Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company leads in both profitability and scale growth among listed joint-stock banks in 2023, with significant risk mitigation and continuous improvement in business structure [3][4]. - The company achieved a year-on-year revenue growth of 4.29% and a net profit growth of 10.5%, both ranking first among disclosed annual reports of listed joint-stock banks [4]. - Total assets grew by 19.9% year-on-year, surpassing 3 trillion RMB, with loans and deposits increasing by 12.6% and 11.1% respectively, also leading in growth rates among peers [4]. - The return on equity (ROE) increased by 44 basis points to 9.45%, making it the only bank among disclosed reports to achieve an ROE increase in the year [4]. Summary by Sections Financial Performance - The company reported a total revenue of 63,704 million RMB in 2023, with a year-on-year growth of 4.29% [5]. - Net profit for 2023 was 15,048 million RMB, reflecting a year-on-year increase of 10.5% [5]. - The average return on equity (ROE) for 2023 was 10.50%, with projections for 2024-2026 showing a gradual decline [5][14]. Risk Management - The overdue loan ratio decreased from 1.96% at the beginning of 2023 to 1.63% by year-end, marking a 33 basis point reduction, the largest drop among disclosed banks [4]. - The non-performing loan ratio showed a quarterly decline to 1.44% [4]. - The migration rate of normal loans fell to 2.45%, significantly lower than the previous year's 5.02% [4]. Business Development - Retail business saw a total customer base of 26.78 million by the end of 2023, a 34.26% increase year-on-year [4]. - Non-interest income grew by 15.35% year-on-year, driven by a 33.1% increase in financial investment scale [4]. - The company is expected to see further growth in fee income following the approval of its wealth management subsidiary [4]. Valuation and Forecast - The report forecasts earnings per share (EPS) for 2024-2026 to be 0.56, 0.61, and 0.65 RMB respectively, with net profit growth rates of 9.09%, 7.60%, and 6.91% [4]. - The estimated fair value range for the company is between 3.65 and 3.76 RMB, corresponding to a price-to-earnings (PE) ratio of 6.49-6.69 times for 2024 [4].

详解浙商银行2023年报：业绩增长稳健；营收同比+4%、净利润同比+10.5% 浙商银行(601916)/银行 证券研究报告/公司点评 2024年3月31日 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：2.99 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 60,959 63,479 65,666 67,339 69,250 分析师 戴志锋 增长率yoy% 12.05% 4.13% 3.45% 2.55% 2.84% 执业证书编号：S0740517030004 净利润（百万元） 13,618 15,048 15,998 16,921 17,684 Email：daizf@zts.com.cn 增长率yoy% 7.67% 10.50% 6.31% 5.77% 4.51% 每股收益（元） 0.60 0.55 0.58 0.62 0.64 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 10.39% 10.06% 9.56% 9.40% ...

Financial Performance - The total assets of China Zheshang Bank reached RMB 3 trillion in 2023, marking a significant milestone[6]. - Revenue growth has been the fastest among joint-stock banks for 10 consecutive quarters[6]. - Net profit returned to double-digit growth, with non-performing loan ratio decreasing for two consecutive years[6]. - The bank achieved a revenue growth rate that has been the highest among national joint-stock banks for 10 consecutive quarters, with a double-digit profit growth[10]. - Net profit attributable to shareholders reached CNY 15.048 billion, reflecting a growth of 10.50% compared to the previous year[19]. - Operating income for 2023 was RMB 63.70 billion, up 4.29% from RMB 61.09 billion in 2022[53]. - Non-interest income increased to RMB 16.18 billion in 2023, representing a 15.43% growth from RMB 14.00 billion in 2022[48]. - The bank's non-performing loan ratio improved to 1.44% in 2023, down from 1.47% in 2022[53]. - The total amount of loans and advances was CNY 17.2 trillion, representing a year-on-year increase of 12.54%[19]. - The total deposits reached RMB 1,868.66 billion, marking an 11.13% increase from RMB 1,681.44 billion in 2022[53]. Capital and Risk Management - The bank successfully raised RMB 12.5 billion through A+H share placements, exceeding expectations[8]. - The issuance of RMB 30 billion in subordinated bonds received enthusiastic subscriptions from major institutions[8]. - The bank's risk management capabilities were enhanced through the introduction of state-owned shareholders, improving the capital structure[8]. - The non-performing loan ratio stood at 1.44% with a provision coverage ratio of 182.60%, indicating stable asset quality[10]. - The capital adequacy ratio was 12.19%, with a Tier 1 capital ratio of 9.52% and a core Tier 1 capital ratio of 8.22%[19]. - The company has implemented a strict risk management framework, focusing on prudent credit risk management and enhancing financial technology applications[124]. - The company aims to control credit risk within a manageable range to maximize risk-adjusted comprehensive benefits in local currency[125]. - The credit risk management framework includes the board of directors, supervisory board, senior management, and various committees, ensuring comprehensive oversight[125]. Revenue Sources and Business Strategy - The bank's non-interest income contributed over 80% of the revenue increase, indicating a shift towards diversified revenue streams[7]. - The bank's "smart revenue" reached nearly 50% by the end of 2023, contributing significantly to high-quality development[10]. - The bank's strategy emphasizes "321" revenue expansion, focusing on retail, small loans, and supply chain finance[38]. - The bank plans to deepen its focus on scenario finance and enhance its digital transformation in the coming year[11]. - The bank aims to provide comprehensive financial advisory services to government and enterprises, promoting regional integrated financial service models[12]. Customer and Market Expansion - The establishment of 93 financial advisory studios across 22 provinces, expanding the financial consulting service model[6]. - The bank signed contracts with over 100 strategic clients, including major state-owned enterprises, achieving a coverage rate of 95%[11]. - The bank's financing services in Zhejiang province exceeded 920 billion RMB, with local debt underwriting ranking first among all underwriting banks[12]. - The bank's customer base includes 35.6% corporate clients, 43.4% small business clients, and 50.3% individual quality clients[40]. - The total number of retail customers reached 2,678.01 million, an increase of 34.26% compared to the previous year[153]. Digital Transformation and Technology - The company has advanced its "Technology Empowerment" strategy, enhancing digital infrastructure and promoting digital transformation initiatives[150]. - The company is focusing on digital transformation in anti-money laundering efforts, enhancing data governance and building a new generation of anti-money laundering systems[151]. - The online banking transaction replacement rate reached 99.85%, positioning the company as an industry leader[179]. - The company has applied for over 110 patents and published more than 20 papers and white papers in the field of financial technology during the reporting period[178]. Governance and Compliance - The company governance structure continues to improve, ensuring independent operation and effective checks and balances among the shareholders' meeting, board of directors, and supervisory board[194]. - The board consists of 14 directors, with 5 being independent non-executive directors, exceeding the requirement of at least one-third independence[199]. - The company has implemented a compliance risk management framework to ensure legal and regulatory compliance, enhancing internal governance levels[148]. - The company aims to enhance its service quality and efficiency in supporting the real economy, aligning with national financial policies[58].

Investment Rating - The investment rating for the company is "Buy" with a target price of 3.64 CNY per share, corresponding to a PB of approximately 0.6X for 2024 [2][3]. Core Insights - In 2023, the company reported a revenue growth of 4.3%, PPOP growth of 0.3%, and a net profit attributable to shareholders growth of 10.5%, making it the only national joint-stock bank with double-digit profit growth and revenue profit growth [2][3]. - The company completed its off-balance sheet transition in 2023, with a year-end balance of net value-based wealth management products at 146.26 billion CNY, accounting for 98.0% of the wealth management proportion [2]. - The company’s net interest margin for 2023 was 2.01%, with a declining trend observed in the second half of the year [2][3]. - The asset quality remained stable, with a non-performing loan ratio of 1.44% at the end of 2023, showing a slight decrease from the previous quarter [2][3]. Financial Performance Summary - The company achieved a year-on-year revenue growth of 4.3% in 2023, with quarterly growth rates of 4.8% in Q4, indicating a recovery trend [2][3]. - The net profit attributable to shareholders for 2023 was 10.5%, with a significant increase in the fourth quarter compared to the previous quarters [2][3]. - The core Tier 1 capital adequacy ratio at the end of 2023 was 8.22%, an increase of 0.17 percentage points year-on-year [2][3]. Asset Quality and Risk Management - The non-performing loan ratio at the end of 2023 was 1.44%, with a year-on-year decrease in the net generation rate of non-performing loans by 25 basis points [2][3]. - The company maintained a provision coverage ratio of 183% at the end of 2023, indicating a strong buffer against potential loan losses [2][3]. - The overdue loan ratio decreased to 1.63%, reflecting effective risk management practices [2][3].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8][11] Core Views - The company has released strategic benefits, with asset quality continuing to improve. In 2023, the company achieved an operating income of 63.7 billion yuan, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 15 billion yuan, up 10.5% year-on-year [3][4][7] - The company's total asset scale reached 3.14 trillion yuan by the end of 2023, growing by 19.9% compared to the beginning of the year, with loan and deposit scales increasing by 12.5% and 11.1%, respectively [3][4][7] - The company has a cash dividend plan for 2023, proposing a distribution of 1.64 yuan per 10 shares, with a cash dividend ratio of 31.98% [3][4] Summary by Sections Financial Performance - The company's net interest income grew steadily, with a year-on-year increase of 0.99% in 2023, despite a narrowing interest margin. The net interest margin at the end of 2023 was 2.01% [4][9] - Non-interest income from fees and commissions saw a slight decline, with a year-on-year growth of 5.20% [4][9] - The company’s asset quality indicators improved, with a non-performing loan (NPL) ratio of 1.44% at the end of 2023, down from the previous quarter [7][9] Strategic Initiatives - The company has adopted a strategy focused on "weakly sensitive assets to the economic cycle," which has contributed to the improvement in asset quality and profitability [4][8] - The company is enhancing its wealth management capabilities with the establishment of a new wealth management subsidiary [4][8] Future Outlook - The report anticipates a gradual improvement in the company's profitability quality, with projected earnings per share (EPS) for 2024-2026 being 0.58, 0.62, and 0.68 yuan, respectively [8][10] - The company’s price-to-book (P/B) ratios for 2024-2026 are projected to be 0.48x, 0.45x, and 0.42x, respectively, indicating a favorable valuation outlook [8][10]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown stable performance with a revenue of 63.704 billion yuan in 2023, representing a year-on-year growth of 4.2%, and a net profit of 15.048 billion yuan, up 10.5% year-on-year [1][2] - The total assets of the company reached 3.14 trillion yuan by the end of 2023, an increase of 19.9% from the beginning of the year, driven by increased bond allocations [1] - The company has improved its asset quality, with a non-performing loan ratio of 1.44%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 183%, up approximately 1 percentage point [1][5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 63.704 billion yuan, a 4.2% increase from 2022, and a net profit of 15.048 billion yuan, reflecting a 10.5% growth [2][5] - The diluted earnings per share (EPS) for 2023 was 0.53 yuan, with projections for 2024, 2025, and 2026 at 0.58, 0.65, and 0.72 yuan respectively [5] Asset Quality - The company reported a non-performing loan ratio of 1.44% at the end of 2023, a decrease from 1.47% in 2022, indicating improved asset quality [5] - The provision coverage ratio increased to 183%, reflecting a decrease in provisioning pressure due to improved asset quality [1][5] Future Projections - The company expects a slight adjustment in net profit forecasts for 2024-2026 to 16.4 billion, 18.2 billion, and 20.2 billion yuan, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The price-to-earnings (PE) ratio is projected to be 4.7, 4.3, and 3.8 for the years 2024, 2025, and 2026 respectively, while the price-to-book (PB) ratio is expected to be 0.44, 0.41, and 0.38 [1][5]

Financial Performance - The total assets of China Zheshang Bank reached RMB 3 trillion in 2023, marking a significant milestone[8]. - Revenue growth has been the highest among joint-stock banks for 10 consecutive quarters[8]. - Net profit returned to double-digit growth, indicating strong financial performance[8]. - In 2023, China Zheshang Bank reported operating income of CNY 63.764 billion, an increase of 4.27% year-on-year[23]. - The net profit attributable to shareholders reached CNY 15.048 billion, reflecting a growth of 10.50% compared to the previous year[23]. - The total amount of loans and advances was CNY 17.2 trillion, representing a year-on-year increase of 12.54%[23]. - The average return on equity for 2023 was 9.42%, an increase from 9.02% in 2022[45]. - The company achieved a revenue growth rate that has maintained the highest among national joint-stock banks for 10 consecutive quarters[12]. - The company reported a significant increase in its wealth management scale, with assets under management (AUM) growing substantially[29]. Asset Quality - The non-performing loan ratio and provision coverage ratio have shown a continuous trend of "one decrease and one increase" for two consecutive years[8]. - The non-performing loan ratio decreased to 1.44%, with a provision coverage ratio of 182.60%, indicating improved asset quality[12]. - The non-performing loan ratio stood at 1.44%, with a provision coverage ratio of 182.60%[23]. - The non-performing loan ratio improved to 1.44% in 2023 from 1.47% in 2022[45]. - The company emphasizes a prudent risk culture and focused on optimizing asset allocation to support the real economy[96]. Strategic Initiatives - The bank has implemented 15 measures to benefit enterprises and the public, enhancing its service offerings[8]. - The bank has been recognized as a "first-class bank" in the financial service evaluation for small and micro enterprises for three consecutive years[8]. - The launch of the "善融资产池" (Good Financing Asset Pool) aims to support the development of innovative and small enterprises[8]. - The bank initiated the "善本信托工程" (Good Trust Project) to promote social responsibility and support entrepreneurs in charitable activities[8]. - The company aims to create a "three good bank" model, emphasizing good customers, good assets, and good employees, to foster comprehensive collaborative development[13]. Digital Transformation - The company is focused on digital transformation and plans to deepen its engagement in scenario finance and technology finance[13]. - The company launched the "Micro Sea" digital brand as part of its digital transformation, integrating cutting-edge technologies with banking services[28]. - The company has established a comprehensive online and offline integrated operation system, enhancing customer experience and satisfaction[164]. - The company is actively promoting digital transformation, enhancing operational efficiency and security through technology integration[162]. Governance and Risk Management - The company has established a comprehensive compliance risk management framework to enhance compliance culture and internal governance[132]. - The governance structure includes a clear separation of responsibilities among the board of directors, supervisory board, and senior management to ensure effective oversight[185]. - The company has implemented a digital transformation in anti-money laundering efforts, enhancing data governance and system construction[137]. - The company has established a comprehensive liquidity risk management system to ensure timely liquidity needs are met at reasonable costs[121]. Market Presence and Expansion - The bank has established 342 branches across 22 provinces and regions, including Hong Kong, effectively covering key economic areas[23]. - The company signed contracts with over 100 strategic clients, including major state-owned enterprises, enhancing its market presence[13]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the coming year[48]. - The company aims to enhance financial support for key sectors such as small and micro enterprises and technology innovation[179]. Awards and Recognition - The bank received an MSCI ESG rating of A in October 2023, indicating its commitment to environmental, social, and governance practices[40]. - The bank's mobile banking platform won the Best Digital Operation Award in December 2023, showcasing its innovation in digital finance[41]. - The bank was recognized as the Best Supply Chain Finance Bank and Best Cross-Border Financial Services Bank in December 2023, reflecting its excellence in service delivery[41]. - The company received 72 honors, including awards for digital reform applications and financial technology innovation[167].

浙商银行股份有限公司 2023 年度会计师事务所履职情况评估报告 浙商银行股份有限公司（以下简称"公司"）聘请毕马威 华振会计师事务所（特殊普通合伙）为公司 2023 年度境内财 务报表审计及内部控制审计的会计师事务所。根据财政部、 国资委及证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》，公司对毕马威华振会计师事务所（特殊普通 合伙）2023 年度财务报告和内部控制审计过程中的履职情况 进行评估。经评估，公司认为毕马威华振会计师事务所（特 殊普通合伙）资质等方面合规有效，履职保持独立性，勤勉 尽责，公允表达意见，具体情况如下： 一、资质条件 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成 立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙 的合伙制企业，更名为毕马威华振会计师事务所(特殊普通 合伙)（以下简称"毕马威华振"），2012 年 7 月 10 日取得工 商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东 长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中 ...

一、募集资金基本情况 根据中国证券监督管理委员会于2023年2月16日核准的证监许可〔2023〕339 号文《关于核准浙商银行股份有限公司配股的批复》，浙商银行于2023年7月6日 向A股原股东配售4,829,739,185股人民币普通股，每股发行价格为人民币2.02元， 募集资金总额为9,756,073,153.70元。扣除发行费用人民币34,225,005.83元（不含 增值税）后，实际募集资金净额为人民币9,721,848,147.87元（以下简称"募集资金 "），上述资金于2023年6月27日到位。2023年6月27日，毕马威华振会计师事务所 (特殊普通合伙)对本次A股配股募集资金到位情况进行了审验，并出具了《浙商银 行股份有限公司验资报告》(毕马威华振验字第2300822号)。 二、募集资金管理与存储情况 （一）募集资金的管理情况 为规范公司募集资金的管理和使用，提高募集资金使用效率，保护投资者的利 益，浙商银行根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证 券交易所股票上市规则》以及《上海证券交易所上市公司募集资金管理办法》等有 中信证券股份有限公司 关于浙商银行股份有限公司2023 ...

证券代码：601916 证券简称：浙商银行 公告编号：2024-011 浙商银行股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙） （以下简称"毕马威华振"）和毕马威会计师事务所（以下简称"毕马威香 港"）。 一、拟续聘会计师事务所的基本情况 （一）机构信息 （1）基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙）（以下简称"毕马威华振"），2012 年 7 月 10 日取得 工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广 场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师资格。 于 2023 年 12 月 31 日，毕马威华振有合伙人 234 人 ...