邮储银行(1658.HK)2019年三季报点评:盈利能力同比提升,维持“买入”评级
机构:国信证券
评级:买入
邮储银行披露2019年三季报
邮储银行2019年前三季度实现归母净利润543亿元,同比增长16.2%。
费用管控得力,盈利能力提升
2019前三季度加权平均ROE同比提高1.1个百分点,其中ROA0.73%,比去年提高0.06个百分点,贡献较大。从杜邦分析来看,ROA提高主要受益于业务及管理费/平均资产回落,公司的成本收入比较去年同期下降近3个百分点,显示出公司在成本控制方面持续取得效果。
手续费收入快速增长,净息差回落
邮储银行前三季度手续费净收入同比增长18.9%,继续快速增长,但净息差有所回落。公司披露的前三季度日均余额净息差为2.52%,较去年同期下降了15bps,主要是负债成本上升导致。从单季净息差来看,三季度日均余额净息差2.46%,环比二季度也下降了6bps,亦由负债成本上升引起,显示出银行之间存款竞争激烈。
资产质量大致稳定
从不良贷款各项指标来看:三季末不良率0.83%,环比提高1bp;三季末拨备覆盖率环比下降5个百分点至391%,资产减值损失同比增长10.9%,相对贷款增速而言不算快。结合公司资产减值损失增速正常以及拨备覆盖率小幅下降,我们估计公司三季度的不良生成率可能略有上升,但资产质量整体比较稳定。
资产增速稳定
资产负债表方面,前三季度总资产同比增长8.1%,与二季度基本持平。三季度单季新增生息资产242亿元,其中贷款增长1404亿元;三季度新增计息负债255亿元,其中存款增长643亿元,同业融资压降388亿元。
投资建议
公司整体表现基本符合预期,我们维持“买入”评级。
风险提示
宏观经济形势持续走弱可能对银行资产质量产生不利影响。

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