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].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" (maintained) with a current price of 14.50 CNY [1]. Core Insights - Hangzhou Bank reported a revenue of 28.49 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 3.9%, and a net profit attributable to shareholders of 13.87 billion CNY, which is an 18.6% increase year-on-year [4][5]. - The bank's annualized weighted average return on equity (ROE) stands at 18.01%, reflecting a year-on-year increase of 0.52 percentage points [4]. - The bank's board approved a mid-term dividend plan, distributing 3.7 CNY per 10 shares (including tax), with a dividend payout ratio of 22.6% based on net profit attributable to ordinary shareholders [9]. Summary by Sections Revenue Performance - For the first three quarters of 2024, the revenue growth rates were 3.9% for total revenue, 3.4% for pre-provision operating profit (PPOP), and 18.6% for net profit attributable to shareholders, showing a slight decline compared to the first half of 2024 [5]. - Net interest income increased by 3.9% year-on-year, with a notable improvement in growth rate compared to the first half of 2024 [5]. - Non-interest income also grew by 3.9% year-on-year, although the growth rate decreased compared to the first half of 2024 [8]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, unchanged for seven consecutive quarters, while the overdue loan ratio decreased to 0.69% [8][20]. - The bank's provision coverage ratio is at 543.3%, indicating a strong buffer against potential loan losses [8][20]. Capital Adequacy - As of the end of Q3 2024, the core tier one capital adequacy ratio, tier one capital adequacy ratio, and total capital adequacy ratio were 8.76%, 11.00%, and 13.78%, respectively, all showing improvements from the previous quarter [8][17]. - Risk-weighted assets increased by 9.6% year-on-year, reflecting the bank's growth strategy [17]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024 is 2.90 CNY, with projections of 3.44 CNY and 4.05 CNY for 2025 and 2026, respectively [9][19]. - The bank's price-to-earnings (P/E) ratio is projected to decrease to 5.00 in 2024, indicating a potentially attractive valuation [19][20].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" [6] Core Views - Hangzhou Bank's net profit for the first three quarters of 2024 increased by 18.6% year-on-year, with a slight decline in growth rate compared to the first half of 2024 [2][4] - The bank's net interest margin improved by 7 basis points to 1.44% in Q3 2024, primarily due to a reduction in funding costs [3][4] - Asset quality remained stable, with a non-performing loan ratio holding steady at 0.76% as of Q3 2024 [3][4] Summary by Relevant Sections Performance Overview - For Q1-3 2024, Hangzhou Bank's net profit grew by 18.6% year-on-year, while revenue increased by 3.9%. The growth rate for both metrics showed a slight decline compared to the first half of 2024 [2][4] - The non-performing loan ratio remained unchanged at 0.76%, and the provision coverage ratio decreased by 2 percentage points to 543% [1][3] Profitability and Valuation - The forecast for net profit growth for Hangzhou Bank from 2024 to 2026 is 17.37%, 15.64%, and 14.48%, respectively. The target price is set at 17.90 CNY per share, corresponding to a price-to-book ratio of 1.00 for 2024 [4][5] - The current share price is 14.50 CNY, indicating a potential upside of 23% [4][5] Asset Quality - As of Q3 2024, the non-performing loan ratio was stable at 0.76%, with the attention loan ratio slightly increasing to 0.59% and the overdue loan ratio decreasing to 0.69% [3][4] - The provision coverage ratio remains high at 543%, indicating strong asset quality management [3][4] Future Outlook - The bank is expected to face some pressure on profit growth due to narrowing interest margins, but it is anticipated to maintain a profit growth rate of over 15% for the full year of 2024 [2][4]

Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, with a closing price of 14.50 yuan on October 21, 2024, corresponding to 0.8 times the 2024 PB [2][3]. Core Views - Hangzhou Bank continues to show strong profit growth, with a year-on-year increase of 18.6% in net profit attributable to shareholders for the first three quarters of 2024, supported by a stable asset quality and a low non-performing loan ratio of 0.76% [1][2]. - The bank's net interest income growth has rebounded, and the quality of assets remains stable, indicating resilience in both corporate and personal lending [2]. - The bank's investment income has seen a year-on-year increase of 27.9%, although it has declined compared to the first half of 2024 [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, Hangzhou Bank reported revenue of 28.49 billion yuan, a year-on-year increase of 3.9%, and a net profit of 13.87 billion yuan, up 18.6% year-on-year [1]. - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 543% [1][2]. Revenue Breakdown - The revenue growth rate has slowed compared to the first half of 2024, with net interest income increasing by 3.9%, while non-interest income decreased by 8.1% [1]. - The bank's total assets, loans, and deposits grew by 12.7%, 15.9%, and 16.3% year-on-year, respectively [1]. Future Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.89 yuan, 3.32 yuan, and 3.76 yuan, respectively [2][3]. - The bank's net interest margin (NIM) is expected to decline gradually from 1.36% in 2023 to 1.11% by 2026 [11].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank with a target price of 16.49 CNY per share [4][2]. Core Views - The revenue structure has improved, with net interest income growth continuing to rise quarter-on-quarter, benefiting from high asset deployment and stable interest margins. As of Q3 2024, net interest income growth increased by 3.4 percentage points compared to H1 2024 [1]. - The bank's asset and liability scale continues to grow rapidly, with total assets and loans showing year-on-year growth rates of 12.7% and 15.9%, respectively. Corporate loans contributed significantly to this growth [1]. - Asset quality remains excellent, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543.3%, indicating ample room for profit support from provisions [1]. Financial Performance Summary - For the fiscal years 2024, 2025, and 2026, the forecasted year-on-year growth rates for net profit attributable to the parent company are 19.9%, 17.2%, and 13.5%, respectively. The earnings per share (EPS) are projected to be 2.76, 3.25, and 3.71 CNY [2][7]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.81X, 0.71X, and 0.61X for the years 2024, 2025, and 2026, respectively [2][7]. - The bank's total revenue for 2024 is expected to reach 37,222 million CNY, with a year-on-year growth of 6.3% [7].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [4][2] Core Views - Revenue structure optimization leads to a continued increase in net interest income growth, with a quarter-on-quarter increase of 3.4% compared to the first half of 2024, benefiting from high asset deployment and stable interest margins [1] - Strong expansion momentum is observed, with total assets and loans growing at 12.7% and 15.9% year-on-year respectively, supported mainly by corporate loans [1] - Asset quality remains excellent, with a non-performing loan ratio of 0.76% and a sufficient provision coverage ratio of 543.3%, indicating a robust profit space from provisions [1] Summary by Sections Financial Performance - As of Q3 2024, Hangzhou Bank's revenue, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of 3.9%, 3.4%, and 18.6% respectively, despite a slight slowdown in growth rates compared to H1 2024 [1] - The bank's net interest income growth continued to improve, reflecting a positive trend in revenue structure [1] Asset and Liability Management - Total assets and loans grew at 12.7% and 15.9% year-on-year, with corporate and personal loans increasing by 17.9% and 12.0% respectively [1] - Total liabilities and deposits increased by 12.1% and 16.3% year-on-year, with a notable rise in the proportion of time deposits to loans [1] Profitability Forecast - The forecast for net profit growth for 2024, 2025, and 2026 is 19.9%, 17.2%, and 13.5% respectively, with EPS projected at 2.76, 3.25, and 3.71 yuan [2] - The current stock price corresponds to a PB ratio of 0.81X, 0.71X, and 0.61X for the years 2024, 2025, and 2026, respectively [2]

Investment Rating - The investment rating for Hangzhou Bank is "Outperform the Market" [4][7] Core Views - The performance growth has slightly slowed down, with revenue for the first three quarters of 2024 reaching 28.49 billion yuan, a year-on-year increase of 3.87%, and net profit attributable to shareholders reaching 13.87 billion yuan, a year-on-year increase of 18.63% [1] - The decline in non-interest income has impacted revenue growth, with a 16.2% year-on-year decrease in non-interest income in the third quarter [1] - The bank maintains good asset quality with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543% [1] Financial Performance Summary - Revenue and net profit forecasts for 2024-2026 are 17.42 billion yuan, 20.92 billion yuan, and 24.39 billion yuan respectively, with corresponding year-on-year growth rates of 21.1%, 20.1%, and 16.6% [2][5] - The bank's total assets reached 2.02 trillion yuan, a 9.58% increase from the beginning of the year, with total loans growing by 12.77% [1] - The annualized net interest margin for the first three quarters is estimated at 1.29%, remaining stable compared to the first half of the year [1] Valuation Metrics - The current stock price corresponds to a PE ratio of 4.9x for 2024, 4.1x for 2025, and 3.5x for 2026, and a PB ratio of 0.79x for 2024, 0.68x for 2025, and 0.59x for 2026 [1][2]

10月21日，杭州银行发布上市城商行中首份三季度报，2024年1-9月，该行紧扣"深化改革，强基固 本"主题主线，以客户为中心，以奋斗者为本，着力构建客户、产品、团队、风控、运营督导的价值增 值链和闭环管理，整体业务经营稳中向好，主要经营指标均呈现增长态势。同时，围绕中央关于做好金 融"五篇大文章"的要求，聚焦主责主业，持续提升服务实体经济质效。 经营保持韧性 规模结构效益质量均衡发展"不偏科" 前三季度，杭州银行实现营业收入284.94亿元，同比增长3.87%，实现归属于公司股东净利润138.70亿 元，同比增长18.63%；加权平均净资产收益率13.51%（未年化），较上年同期提高0.39个百分点；基本 每股收益2.29元/股（未年化），较上年同期增长19.27%。 规模指标方面，资产总额突破2万亿大关，较上年末增长9.58%；其中贷款总额9,101.67亿元，较上年末 增长12.77%，存款总额11,768.80亿元，较上年末增长12.59%。2024年三季度末，杭银理财存续的各类 理财产品余额4,233.16亿元，较上年末增长13.23%。 资产质量保持平稳。不良贷款率0.76%，与上年末持平；不良贷 ...