本期债券发行的募集资金将依据适用法律和主管部门的批 准，用于补充公司二级资本。 证券代码：600926 证券简称：杭州银行 公告编号：2024-041 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 关于二级资本债券发行完毕的公告 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。 经中国人民银行和国家金融监督管理总局浙江监管局批准， 杭州银行股份有限公司（以下简称"公司"）于近日在全国银行 间债券市场成功发行"杭州银行股份有限公司2024年二级资本债 券"（以下简称"本期债券"）。 本期债券于2024年8月8日簿记建档，并于2024年8月12日发 行完毕，发行规模为人民币100亿元，品种为10年期固定利率债券， 在第5年末附有条件的发行人赎回权，票面利率为2.15%。 特此公告。 杭州银行股份有限公司董事会 2024年8月12日 1 ...

Investment Rating - The report maintains an "Overweight" rating for Hangzhou Bank with a target price of RMB 14.42 [13]. Core Views - The bank's revenue growth accelerated in H1 2024, with a year-on-year increase of 5.4%, and net profit grew by 20.1% [13]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% [13]. - The bank is well-positioned in a high-demand region, benefiting from strong infrastructure needs and investment attraction [13]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024E Revenue: RMB 36,602 million - 2024E Net Profit: RMB 17,261 million - EPS Forecasts: 2024E: RMB 2.91, 2025E: RMB 3.47, 2026E: RMB 4.13 [21]. - **Valuation Metrics**: - 2024E PB: 0.75x, with a target PB of 0.80x [13]. - 2024E ROE: 14.59%, with a projected increase to 16.10% by 2026E [21]. - **Asset Quality**: - NPL ratio is stable at 0.76%, with a provision coverage ratio of 545% [13]. - **Growth in Assets and Loans**: - Total assets grew by 13.8%, loans by 16.5%, and deposits by 13.7% year-on-year as of June 2024 [13]. Market Position and Strategy - Hangzhou Bank has a strong management system and geographical advantages, covering Zhejiang province and extending to major cities like Beijing, Shanghai, and Shenzhen [14]. - The bank has diversified shareholders, including local state-owned enterprises and foreign strategic investors, enhancing its market governance [14]. - The bank is actively exploring the technology finance sector, establishing a unique market position [14]. Capital Adequacy - The bank's core Tier 1 capital adequacy ratio is projected to increase to 9.74% if the RMB 150 billion convertible bonds are fully converted [14].

Group 1: Corporate Strategy and Financial Services - Hangzhou Bank has been actively focusing on differentiated services since last year, particularly in public business and project financing, with a strong emphasis on policy-driven business opportunities [1] - The bank has established a comprehensive financial service system for technology innovation, with over 500 specialized personnel and several technology innovation centers in major cities [1] - The bank's strategic approach has evolved through different phases, focusing on government-bank cooperation and data-driven industry specialization [1] Group 2: Small and Micro Business Loans - In the first half of the year, small and micro loans exceeded targets, with significant growth in enterprise loans becoming a new growth driver [2] - The bank's new loan interest rates for small and micro businesses have decreased compared to last year, while maintaining a focus on credit extension strategies [2] Group 3: Retail Loan Performance - The bank's mortgage loan issuance remained stable against market trends, with a year-on-year increase in mortgage balance [2] - As of June, the consumer loan balance showed positive growth compared to the beginning of the year, with plans to enhance customer segmentation and product access strategies [2]

法律意见书 浙江天册律师事务所 法律意见书 浙江天册律师事务所 关于 关于 杭州银行股份有限公司 2024 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 杭州银行股份有限公司 2024 年第一次临时股东大会的 编号：TCYJS2024H1184 号 致：杭州银行股份有限公司 浙江天册律师事务所（以下简称"本所"）接受杭州银行股份有限公司（以下 简称"杭州银行"或"公司"）的委托，指派本所律师金臻、黄金参加公司 2024 年第一次临时股东大会，并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《银行保险 机构公司治理准则》以下简称"《治理准则》"）和《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律、法规和其他有关规范性文件的要求及《杭 州银行股份有限公司章程》（以下简称"《公司章程》"）《杭州银行股份有限公 司股东大会议事规则》（以下简称"《股东大会议事规则》"）的规定出具本法律 意见书。 在本法律意见书中 ...

证券代码：600926 证券简称：杭州银行 公告编号：2024-040 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 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 07 月 31 日 (二) 股东大会召开的地点：浙江省杭州市庆春路 46 号杭州 银行大厦五楼会议室 (四) 表决方式是否符合《公司法》及《公司章程》的规定， 大会主持情况等 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 12 人，出席 11 人，宋剑斌董事长因其他 公务安排未能出席并主持会议； 2、公司在任监事 7 人，出席 7 人； 3、公司高管人员列席会议。 二、 议案审议情况 (一) 非累积投票议案 1、议案名称：关于聘任杭州银行股份有限公司 2024 年度会 计师事务所的议案 本次股东大会由杭州银行股份有限公司（ ...

[Table_Page] 公告点评|城商行Ⅱ [Table_Title] 杭州银行（600926.SH） 业绩高增，质量优异 [Table_Summary] 核心观点： ⚫ 杭州银行披露 2024 年半年度业绩快报，我们点评如下：24H1 营收同 比增长 5.36%，增速较 24Q1 上升 1.9pct；归母净利润同比增长 20.06%，增速较 24Q1 下降 1pct，业绩维持高增长；24Q2 单季度营 收、归母净利润同比分别增长 7.33%、18.96%，营收增速单季度环比 回升 3.8pct，预计手工补息整改带来的负债成本下行，净息差企稳， 净利息收入对业绩增长提供有效支撑。 ⚫ 存贷规模高增。资产端，24H1总资产和贷款总额同比分别增长13.8%、 16.5%，分别较 24Q1 上升 0.8 pct、0.4 pct。结构上，贷款增速显著 高于总资产增速，也明显高于行业信贷增速，资产结构中信贷占比提 高，对息差也会形成结构性贡献。负债端，24H1 总负债和存款总额同 比分别增长 13.2%、13.7%，增速较 24Q1 末分别变动+0.2 pct、+2.7 pct。存款增速环比显著上升，预计主要受益于行 ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank, with a target price of 15.35 CNY per share, reflecting a 20% valuation premium over the industry average [2][4]. Core Insights - Hangzhou Bank's revenue growth rate improved by nearly 2 percentage points quarter-on-quarter in H1 2024, with a year-on-year profit growth rate exceeding 20%. The bank's revenue and net profit attributable to shareholders grew by 5.4% and 20.1% respectively compared to the previous year [1]. - The bank benefits from strong regional credit demand, maintaining a high level of loan issuance. As of H1 2024, total assets and loans grew by 13.8% and 16.5% year-on-year, respectively [1]. - Asset quality remains excellent, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 545.2%, indicating a solid buffer for potential losses [1]. Financial Performance Summary - Revenue (in million CNY): 2022A 32,932, 2023A 35,016, 2024E 36,880, 2025E 38,275, 2026E 40,669, with year-on-year growth rates of 12.2%, 6.3%, 5.3%, 3.8%, and 6.3% respectively [6]. - Net profit (in million CNY): 2022A 11,679, 2023A 14,383, 2024E 17,292, 2025E 20,344, 2026E 24,056, with year-on-year growth rates of 26.1%, 23.2%, 20.2%, 17.7%, and 18.2% respectively [6]. - Earnings per share (EPS): 2022A 1.83, 2023A 2.31, 2024E 2.80, 2025E 3.31, 2026E 3.94 [6]. Valuation Metrics - The current stock price corresponds to a price-to-book (PB) ratio of 0.72X for 2024, 0.63X for 2025, and 0.54X for 2026. The average PB ratio for comparable companies in 2024 is 0.71X [2][4]. - The report suggests a target PB ratio of 0.85X for Hangzhou Bank, reflecting its strong performance amidst industry challenges [2].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" with a target price of 15.35 CNY per share, maintaining a valuation premium of 20% over the industry average [4][2]. Core Insights - Hangzhou Bank's revenue growth rate improved by nearly 2 percentage points quarter-on-quarter in H1 2024, with a year-on-year profit growth rate exceeding 20%. The revenue and net profit attributable to the parent company for H1 2024 grew by 5.4% and 20.1% respectively, showing strong performance [1]. - The bank benefits from robust regional credit demand, maintaining a high level of loan issuance. As of H1 2024, total assets and loans grew by 13.8% and 16.5% year-on-year, respectively, supported by a solid industrial base in its operating regions [1]. - Asset quality remains excellent, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 545.2%, indicating sufficient profit space to absorb potential losses [1]. Financial Performance Summary - Revenue (in million CNY) for 2024 is projected at 36,880, with a year-on-year growth of 5.3%. The net profit attributable to the parent company is expected to reach 17,292 million CNY, reflecting a growth of 20.2% [7]. - Earnings per share (EPS) for 2024 is forecasted at 2.80 CNY, with book value per share (BVPS) expected to be 18.03 CNY [2][7]. - The bank's total assets are projected to reach 2,036,599 million CNY by 2024, with a loan balance of 920,089 million CNY [9].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" (maintained) [2][7]. Core Insights - Hangzhou Bank reported a revenue of 19.34 billion yuan for the first half of 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders reached nearly 10 billion yuan, growing by 20.1% [5][6]. - The bank's return on equity (annualized) was 19.48%, an increase of 0.82 percentage points year-on-year [5][7]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 545.2% [6][7]. Summary by Sections Revenue and Profitability - Revenue growth accelerated in Q2 2024, with a year-on-year increase of 7.3%, while net profit growth was 19% [6]. - The bank's revenue and net profit growth rates for the first half of 2024 were 5.4% and 20.1%, respectively, showing resilience in its fundamentals [6]. Asset and Loan Growth - As of the end of Q2 2024, total assets, loans, and non-loan assets grew by 13.8%, 16.5%, and 11.7% year-on-year, respectively [6]. - The bank's loan-to-asset ratio was 45.4%, remaining stable compared to the previous quarter [6]. Deposit and Funding - Deposit growth improved by 2.7 percentage points from the end of Q1 2024, with total deposits increasing by 38 billion yuan in Q2 [6]. - The bank's cost control on deposits is gradually showing effectiveness, with a decrease in deposit interest rates [6]. Risk Management - The non-performing loan balance was 6.85 billion yuan, reflecting a slight increase of 2.2 billion yuan from the previous quarter [6]. - Retail loan risks remain stable, with consumer loan balances showing steady growth [6]. Earnings Forecast and Valuation - The bank's earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 2.93 yuan, 3.48 yuan, and 4.10 yuan, respectively [7]. - The bank's strategic focus on the Yangtze River Delta and Pearl River Delta regions supports its strong expansion capabilities [7].

2024 年 7 月 25 日 公司研究 营收增速环比提升，盈利增速稳于 20%+ ——杭州银行（600926.SH）2024 年半年度业绩快报点评 买入（维持） 当前价：13.05 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 010-57378035 执业证书编号：S0930521090001 dongwx@ebscn.com 市场数据 总股本(亿股) 59.30 总市值(亿元)： 773.90 一年最低/最高(元)： 9.18/13.67 近 3 月换手率： 46.38% 股价相对走势 资料来源：Wind 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 3M | 1Y | | 相对 | 7.63 | 10.81 | 30.57 | | 绝对 | 5.93 | 7.10 | 17.58 | 资料来源：Wind 事件： 7 月 25 日，杭州银行发布 2024 年半年度业绩快报，上半年实现营业收入 193. ...