申万宏源研究指出，中信银行1H25实现营收1058亿元，同比下滑3%，实现归母净利润365 亿元，同比增长2.8%。2Q25不良率季度环比持平1.16%，拨备覆盖率季度环比提升0.4pct至208%。业绩及资产质量符合预期。盈利维持稳定正增，同时中期分红率继续稳步抬升，凸显价值属性。资产质量更早确立改善拐点以及平稳且预期可持续的ROE表现，是现阶段中信银行值得估值修复的核心，中报继续验证稳健基本面，但市场对此认识尚不充分。伴随分红率稳步抬升、叠加优于同业的盈利稳定性表现，该行看好中信银行估值向上修复空间，维持“买入”评级。维持盈利增速预测，预计2025-2027年归母净利润同比增速分别2%、3.3%、4.4%，当前股价对应2025年PB为0.6倍，维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.