会议方式：视频直播 杭州银行参会人员：董事长宋剑斌先生、行长虞利明先生、 独立董事刘树浙先生、副行长陈岚女士、副行长潘华富先生、副 行长张精科先生、副行长章建夫先生 记录人：杭州银行董事会办公室 杭州银行股份有限公司 2024 年半年度业绩说明会问答实录 （根据录音整理） 会议时间：2024 年 9 月 5 日 15:30-17:00 【提问 1】中小投资者：工农中建交五家国有行和部分股份 制行都公布了中期分红方案，贵行什么时候实施中期分红？ 章建夫副行长：我行已于 6 月 26 日召开 2023 年年度股东大 会，审议通过了《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》，股东大会已授权董事会制定并实施 具体的中期分红方案。我行董事会将适时实施 2024 年中期利润 分配方案，我们力争年内尽快完成中期利润分配，把现金股利给 到各位投资者。 【提问 2】中小投资者：贵行可转债目前转股进度如何？贵 行是否测算过，在没有增量外源资本补充的情况下，贵行内生利 润留存增长是否可以保障未来的业务发展需要？ 章建夫副行长：第一，关于可转债的转股进度，我行于 2021 年 3 月发行了 150 亿 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——杭州银行 2024 年中报点评 | --- | |-----------------------------------| | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | 本报告导读： 杭州银行此前已披露过中报业绩快报，24Q2 营收及利润保持高水平增长，核心资本 充足率稳中有升，资产质量整体稳健。维持目标价 14.56 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：杭州银行 2024 年中报表现符合预期。根据中报调整公司 2024-2026 年净利润增速预测为 20.1%、19.2%、19.0%，对应 BVPS 18.35(+0.21)、21.01(+0.36)、24.17(新增)元/股，维持目标价 14.56 元， 对应 202 ...

杭州银行股份有限公司董事会 2024年9月2日 杭州银行股份有限公司 关于高管任职资格获监管机构核准的公告 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。 2024年9月2日，杭州银行股份有限公司（以下简称"公司"） 收到《国家金融监督管理总局浙江监管局关于章建夫任职资格的 批复》（浙金复〔2024〕317号）。国家金融监督管理总局浙江 监管局已核准章建夫先生的公司副行长任职资格。 章建夫先生的简历详见公司2024年7月4日刊登于上海证券 交易所网站(www.sse.com.cn）的《杭州银行股份有限公司第八届 董事会第九次会议决议公告》（公告编号2024-034）。 特此公告。 证券代码：600926 证券简称：杭州银行 公告编号：2024-048 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 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for Hangzhou Bank [9][10][23] Core Views - Hangzhou Bank's revenue and net profit for the first half of 2024 showed year-on-year growth of 5.4% and 20.1% respectively, indicating strong profitability and asset quality [2][3][10] - The bank's annualized ROE reached 19.48%, an increase of 0.82 percentage points year-on-year, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 545.2% as of June [2][10] Financial Performance Summary - Revenue for the first half of 2024 was CNY 19.34 billion, with net profit reaching CNY 10.00 billion, reflecting a year-on-year increase of 5.4% and 20.1% respectively [2][10] - The bank's net interest income grew by 0.5% year-on-year, with a significant improvement in growth rate compared to the previous quarter [4] - Non-interest income saw a decline of 9.9% year-on-year, primarily due to a drop in custodial fees, while other non-interest income surged by 28.3% driven by investment gains [5][10] Asset Quality and Provisions - As of June 2024, the non-performing loan ratio stood at 0.76%, with a provision coverage ratio of 545.2%, indicating robust asset quality [10] - The report highlights a slight increase in non-performing loans in retail and corporate real estate sectors, but overall asset quality remains stable [10] Growth Projections - The report forecasts net profit growth rates of 19.1%, 16.3%, and 15.0% for 2024, 2025, and 2026 respectively, with corresponding BVPS of CNY 18.41, CNY 21.63, and CNY 25.34 [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Bank [1][6]. Core Insights - The bank's revenue accelerated with a year-on-year increase of 5.36% in the first half of 2024, while net profit attributable to shareholders grew by 20.06% [3][4]. - The bank's total assets and loans increased by 13.8% and 16.7% year-on-year, respectively, indicating strong growth in scale and loan expansion [4][6]. - The net interest margin for the first half of 2024 was 1.42%, a decrease of 8 basis points from the end of the previous year [2][4]. - The non-performing loan ratio remained stable at 0.76%, reflecting strong asset quality [5][6]. - The bank's EPS forecasts for 2024 and 2025 have been slightly adjusted to 2.91 CNY and 3.35 CNY, respectively, with an estimated PB of 0.73 times by the end of 2024 [6][9]. Summary by Sections Revenue and Profitability - Revenue for the first half of 2024 was 19.34 billion CNY, up 5.36% year-on-year, with a net profit of 9.996 billion CNY, up 20.06% [3][4]. - Net interest income increased by 0.5% year-on-year, while non-interest income saw a significant rise of 28.3% due to gains from trading financial assets [4][6]. Loan and Asset Growth - Total assets grew by 13.8% year-on-year, with loans expanding by 16.7% [4][6]. - New loans in Q1 and Q2 were 63.7 billion CNY and 30.6 billion CNY, respectively, with corporate loans contributing 82% of the increase [4][6]. Asset Quality - The non-performing loan ratio remained at 0.76%, with a provision coverage ratio of 545% [5][6]. - The bank's asset quality is considered to be in the top tier, despite slight increases in overdue rates [5][6]. Capital and Earnings Forecast - Core Tier 1, Tier 1, and total capital adequacy ratios were 8.63%, 10.92%, and 12.87%, respectively [6]. - The report projects a net asset value per share of 18.18 CNY by the end of 2024 [6][9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a year-on-year revenue growth of 7.3% in Q2 2024, with a net profit attributable to the parent company increasing by 19.0% in the same period. The non-performing loan ratio remained stable at 0.76%, indicating steady asset quality. The company is focusing on the growth of its technology, green finance, and small micro-business sectors [5][6]. - The company has strengthened its credit risk management, resulting in a decrease in non-performing loan ratios in key sectors compared to the end of 2023. The "Technology Innovation Engine" has served 21,700 technology enterprises, with a financing exposure of 77.9 billion yuan, reflecting a growth of 9.4% [5][6]. - The company’s loan growth was 14.7% compared to the end of 2023, while deposits grew by 6.9% in Q2 2024. The company is expected to maintain a robust growth trajectory in the coming years, with projected EPS of 2.61, 2.95, and 3.36 yuan for 2024-2026 [6][7]. Financial Summary - For H1 2024, the company reported a revenue increase of 5.4% and a net profit growth of 20.1%. The net interest margin for H1 2024 was 1.42%, down from 1.50% in 2023 [5][6]. - The company’s financial forecasts indicate a revenue of 32.93 billion yuan for 2024, with a year-on-year growth of 3.63%. The net profit is projected to be 11.68 billion yuan, reflecting a growth of 10.37% [7][16]. - The average return on equity (ROE) is expected to be 15.62% in 2024, with a projected decline to 15.59% in 2025 [7][16]. Valuation - The reasonable value range for the company is estimated to be between 15.98 and 17.52 yuan, based on the DDM model and PB-ROE model. This corresponds to a PE ratio of 6.12-6.71 for 2024, compared to a peer average of 4.43 [6][9].

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) [1] Core Insights - Hangzhou Bank reported a revenue of 19.34 billion with a year-on-year growth of 5.4% and a net profit attributable to shareholders of nearly 10 billion, reflecting a year-on-year increase of 20.1% [1][2] - The annualized weighted average return on equity (ROE) stands at 19.48%, up by 0.82 percentage points year-on-year [1] - Non-interest income increased by 14.4% to 7.37 billion, primarily driven by a rise in net other non-interest income [2] - The non-performing loan (NPL) ratio has remained stable at 0.76% for six consecutive quarters, with a strong provision coverage ratio of 545.2% [2] Financial Performance Summary - Revenue growth for the first half of the year was driven by a 5.4% increase in net interest income to 11.97 billion and a 14.4% increase in non-interest income to 7.37 billion [1][2] - The bank's total interest-earning assets and loans grew by 13.8% and 16.5% year-on-year, respectively, indicating a solid expansion in its asset base [1] - The bank's credit quality remains robust, with a provision for credit impairment losses of 3 billion, which is a decrease of 10.6% year-on-year [2] Capital Adequacy and Risk Management - As of the end of Q2, the core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 8.6%, 10.9%, and 12.9%, respectively, showing a slight increase from the previous quarter [2] - The bank's risk-weighted asset growth rate was 8.8%, down by 2.5 percentage points from the previous quarter, indicating effective risk management [2] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 2.93, 3.48, and 4.10 yuan, respectively, reflecting a positive growth outlook [2]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [2] Core Views - Hangzhou Bank's H1 2024 performance shows revenue, PPOP, and net profit attributable to shareholders growing by 5.4%, 5.4%, and 20.1% year-on-year, respectively. The growth rates compared to Q1 2024 changed by +1.86 percentage points, +0.89 percentage points, and -1.05 percentage points [1][9] - Key highlights include significant growth in loan and deposit volumes, with interest-earning assets increasing by 13.8% year-on-year, and loans and investment assets growing by 16.5% and 16.1%, respectively. The bank's non-performing loan ratio remains stable at 0.76% for six consecutive quarters [1][9] - The report emphasizes the narrowing net interest margin and pressure on non-interest income, with net fee and commission income declining by 9.9% year-on-year [1][9] Summary by Sections Financial Performance - H1 2024 revenue growth of 5.4% and net profit growth of 20.1% reflect strong operational performance despite some pressures [1][9] - The bank's total assets grew by 13.79% year-on-year, with loans increasing by 16.47% and deposits by 13.70% [9][12] Asset Quality - The non-performing loan ratio stands at 0.76%, with a provision coverage ratio of 545.17%, indicating strong asset quality management [1][9] - The report notes a slight increase in personal loan risks, with non-performing rates for corporate and retail loans at 0.76% each [1][9] Income Sources - Other non-interest income surged by 28.32%, primarily driven by increased investment income, which rose by 55.40% year-on-year [1][9] - The bank's net interest margin decreased to 1.42%, down 8 basis points from the previous year, influenced by macroeconomic conditions and LPR adjustments [1][9] Profitability Forecast - The forecast predicts net profit growth of 20.38% and 18.29% for 2024 and 2025, respectively, with EPS expected to be 2.80 and 3.34 CNY per share [1][9]

Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, with a closing price of 13.26 yuan on August 28, 2024, corresponding to 0.7 times the estimated price-to-book (PB) ratio for 2024 [2][3]. Core Views - Hangzhou Bank has shown robust growth in scale and excellent asset quality, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 545% [1][2]. - The bank's revenue for the first half of 2024 reached 19.3 billion yuan, reflecting a year-on-year growth of 5.4%, while net profit attributable to shareholders was 10.0 billion yuan, up 20.1% year-on-year [1]. - The bank's net interest income has rebounded, with a growth rate of 0.5% in H1 2024, and other non-interest income has continued to grow rapidly at 28.3% [1]. Summary by Sections Financial Performance - In H1 2024, Hangzhou Bank's total assets, total loans, and total deposits grew by 13.8%, 16.5%, and 13.7% year-on-year, respectively [1]. - The bank's cost-to-income ratio remained low at 24.7% at the end of H1 2024, and asset impairment losses decreased by 26.0% year-on-year [1][2]. Asset Quality - The NPL ratio has remained stable at 0.76% for six consecutive quarters, with a slight decrease in corporate loan NPLs and a minor increase in personal loan NPLs [1]. - The bank's attention and overdue rates were 0.53% and 0.70%, respectively, indicating a relatively low level of asset quality concerns [1]. Future Projections - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 2.89 yuan, 3.32 yuan, and 3.76 yuan, respectively, with a projected growth rate of 19.2% for 2024 [2][3]. - The bank's net interest margin (NIM) is expected to decline gradually from 1.36% in 2023 to 1.11% by 2026, reflecting ongoing pressure on interest rates [27].

Investment Rating - The report maintains an "Outperform" rating for Hangzhou Bank (600926 SH) [1][3] Core Views - Hangzhou Bank's revenue growth accelerated in H1 2024, with operating income reaching 19 3 billion yuan, up 5 4% YoY, an increase of 1 9 percentage points compared to Q1 [1] - Net profit attributable to shareholders reached 10 billion yuan, growing 20 1% YoY, though the growth rate slowed by 1 0 percentage points compared to Q1 [1] - The annualized weighted average ROE stood at 19 5%, up 0 8 percentage points YoY, indicating strong profitability [1] - Net interest income turned positive, growing 0 5% in H1 after a 1 9% decline in Q1, while non-interest income grew 14% YoY [1] - The bank's loan portfolio maintained rapid growth, with total loans reaching 0 9 trillion yuan, up 11 7% from the beginning of the year [1] - Asset quality remained excellent, with a non-performing loan ratio of 0 76%, and the provision coverage ratio stood at 545%, still leading among peers [1] Financial Performance - Total assets reached nearly 2 0 trillion yuan, up 7 8% from the beginning of the year [1] - The net interest margin was 1 42%, down 14bps YoY, mainly due to a 21bps decline in the average interest rate of interest-earning assets [1] - The bank strengthened deposit cost control, with the average interest rate of interest-bearing liabilities decreasing by 10bps YoY [1] - Credit impairment losses decreased by 26% YoY, as financial investment losses were reversed by approximately 1 583 billion yuan [1] Regional Strategy - The bank increased loan distribution in Zhejiang Province outside Hangzhou, with the proportion of loans in non-Hangzhou areas of Zhejiang reaching 37 4%, up 4 3 percentage points from the beginning of the year [1] - The proportion of loans in Zhejiang Province remained stable at 78 4% [1] Future Projections - The report maintains forecasts for net profit attributable to shareholders of 17 4/20 9/24 4 billion yuan for 2024-2026, representing YoY growth rates of 21 1%/20 1%/16 6% [1] - The current stock price corresponds to 2024-2026 PE ratios of 4 5x/3 8x/3 2x and PB ratios of 0 72x/0 62x/0 54x [1] Financial Metrics - EPS is projected to grow from 2 94 yuan in 2024E to 4 11 yuan in 2026E [4] - ROE is expected to increase from 17 2% in 2024E to 18 0% in 2026E [4] - The core tier 1 capital adequacy ratio is forecasted to improve from 8 36% in 2024E to 9 10% in 2026E [4]