证券代码：600926 证券简称：杭州银行 公告编号：2024-058 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司监事会 2024 年 10 月 25 日 1 杭州银行股份有限公司 关于职工监事变动的公告 本公司监事会及全体监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 完整性承担个别及连带责任。 杭州银行股份有限公司（以下简称"公司"）监事会近日收到 公司职工监事来国伟先生的书面辞职报告。来国伟职工监事因到龄 退岗，辞去公司第八届监事会职工监事、第八届监事会提名委员会 委员职务。来国伟先生确认，其与公司董事会、监事会并无不同意 见，亦无任何与辞职有关的事项需要通知公司股东及债权人。来国 伟先生在担任职工监事期间恪尽职守、勤勉尽责，公司监事会对来 国伟先生任职期间做出的贡献表示衷心感谢！ 鉴于来国伟先生的辞职将导致公司监事会中职工监事人数少于 监事会成员的三分之一，根据《中华人民共和国公司法》《银行保 险机构公司治理准则》和《公司章程》等相关规定，公司于 2024 年 10 月 25 日召 ...

证券代码：600926 证券简称：杭州银行 公告编号：2024-057 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 关于实施 2024 年度中期权益分派时 "杭银转债"停止转股的提示性公告 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： 证券停复牌情况：适用 因杭州银行股份有限公司（以下简称"公司"）实施 2024 年 度中期普通股权益分派，公司的相关证券停复牌情况如下：自本 次权益分派公告前一交易日（2024 年 10 月 30 日）至权益分派股 权登记日期间，"杭银转债"将停止转股。本次权益分派股权登记 日后的第一个交易日，"杭银转债"恢复转股。 证券代码 证券简称 停复牌类型 停牌起始日 停牌 期间 停牌终止日 复牌日 110079 杭银转债 可转债转股停牌 2024/10/30 了《杭州银行股份有限公司关于提请股东大会授权董事会决定 2024 年度中期利润分配方案的议案》，并于 2024 年 10 月 21 日召 开第八届董事 ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank with an updated target price of 16.5 CNY, up from the previous 14.56 CNY [2][3]. Core Insights - Hangzhou Bank's revenue and profit growth for the first three quarters of 2024 have slightly slowed, primarily due to a high base effect from other non-interest income, but asset quality remains stable. The bank's net interest income increased by 11.0% year-on-year in Q3 2024, and the net interest margin showed a slight improvement [2][3]. - The bank's deposit growth was strong, with a year-on-year increase of 16.3% in Q3 2024, while loan growth was 15.9% year-on-year. The retail loan segment contributed significantly to this growth [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.76% as of Q3 2024, indicating a solid asset quality compared to industry peers [2][3]. Financial Summary - Revenue for 2024 is projected to be 36,580 million CNY, with a growth rate of 4.5% compared to 2023. Net profit attributable to shareholders is expected to reach 16,996 million CNY, reflecting an 18.2% growth [3]. - The bank's book value per share (BVPS) is forecasted to be 18.29 CNY for 2024, with a corresponding price-to-book (PB) ratio of 0.9 [3]. - The core Tier 1 capital adequacy ratio improved to 8.76% as of Q3 2024, indicating a strong capital position despite slight pressure from growth [2][3].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" (maintained) [1]. Core Views - The report highlights that the net interest margin has stabilized and improved, while non-interest income growth has slowed, leading to a slight decline in revenue and net profit growth [5][11]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.76%, and the provision coverage ratio is stable at 543.25% [11][12]. - The report projects steady growth in operating income and net profit over the next few years, with a focus on the bank's regional advantages and retail financial business growth potential [13][14]. Summary by Sections Overview of Q3 Report - The net interest income growth turned positive due to contributions from the liability side, while non-interest income growth slowed, resulting in a year-on-year revenue growth rate decline of 1.5 percentage points to 3.9% [5]. - The cumulative net profit growth rate also decreased by 1.5 percentage points to 18.6%, but overall growth remains high [5]. Net Interest Income - The net interest margin increased by 7 basis points, with net interest income rising by 7.2% quarter-on-quarter, reflecting a significant improvement from the previous quarter [8]. - The annualized net interest margin for Q3 was 1.44%, with the asset yield stable and the liability interest rate decreasing by 8 basis points to 2.10% [8]. Asset and Liability Growth and Structure - Loan issuance saw a peak and subsequent decline, while deposits continued to grow significantly [8]. - In Q3, the bank issued new loans totaling 88.3 billion, a year-on-year decrease of 22.3%, but cumulative loan issuance for the first three quarters was 1,030.6 billion, up 24.1% year-on-year [8]. - Deposits increased by 252.1 billion in Q3, maintaining a stable proportion of interest-bearing liabilities at 63.7% [8]. Asset Quality - The overall asset quality remains excellent, with a non-performing loan ratio of 0.76% and a stable provision coverage ratio [11]. - The report indicates that future non-performing loan pressures are manageable, with the proportion of special mention loans slightly increasing to 0.59% [11]. Other Financial Metrics - The report forecasts operating income and net profit growth rates for 2024E, 2025E, and 2026E, with projected P/E ratios of 5.00X, 4.33X, and 3.74X respectively [14]. - The bank's capital adequacy ratios are also projected to remain strong, supporting its growth strategy [13].

杭州银行股份有限公司 简式权益变动报告书 签署日期：二〇二四年十月二十三日 1 上市公司名称： 杭州银行股份有限公司 股票上市地点： 上海证券交易所 股票简称： 杭州银行 股票代码： 600926 信息披露义务人： 杭州市交通投资集团有限公司 住所： 浙江省杭州市滨江区西兴街道月明路 33 号交投科 创中心 A 座 1502 室 通讯地址： 浙江省杭州市滨江区西兴街道月明路 33 号交投科 创中心 A 座 16 楼 权益变动性质： 持有股份数量不变，持股比例被动稀释至 5%以下 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与 格式准则第 15 号——权益变动报告书（2020 年修订）》及其他相关法律、法规 和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证 券的公司信息披露内容与格式准则第 15 号——权益变动报告书（2020 年修订）》 的规定，本报告书已全面披露了信息披露义务人在杭州银行股份有限公司中 ...

Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company has demonstrated strong performance with a revenue of 28.494 billion yuan for the first nine months of 2024, reflecting a year-on-year growth of 3.87%. The net profit attributable to shareholders reached 13.87 billion yuan, up 18.63% year-on-year, while impairment losses decreased by 27.46% [1][2]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.76%, unchanged from the previous year, and a provision coverage ratio of 543.25%, indicating strong risk mitigation capabilities [2][3]. - The bank's strategy focuses on expanding its presence in the Yangtze River Delta region, emphasizing a transition from product-driven to customer-oriented services, and enhancing retail and small micro-loan segments [2][3]. Financial Performance Summary - **Revenue and Profit Growth**: For Q3 2024, revenue and net profit grew by 0.86% and 15.1% year-on-year, respectively. The annualized return on equity (ROE) was 18.01%, up 0.52 percentage points year-on-year [1][2]. - **Interest Income and Margin**: The net interest income for the first nine months of 2024 was 18.273 billion yuan, also reflecting a 3.87% increase year-on-year. The annualized net interest margin (NIM) improved to 1.43%, benefiting from optimized funding costs [1][2]. - **Loan and Deposit Growth**: Total loans increased by 12.77% year-on-year, with corporate loans growing by 15.82%. Total deposits rose by 12.59%, with a notable increase in the proportion of fixed-term deposits [1][2]. Non-Interest Income and Wealth Management - **Non-Interest Income**: Non-interest income for the first nine months was 10.221 billion yuan, a year-on-year increase of 3.87%. The wealth management segment showed stable growth, with the balance of existing wealth management products reaching 423.316 billion yuan, up 12.33% from the previous year [2][3]. - **Investment Income**: Investment income increased by 27.9% year-on-year, although the growth rate has slowed compared to earlier periods due to market fluctuations [2][3]. Capital Adequacy and Risk Management - **Capital Ratios**: As of September 2024, the core Tier 1 capital adequacy ratio was 8.76%, an increase of 0.6 percentage points from the previous year, indicating a solid capital position [2][3]. - **Asset Quality**: The bank maintains a strong asset quality profile, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543.25%, reflecting robust risk management practices [2][3].

Investment Rating - The investment rating for Hangzhou Bank is "Outperform the Market" and is maintained [1][3]. Core Insights - Hangzhou Bank's profitability remains stable, with a non-performing loan ratio steady at 0.76% and a net interest margin stabilizing and recovering. The bank maintains a high level of corporate credit lending [3]. - In Q3 2024, the bank's revenue increased by 0.9% year-on-year, and net profit attributable to shareholders rose by 15.1%. For the first three quarters of 2024, revenue grew by 3.9%, and net profit increased by 18.6% [3]. - The annualized ROA for the first three quarters of 2024 increased by 0.03 percentage points to 0.72%, while the annualized ROE rose by 0.39 percentage points to 13.51% [3]. - The core Tier 1 capital adequacy ratio improved by 0.45 percentage points to 8.76% [3]. - The bank's net interest income in Q3 2024 grew by 11.04% year-on-year, with a calculated net interest margin of 1.29%, up 5 basis points from Q2 2024 [3]. - Total loans increased by 12.8% compared to the end of 2023, with corporate loans rising by 15.8% and personal loans by 7.0% [3]. - The forecast for EPS from 2024 to 2026 is 2.8, 3.26, and 3.74 yuan, with net profit growth rates of 18.38%, 15.82%, and 14.53% respectively [3]. Financial Data Summary - Revenue (in million yuan) for 2024E is projected at 36,748, with a year-on-year growth of 4.95% [5]. - Net profit (in million yuan) for 2024E is projected at 17,028, with a year-on-year growth of 18.38% [5]. - The average ROE for 2024E is expected to be 16.69% [5]. - The projected PE ratio for 2024E is 5.58, and the PB ratio is 0.84 [14].

Investment Rating - The report maintains a "Strong Buy" rating for Hangzhou Bank [10][11]. Core Views - Hangzhou Bank's net interest margin has stabilized, and its profitability continues to grow at a high rate. The bank reported a revenue of 28.49 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 13.87 billion yuan, a year-on-year increase of 18.6% [2][11]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543.3%, indicating strong risk absorption capacity [6][11]. Summary by Sections Financial Performance - In the first three quarters, net interest income increased by 3.9% year-on-year, with a quarter-on-quarter growth rate improvement of 3.4 percentage points. This growth is attributed to high asset scale and a temporary stabilization of the net interest margin [4]. - The bank's total assets, loans, and deposits grew by 9.6%, 12.8%, and 12.6% respectively compared to the beginning of the year, reflecting strong credit demand despite a generally weak financing environment [4]. Non-Interest Income - The bank's fee and commission income decreased by 8.1% year-on-year, while other non-interest income grew by 9.6%, although the growth rate slowed significantly in the third quarter [5]. Asset Quality - As of September, the non-performing loan ratio remained stable at 0.76%, with a slight increase in the attention loan ratio to 0.59%. The provision coverage ratio is among the highest in the industry, indicating a robust buffer against potential losses [6][11]. Future Outlook - The report forecasts a net profit growth of 19.1%, 16.3%, and 15.0% for the years 2024 to 2026, respectively, with corresponding book value per share (BVPS) expected to reach 18.41, 21.63, and 25.34 yuan [12][11].

Investment Rating - Investment Rating: Maintain "Buy" [1] - Target Price: RMB 17.60 [1] Core Views - The company reported a year-on-year increase in net profit, revenue, and PPOP of 18.6%, 3.9%, and 3.5% respectively for the first nine months, with a slight decline in growth rates compared to the first half of the year [1][2] - Key highlights include stabilization of net interest margin, recovery in interest income growth, and a narrowing decline in non-interest income [1][2] - The company announced a mid-term dividend plan with a proposed dividend of RMB 0.37 per share, resulting in a dividend payout ratio of 22.60% and a dividend yield of 5.10% [1] Summary by Sections Financial Performance - As of September, total assets, loans, and deposits grew by 12.7%, 15.9%, and 16.4% respectively, with a slight slowdown in credit growth due to front-loaded disbursement [2] - The annualized net interest margin for Q1-Q3 was 1.46%, up by 2 basis points from the first half of 2024, with interest income growth recovering to 3.9% year-on-year [2] Non-Interest Income and Capital Levels - Non-interest income decreased by 8.1% year-on-year, but the decline rate has narrowed, indicating potential recovery in the wealth management market [3] - Investment income increased by 13.8% year-on-year, although growth has slowed compared to the first half of the year [3] - As of September, the core Tier 1 capital adequacy ratio and total capital adequacy ratio were 8.76% and 13.78%, respectively, showing further strengthening of capital levels [3] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 543% [4] - The generation of non-performing loans has slightly increased, with an annualized NPL generation rate of 0.54% for Q3 [4] Valuation and Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 170 billion, RMB 199 billion, and RMB 233 billion, with year-on-year growth rates of 17.9%, 17.5%, and 16.9% respectively [5] - The target price corresponds to a price-to-book (PB) ratio of 0.85 for 2025, reflecting the company's strong regional presence and leading profitability [5]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [2][7]. Core Views - Hangzhou Bank's performance growth remains in the top tier of the industry, driven by provisioning support, but revenue growth is under pressure, leading to a slowdown in profit growth [3][7]. - The bank's asset quality is strong, with a non-performing loan (NPL) ratio stable at 0.76% and a provisioning coverage ratio of 543% [4][7]. - The bank's net profit for the first nine months of 2024 increased by 18.6% year-on-year, while revenue grew by 3.9% [2][3]. Summary by Sections Financial Performance - For the first nine months of 2024, Hangzhou Bank achieved revenue of 28.5 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 13.9 billion yuan, up 18.6% [2][3]. - The bank's interest income grew by 3.9% year-on-year, with a significant quarterly increase of 11% in the third quarter [3][5]. Asset Quality - The NPL ratio remained stable at 0.76%, with a provisioning coverage ratio of 543%, indicating strong asset quality [4][7]. - The estimated annualized NPL generation rate for the first nine months of 2024 was only 0.22%, reflecting low levels of new non-performing loans [7][13]. Capital and Dividends - The core Tier 1 capital adequacy ratio was reported at 8.76%, which is still low compared to industry standards, necessitating internal capital replenishment [4][7]. - The board approved a mid-term dividend plan, proposing a distribution of 0.37 yuan per share, totaling 2.2 billion yuan, which is 22.6% of the net profit attributable to ordinary shareholders for the first half of 2024 [4][7]. Loan Growth - Loan growth remained robust, with a year-on-year increase of 15.9% in the third quarter of 2024, primarily driven by corporate loans [5][9]. - The bank's loan structure shows that corporate loans contributed over 80% of the new loans in the first nine months of 2024 [5][9].