increase of 0.24% year-on-year [5][9]. Summary by Sections Recent Performance - Over the past year, Postal Savings Bank's stock has shown a performance of -2.4% over one month, -3.4% over three months, and a positive 18.2% over twelve months [3]. Financial Highlights - As of the end of Q4 2024, the bank's total assets exceeded 17.08 trillion yuan, with a year-on-year growth of 8.64%. The deposit balance grew by 9.54% year-on-year, while the loan balance increased by 9.38% [6][9]. Business Development - The bank's corporate loans increased by 13.5% year-on-year, indicating effective growth in corporate business. The bank's deposit growth outpaced loan growth, which is a unique position among state-owned banks [7][9]. Capital Increase - The bank announced a private placement of A-shares, raising a total of 1,175.80 billion yuan from the Ministry of Finance, China Mobile Group, and China Shipbuilding Group, which reflects confidence in the bank's future development [4][8]. Profit Forecast - The report forecasts that the bank's revenue will reach 350.547 billion yuan in 2025, with a growth rate of 0.51%. The net profit is expected to be 85.968 billion yuan, reflecting a slight decline of 0.59% [10][19]. Dividend Information - The bank plans to distribute a dividend of 0.2616 yuan per share for the year 2024, with a dividend payout ratio of 30% [11]. Valuation Metrics - The report provides valuation metrics, including a projected P/E ratio of 6.38 for 2025 and a P/B ratio of 0.58 [19].