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研報掘金丨長江證券:郵儲銀行長期成長空間清晰,維持“買入”評級
格隆匯 05-06 14:21

長江證券研報指出,郵儲銀行(601658.SH)Q1營收微幅下降,其中利息淨收入同比下降3.8%,主要反映淨息差下行影響。非利息淨收入增長14.8%拉動營收,其中中收增長8.8%。Q1自營存款同比多增超1000億,其中對公存款大幅增長8.6%,有利於節約儲蓄代理費支出、積累低成本存款。全年維度,存款成本預計持續下行,未來如果貸款降息,可對沖部分影響,不過由於本身存款成本率已經很低,預計未來下降空間低於可比同業。高股息、低估值,長期成長空間清晰。近期已完成2024年度分紅,測算考慮定增攤薄後,A/H未來一年預期股息率4.3%/4.9%。短期維度,Q1代理費率調降帶動PPOP加速增長,預計全年利潤和分紅保持正增。長期維度,深耕農村縣域,零售資源稟賦雄厚,成長路徑清晰,目前A/H股2025年PB估值0.61x/0.52x,維持“買入”評級。

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