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研報掘金丨浙商證券:維持建設銀行“買入”評級,目標價10.15元
格隆匯 05-06 13:19

浙商證券研報指出,建設銀行(601939.SH)2025Q1營收同比下降5.4%,降幅較24A擴大2.9pc;利潤同比下降4.0%,較24A由增轉減。驅動因素來看,主要是其他非息和減值損失拖累。①其他非息:25Q1其他非息同比下降10%,而24A同比增長51%,其他非息承壓,主要由於Q1債券市場調整帶來的行業性擾動;②減值損失,25Q1減值損失同比持平,而24A減值損失同比下降12%,減值對盈利的支撐減弱。建行25Q1末不良率1.33%,環比下降1bp,不良TTM 生成率0.28%,環比下降10bp,不良生成保持平穩。撥備方面,25Q1末撥備覆蓋率環比年初提升3pc 至237%,撥備水平穩中有升。給予目標估值2025年PB 0.78x,對應目標價10.15元/股,現價空間16%,維持“買入”評級。

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