研報掘金丨東海證券:郵儲銀行當前估值處於歷史較低水平,維持“增持”評級
東海證券研報指出,郵儲銀行(601658.SH)25年Q1歸母淨利潤252.46億元(-2.62%,YoY)。對公信貸增長強勁,金融投資規模增速小幅放緩。由於資產端收益率下行幅度較大,撥備計提力度較強,郵儲銀行Q1歸母淨利潤略低於預期。往後看,5月LPR與存款掛牌利率同步下降,息差壓力將趨於平緩,年內業績有望修復。基於1):存貸同步降息緩解息差壓力;2)財政部戰略投資夯實公司資本實力,郵政集團增持提升市場信心;3)資產質量壓力可控,未來仍能實現良好經營效益;4)當前估值處於歷史較低水平,維持公司“增持”評級。
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