Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [9]. Core Views - Hangzhou Bank achieved a revenue growth rate of 9.6% for the full year 2024, with a significant quarterly growth of 30% in Q4. The net profit attributable to shareholders increased by 18.1% year-on-year [2][6]. - The bank's return on equity (ROE) reached 16.0%, up by 0.5 percentage points year-on-year. The dividend payout ratio increased by 2 percentage points to 24.5%, leading to a substantial 25% year-on-year growth in dividends per share (DPS) to CNY 0.65 [2][14]. - The year-end loan balance grew by 16.2% compared to the beginning of the year, while deposits exceeded expectations with a growth of 22% [2][6]. Summary by Sections Revenue and Profitability - The full-year interest income grew by 4.4%, driven by stable interest margins and scale expansion. Non-interest income surged by 20.2%, with Q4 investment income contributing significantly [14][32]. - The net interest margin for the year was 1.41%, stabilizing in Q4 due to improved funding costs [16][20]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 541%, indicating strong risk mitigation capabilities [22][31]. - The bank's retail loan quality showed less volatility compared to the industry, with a slight increase in personal loan NPLs [22][31]. Growth Outlook - For Q1 2025, the bank anticipates a revenue growth of 2.2% and a net profit growth of 17.3%, maintaining a leading position in the industry. Loan and deposit growth are expected to be 6.2% and 6.0%, respectively, with an overall credit growth forecast of over 10% for the year [31][32]. Investment Recommendation - The bank demonstrates sustainable growth potential with an increased dividend payout and high DPS growth. The current valuation is low at 0.74x 2025 PB and 4.9x 2025 PE, presenting a buying opportunity [32].

作为绿色金融的积极践行者，杭州银行始终将服务国家"双碳"战略与业务发展深度融合。2024年，该行 以碳减排贷款专项服务为抓手，精准聚焦清洁能源、节能环保等重点领域，创新产品体系、深化场景应 用，通过实施"绿色审批通道""利率优惠补贴"等差异化政策，推动绿色贷款余额增长147亿元，增幅 21.52%，年末余额突破820亿元，位列浙江省内地方法人银行前列。累计为杭州绿色地铁"光伏+节 能"项目、临岐夏中农光互补光伏项目、天子岭垃圾填埋场光储项目等73个碳减排项目提供低成本资金 支持，以实际行动助力绘就美丽中国新图景。 3.坚守初心：推动普惠金融"增量扩面" 作为金融"五篇大文章"之一，普惠金融关系小微企业经营主体的发展，关系民生福祉，也是杭州银行使 命职责所系。近年来，该行持续完善金融服务小微企业" 敢贷、愿贷、能贷、会贷 " 机制，并通过 " 连 续贷 "+" 灵活贷 "等方式，帮助普惠客户改善信贷期限结构、降低融资成本。据了解，该行普惠型小微 企业贷款余额1,555.77亿元，较上年末增幅16.57%，普惠贷款客户数达138,035户，较上年末增长22,781 户，贷款利率较上年同期下降29个BP，为小微企业 ...

业绩高增，扩表提速 ——杭州银行 2024 年年报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 结合财报数据，适度上调规模增速、不良生成等假设，预测公司 25/26/27 年归母净 利润同比增速为 16.5%/15.1%/15.7%，BVPS 为 19.87/22.75/26.09 元（25/26 年前 预测值 20.26/23.25 元）。相比可比公司维持 20%估值溢价，对应 25 年 0.83 倍 PB，目标价 16.48 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 杭州银行 600926.SH 公司研究 | 年报点评 | | 买入（维持） | | --- | --- | | 股价（2025年04月11日） | 14.43 元 | | 目标价格 | 16.48 元 | | 52 周最高价/最低价 | 15.06/10.61 元 | | 总股本/流通 A 股（万股） | 631,236/580,828 | | A 股市值（百万元） | 91,087 | | 国家/地区 | 中国 | ...

日前，杭州银行交出2024年度"成绩单"，该行营收、归母净利润保持双增长态势，分别较上年增长 9.61%和18.07%。 值得一提的是，杭州银行在浙江三家城商行中，盈利能力增速最快。数据显示，宁波银行和浙商银行 （601916）2024年的归母净利润增速分别为6.23%和0.92%。 在已经披露业绩的38家上市银行中，杭州银行业绩增速也排在头部位置。截至4月3日，A股市场已有38 家上市银行披露了2024年经营业绩。其中，杭州银行以9.61%的营业收入增速排名第二，仅次于南京银 行的11.32%。在归母净利润增速方面，杭州银行以18.07%的增速位列第三，仅次于浦发银行和青岛银 行（002948）。 头部城商行中的杭州银行（600926）(600926.SH)2024年业绩出炉。 4月11日晚间，杭州银行发布2024年年报，全年实现营业收入383.81亿元，归母净利润169.83亿元，同比 分别增长9.61%和18.07%。 长江商报记者注意到，杭州银行自2016年上市以来，业绩持续稳定增长，年度营业收入和归母净利润连 续9年实现双增。 与此同时，杭州银行的资产质量也在持续改善。上市当年，杭州银行的不良贷款率 ...

业绩高增，扩表提速 ——杭州银行 2024 年年报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 结合财报数据，适度上调规模增速、不良生成等假设，预测公司 25/26/27 年归母净 利润同比增速为 16.5%/15.1%/15.7%，BVPS 为 19.87/22.75/26.09 元（25/26 年前 预测值 20.26/23.25 元）。相比可比公司维持 20%估值溢价，对应 25 年 0.83 倍 PB，目标价 16.48 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 杭州银行 600926.SH 公司研究 | 年报点评 | | 买入（维持） | | --- | --- | | 股价（2025年04月11日） | 14.43 元 | | 目标价格 | 16.48 元 | | 52 周最高价/最低价 | 15.06/10.61 元 | | 总股本/流通 A 股（万股） | 631,236/580,828 | | A 股市值（百万元） | 91,087 | | 国家/地区 | 中国 | ...

Core Viewpoint - Hangzhou Bank reported a strong financial performance for 2024, with significant growth in both revenue and net profit, indicating robust operational efficiency and market positioning [2][3]. Financial Performance - In 2024, Hangzhou Bank achieved operating revenue of 38.38 billion, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 16.98 billion, up 18.1% year-on-year [2]. - The weighted average return on equity for 2024 was 16%, reflecting an increase of 0.43 percentage points compared to the previous year [2]. Revenue Growth Analysis - The revenue growth rate improved by 5.7 percentage points quarter-on-quarter, with the first quarter of 2025 maintaining high profit growth [3]. - The year-on-year growth rates for operating revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 9.6%, 9.5%, and 18.1%, respectively, with changes of +5.7, +6.1, and -0.6 percentage points compared to the first three quarters [3]. Asset Expansion - By the end of 2024, the growth rate of interest-earning assets was 14.8%, surpassing the industry average, with loans and financial investments growing by 16.2% and 11.5%, respectively [4]. - In the fourth quarter, the incremental growth in loans, financial investments, and interbank assets was 27.3 billion, 9.3 billion, and 58.3 billion, respectively, indicating a strong focus on non-credit asset allocation [4]. Loan Structure - In the fourth quarter, the incremental growth of corporate loans (including discounts) and retail loans was 21.2 billion and 6.1 billion, respectively [5]. - By the end of 2024, the year-on-year growth rates for corporate loans (including discounts) and retail loans were 19.9% and 9.2%, respectively [5]. Deposit Growth - By the end of 2024, the year-on-year growth rates for interest-bearing liabilities and deposits were 14% and 21.7%, respectively, with deposits accounting for 66% of interest-bearing liabilities [7]. - The total increase in deposits for the year was 227.3 billion, with a significant quarterly increase of 95.7 billion in the fourth quarter [7].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [1] Core Views - Hangzhou Bank's revenue for 2024 reached 38.4 billion yuan, a year-on-year increase of 9.6%, with net profit attributable to shareholders of 17 billion yuan, up 18.1% year-on-year [4][6] - The bank's non-interest income grew significantly, contributing to revenue acceleration, while net interest income showed marginal recovery [6][8] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 541% [9][11] Financial Data and Profit Forecast - Total revenue and net profit forecasts for 2025-2027 are adjusted, with expected growth rates of 15.1%, 13.1%, and 13.5% respectively [9][10] - The bank's net interest margin (NIM) for 2024 is projected at 1.41%, with a slight year-on-year decline of 9 basis points [9][11] - The bank's total assets are expected to grow to 2,112.36 billion yuan by the end of 2024, reflecting a 14.7% increase year-on-year [13] Loan and Deposit Growth - The bank's loan growth was driven by corporate lending, with a year-on-year increase of 16.2% in Q4 2024 [6][10] - Total deposits reached 1,272.55 billion yuan, marking a 21.7% increase year-on-year [13] Capital Adequacy and Dividend Policy - The core tier 1 capital adequacy ratio improved to 8.85% in 2024, with a dividend payout ratio increased from 22.5% to 24.5% [9][11] - Timely capital replenishment remains necessary despite the improved capital adequacy ratios [9][10]

2025 年 4 月 12 日 公司研究 盈利增速高，信贷"开门红" ——杭州银行（600926.SH）2024 年年报点评 买入（维持） 当前价：14.43 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 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 63.12 | | 总市值(亿元)： | 910.87 | | 一年最低/最高(元)： | 10.61/15.06 | | 近 3 月换手率： | 61.19% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 3.07 | -0.07 | 28.47 | | 绝对 | -1.43 | 0.42 | 35.50 | 资料来源：Wind 要点 事件： 杭州银行发布 2024 年年度报告，实现营业收入 383.8 ...

证券研究报告 | 公司点评 | 城商行Ⅱ 杭州银行(600926) 报告日期：2025 年 04 月 12 日 盈利保持高增，分红比例提升 ——杭州银行 24A 暨 25Q1 快报点评 投资要点 ❑ 2024年杭州银行拟分红比例较 2023年提升 2.0pc至 24.5%，现价股息率 4.50%。 ❑ 业绩概览 杭州银行快报披露，25Q1 营业收入、归母净利润（初步统计，下同）同比增长 2.2%、17.3%，增速分别较 2024 年分别下降 7.4pc、0.8pc。25Q1 不良率环比持平 于 0.76%，拨备覆盖率环比下降 11pc 至 530%。 ❑ 盈利保持高增 ❑ 25Q1 杭州银行盈利表现显著超出市场预期。杭州银行快报披露，25Q1 营收、利 润同比增长 2.2%、17.3%，增速较 2024 年下降 7.4pc、0.8pc。25Q1 信贷需求疲 软、债市波动加大背景下，杭州银行营收实现正增、盈利保持高增，实属不易。 展望未来，杭州银行营收有望保持正增。主要考虑：规模高增延续、息差降幅收 窄，利息收入增长提速支撑营收表现。根据快报，25Q1 末杭州银行贷款、存款 分别同比增长 14.3%、21.1% ...

杭州银行（600926.SH）2024 年报点评 优于大市 经营稳健，优质高成长区域行 证券研究报告 | 2025年04月12日 营收增速提升，业绩维持高增。公司此前已披露 2024 年业绩快报，2024 年 实现营收 383.8 亿元，同比增长 9.6%，较前三季度同比增速提升了 5.7 个百 分点；实现归母净利润 169.8 亿元，同比增长 18.1%，继续维持高增。公司 2024 年 ROAE 为 16.00%，同比提升 0.43 个百分点，盈利能力处于同业前列。 四季度营收增速大幅提升主要来自于其他非息收入高增。2024 年非利息收入 同比增长 20.2%，其中手续费净收入同比下降 8.0%，其他非息收入同比高增 35.3%，受益于利率大幅下行。2024年公司其他非息收入占营收比重为26.6%， 同比提升了 5.1 个百分点。 净息差企稳，存贷均实现高增。2024 年利息净收入同比增长 4.4%，净息差 1.41%，较上半年下降 1bp。期末总资产 2.1 万亿元，总贷款 0.94 万亿元， 存款总额为 1.27 万亿元，较年初分别增长 14.7%、16.2%和 21.8%。其中， 对公贷款和个人贷款 ...