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过去12个月已派发股息率达到7.2%

4月25日晚间,光大银行披露了2025年1季报。

季报显示,光大银行一季度营业收入比上年同期下降4.06%,而营业支出比上年同期下降10.44%。通过降本增效,最终实现净利润比上年同期增长0.28%。

一份不错的业绩报告反而激起了股东购入的信心,一季报显示,光大银行控股股东光大集团和第二大股东中信金融资产分别增持光大银行。

双方的增持动作和态度,一下子引起外界的关注起来。

经营情况保持稳定

根据1季报,光大银行在一季度内实现营业收入330.86亿元,比上年同期下降4.06%;实现净利润125.30亿元,比上年同期增长0.28%。

具体来说,营收占比更大的利息净收入225.38亿元,比上年同期下降6.84%;手续费及佣金净收入56.78亿元,比上年同期增长3.27%,两者表现拉开距离。

同期,光大银行控制成本的行动很坚决,也起到了很好的效果。该行一季度发生营业支出174.15亿元,比上年同期下降10.44%,其中,业务及管理费支出82.54亿元,比上年同期下降5.00%;信用减值损失支出84.88亿元,比上年同期下降15.63%。

降本增效之下,光大银行一季度圆满实现了净利润的同比微增。

去年分红相当可观

光大银行一季报延续了其去年年报的经营态势。

该行2024年报显示,报告期末,该行资产总额6.96万亿元,比上年末增长2.75%;贷款和垫款本金总额3.93万亿元,比上年末增增长3.88%。

报告期内,光大银行实现营业收入1354.15亿元,同比下降7.05%,实现净利润419.11亿元,同比增长2.03%。

另外,累积光大银行2024年内的两度实际现金派息金额,WIND统计显示,该股近12月的实派股息率为7.27%(下图)。

重要股东抢着增持

或许是业内相对靠前的股息率,或许是对银行未来的发展“深具信心”,光大银行在2025年一季度内获得了大股东们的争相增持。

2024年1季报显示,控股股东中国光大集团增持该行A股4132.36万股,增持市值价值约1.56亿元,

另一重要股东中国中信金融资产管理股份有限公司增持该行2.636亿股,增持市值约9.95亿元(下图)。

各有各的“打算”

两家机构还分别披露过增持相关的公告。

光大集团曾于今年3月末公告,基于对该行未来发展前景的信心,于2024年3月29日至2025年3月28日,通过上海证券交易所系统以集中竞价方式累计增持该行A股股份121943100股,占本行总股本的0.21%,累计增持金额超过4亿元(不含交易费用)。

中信金融资产则于2024年11月29日公告披露,其临时股东大会表决通过了《关于进一步推进投资配置的议案》。该议案明确了中信金融资产拟在12个月内购入总额不超过人民币40亿元(不包括印花税及相关费用)的光大银行股份。

考虑到一季度内购买的金额尚不足10亿元,未来中信金融资产对光大银行的增持力度可能给还会加大。

银行股渐成“香饽饽”

银行股近年有成为A股市场“香饽饽”的趋势。

一方面,低于净资产的股价,低于1的市净率,令得不少产业资本、金融资本乃至相关主体对银行股股权的高价值和低估值形成“共识”。

另一方面,即便是在2023年到2025年1季度的相对严厉的运营环境内,多数银行股仍然实现了盈利的保平乃至正增长,银行股的经营韧性和竞争力在这几年显露的比较充分。

由此,包括内地险资、内地公募基金以及产业资本和金融机构大股东们竞相开始增持。

这种情况,其实历史上发生过不止一次,2005年前低于净资产的钢铁板块,2015年至2019年间极具利润杠杆的房地产板块,都被产业多大肆追捧,并在其后实现了可观的价值回归。

这个情况会否降临到如今的银行板块看,实在值得观察。

风险提示及免责条款

市场有风险,投资需谨慎。本文不构成个人投资建议,也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资,责任自负。

  巴克莱银行对公务机经纪交易商和金融家的最新调查显示,随着消费者信心暴跌,商业航空旅行需求减少,就连富豪旅客也在减少出行。

  该调查于4月9日至15日进行,有65名受访者。调查显示,自3月以来,客户购买公务机的兴趣下降了49%。

  该调查使用了包括12个月前景和价格等五项指标来评估市场状况。从3月中旬到4月中旬,除了一项指标(库存水平)外,其他所有指标都有所下降。因此,综合得分从52降至40。

  最近一次调查中记录的降幅为23%,巴克莱银行分析师DavidStrauss表示,他预计市场情绪会减弱,但没想到降幅会如此之大。

  据巴克莱银行称,40分出头的综合得分表明市场正在放缓。

  该指标与飞机制造商的订单出货比相关,这是衡量其财务状况的关键指标。Strauss表示,40分的得分表明,制造商新订单的美元价值比其目前正在履行的订单落后约10%。

  调查受访者告诉巴克莱银行,客户因担心关税不仅会对飞机市场,还会对他们的运营业务产生影响,所以暂停了购买计划。

  高露洁棕榄公司(Colgate-Palmolive)周五报告称,第一季度调整后每股收益0.91美元(预期0.86美元),净销售额49.1亿美元(预期48.7亿美元)。有机销售额增长1.4%,产品均价上涨1.5%支撑毛利率提升80个基点至60.8%。

  该公司称,特朗普新关税政策预计使2025年销售成本增加2亿美元,迫使全年有机销售增长预期从3%-5%下调至2%-4%。

  该公司公司CEO诺埃尔-华莱士(NoelWallace)表示将通过“适度提价与广告加码”组合拳应对成本压力,尤其针对墨西哥生产输美牙膏的关税影响。此举与宝洁、金佰利等同行因关税不确定性下调盈利预测形成对比。

  “全球市场波动及关税影响将持续构成挑战”,华莱士强调。尽管消费韧性支撑短期业绩,但供应链成本转嫁能力将成为日化行业全年盈利关键变量。

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