Investment Rating - The report maintains a "Buy" rating for Industrial Bank (601166) [1] Core Views - Industrial Bank's performance in 2024 showed a recovery in growth, with revenue increasing by 0.7% YoY to RMB 212.2 billion and net profit attributable to shareholders growing by 0.1% YoY to RMB 77.2 billion [4] - The bank's asset quality remained stable, with the non-performing loan (NPL) ratio decreasing by 1bp QoQ to 1.07% and the provision coverage ratio increasing by 4.2pct QoQ to 237.8% [4] - The bank's performance exceeded expectations, with management focusing on stabilizing performance and optimizing structure [5][8] Financial Performance and Forecast - Industrial Bank's operating income for 2024 is expected to reach RMB 212.2 billion, with a YoY growth of 0.7% [7] - Net profit attributable to shareholders is forecasted to grow by 0.1% YoY to RMB 77.2 billion in 2024, with further growth expected in 2025 and 2026 at 0.9% and 3.8% respectively [7][8] - The bank's loan growth slowed to 5.1% in 4Q24, while deposit growth accelerated to 7.7%, providing room for optimizing liability structure and reducing costs [8] Asset Quality and Strategy - Industrial Bank's asset quality remained stable, with the NPL ratio at 1.07% and provision coverage ratio at 237.8% in 4Q24 [4][8] - The bank is focusing on optimizing its credit structure, including reducing bill financing, cautious retail lending, and emphasizing key areas such as the five new strategic sectors [8] - The bank's deposit growth outpaced loan growth, providing opportunities to further reduce liability costs [8] Valuation and Peer Comparison - Industrial Bank's current price corresponds to a 2025E P/B ratio of 0.5x, which is lower than the A-share banking sector average of 0.62x [1][13] - The bank's dividend yield is 5.25%, which is higher than the A-share banking sector average of 4.7% [1][13] - Industrial Bank's ROE is expected to be 9.88% in 2024, slightly below the A-share banking sector average of 10.5% [7][13]

Investment Rating - The investment rating for the company is "Buy" with a current price of 19.80 CNY and a fair value of 29.37 CNY [4]. Core Views - The company's revenue growth remains resilient, with a year-on-year increase of 0.7% for 2024, although this is a decline of 1.1 percentage points compared to the first three quarters of 2024. The net profit attributable to shareholders increased by 0.1% year-on-year, showing a recovery of 3.1 percentage points compared to the previous quarters [8]. - The company is expected to benefit from good growth in interest-earning assets, effective control of net interest margin decline, narrowing declines in fee income, stable investment income growth, and reasonable control of expenses [8]. - The asset quality remains stable, with a non-performing loan ratio of 1.07%, unchanged from the previous year, and a provision coverage ratio of 237.78%, which has increased by 4.24 percentage points from the previous quarter [8]. Summary by Sections Financial Performance - For 2024, total assets and loans increased by 3.5% and 5.1% year-on-year, respectively. The company is expected to allocate a significant amount to investment-type assets in Q4 2024, with an estimated total asset increase of approximately 203.3 billion CNY [8]. - The company’s total liabilities and deposits grew by 2.9% and 7.7% year-on-year, respectively, with deposits contributing significantly to the increase [8]. Profitability Forecast - The company’s net profit growth is projected to be 1.28% and 1.73% for 2025 and 2026, respectively, with earnings per share (EPS) expected to be 3.56 CNY and 3.62 CNY [8]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 5.56X and 5.46X for 2025 and 2026, respectively, and a price-to-book (PB) ratio of 0.50X and 0.47X for the same years [8]. Asset Quality - The company’s non-performing loan balance is projected to increase to 61.4 billion CNY by 2026, with a stable non-performing loan ratio expected to remain around 1.07% [8]. - The provision for loan losses is expected to increase, enhancing the company's risk mitigation capabilities [8].

Investment Rating - The investment rating for Industrial Bank is not explicitly stated in the provided documents, but the report indicates a positive outlook on profit growth and asset quality improvements [1][4]. Core Insights - Industrial Bank reported a revenue decline of 3.1% year-on-year for Q4 2024, while the net profit attributable to the parent company increased by 16.9% year-on-year, marking a recovery from a negative growth rate of -10.4% in Q3 2024 [1][4]. - For the full year 2024, revenue growth was 0.66% year-on-year, and net profit attributable to the parent company grew by 0.12%, reversing a previous negative trend [1][4]. - The return on equity (ROE) for 2024 decreased by 0.75% to 9.98%, and earnings per share (EPS) remained unchanged at 3.51 [1][4]. - Loan growth was reported at 5.1% compared to the end of 2023, which is a decline from 9.6% year-on-year growth in the previous year. Deposit growth was 7.7%, down from 8.9% year-on-year [2][6]. - The non-performing loan (NPL) ratio decreased slightly to 1.07%, and the provision coverage ratio improved to 237.78%, reflecting better asset quality [2][6]. Summary by Sections Financial Performance - Q4 2024 revenue decreased by 3.1% YoY, while net profit attributable to the parent increased by 16.9% YoY, recovering from a -10.4% growth in Q3 2024 [1][4]. - For 2024, revenue growth was 0.66% YoY, and net profit growth was 0.12% YoY, reversing a previous negative trend [1][4]. - ROE decreased by 0.75% to 9.98%, and EPS remained at 3.51 [1][4]. Asset Quality - Loan growth was 5.1% compared to the end of 2023, down from 9.6% YoY growth [2][6]. - Deposit growth was 7.7%, a decrease from 8.9% YoY [2][6]. - NPL ratio decreased to 1.07%, and provision coverage ratio increased to 237.78% [2][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.71 [8][10]. Core Views - The company's operating performance has stabilized, with revenue and net profit for 2024 expected to grow by 0.66% and 0.12% year-on-year, respectively, indicating a recovery compared to previous quarters [1][2]. - The asset quality is improving, with a non-performing loan (NPL) ratio of 1.07% at the end of 2024, which is consistent with the beginning of the year and shows a slight decrease from the previous quarter [3][19]. - The company has a clear development strategy focusing on "green banking, wealth management, and investment banking," which is expected to support its valuation premium [5][21]. Summary by Sections Financial Performance - For 2024, total assets, loans, and deposits are projected to grow by 3.5%, 5.1%, and 7.7% year-on-year, respectively, indicating continuous growth in scale [2][19]. - The company reported a stable dividend per share, with a dividend payout ratio increasing to 29.64% in 2023, and a dividend yield of approximately 5.25% as of January 15 [4][21]. Asset Quality - The company has maintained a robust provision coverage ratio of 238% at the end of 2024, reflecting a strong buffer against potential loan losses [3][19]. - The gradual improvement in asset quality is expected to allow the company to manage expenses effectively and balance impairment provisions, thereby supporting profit release [3][19]. Valuation Metrics - The forecasted earnings per share (EPS) for 2024 and 2025 are RMB 3.72 and RMB 3.72, respectively, with a projected book value per share (BVPS) of RMB 39.56 for 2025, corresponding to a price-to-book (PB) ratio of 0.50 [5][21]. - The report suggests a target PB ratio of 0.60 for 2025, reflecting the company's strategic clarity and expected valuation premium compared to peers [5][14].

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][21]. Core Views - The company's net profit attributable to shareholders for 2024 is expected to grow by 0.12% year-on-year, indicating a return to positive profit growth primarily driven by provisioning [4][8]. - Revenue growth remains under pressure, with a projected increase of 0.66% year-on-year for 2024, affected by narrowing interest margins and adjustments in existing mortgage loans [8]. - The company's total assets are expected to grow by 3.47% year-on-year by the end of 2024, with loan balances increasing by 5.05% [4][8]. - The deposit total is projected to increase by 7.69% year-on-year by the end of 2024, maintaining a steady growth rate [8]. - The non-performing loan (NPL) ratio is expected to decrease to 1.05% by the end of 2024, indicating an improvement in asset quality [8][18]. - The company aims to create a differentiated business model through a "commercial bank + investment bank" strategy, highlighting a dividend yield of 5.25% [8]. Financial Summary - For the fiscal year 2024, the company anticipates a net interest income of 152,455 million yuan, with a net profit of 78,201 million yuan [18]. - The projected earnings per share (EPS) for 2024 is 3.76 yuan, with expected growth rates of 1.4% for 2024, 5.5% for 2025, and 7.8% for 2026 [8][19]. - The price-to-earnings (P/E) ratio is expected to be 5.3 for 2024, while the price-to-book (P/B) ratio is projected to be 0.54 [8][19].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's net profit for 2024 is expected to grow by 0.1% year-on-year, marking a turnaround from a 3% decline in the first three quarters of 2024 [2][5] - Revenue for 2024 is projected to increase by 0.7% year-on-year, although this represents a decline of 1.1 percentage points compared to the growth rate in the first three quarters [2] - The non-performing loan (NPL) ratio at the end of 2024 is forecasted to be 1.07%, a decrease of 1 basis point from the end of the third quarter [4] - The provision coverage ratio is expected to rise to 238% by the end of 2024, an increase of 4 percentage points from the previous quarter [4] Summary by Sections Profitability and Revenue - The company's net profit growth is attributed to improved credit impairment pressures due to the resolution of non-performing assets, while revenue growth is hindered by lower mortgage interest rates and industry-wide margin compression [2][5] Loan Performance - As of the end of Q4 2024, the loan balance is projected to decrease by 0.1% compared to Q3 2024, indicating weakened loan growth momentum due to proactive bill discounting and loan structure optimization [3] - The total amount of non-performing loans is expected to decline by 1% quarter-on-quarter, reflecting improved asset quality driven by the resolution of hidden debts [4] Earnings Forecast and Valuation - The forecast for net profit for 2025 and 2026 is a slight increase of 0.03% and 1.43% respectively, with corresponding book values per share (BPS) of 39.29 and 41.81 yuan [5] - The current price corresponds to a price-to-book (PB) ratio of 0.50 for 2025 and 0.47 for 2026, with a target valuation of 0.70x PB for 2024, leading to a target price of 25.82 yuan per share, indicating a potential upside of 30% [5]

Financial Performance - The total operating income for 2024 reached RMB 212.226 billion, a year-on-year increase of 0.66% compared to RMB 210.831 billion in 2023[3] - The net profit attributable to shareholders of the parent company was RMB 77.205 billion, reflecting a slight increase of 0.12% from RMB 77.116 billion in the previous year[3] - The basic earnings per share for 2024 was RMB 3.51, consistent with the previous year[3] - The weighted average return on equity decreased to 9.89%, down 0.75 percentage points from 10.64% in 2023[3] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 10.510731 trillion, representing a growth of 3.47% from RMB 10.158326 trillion at the end of 2023[3] - The balance of various loans reached RMB 5.74 trillion, an increase of 5.05% compared to the previous year[5] - The total liabilities stood at RMB 9.62 trillion, up 2.85% from the previous year, with total deposits increasing by 7.69% to RMB 5.53 trillion[5] Loan Quality - The non-performing loan ratio remained stable at 1.07%, unchanged from the end of the previous year[5] - The provision coverage ratio decreased to 237.78%, down 7.43 percentage points from the previous year[4] Reporting Notes - The company emphasizes that the reported data is preliminary and may differ from the final annual report, with expected discrepancies not exceeding 10%[6]

Group 1 - The core viewpoint of the news is that Industrial Bank (601166) reported its 2024 annual performance, showing slight growth in revenue and net profit [1] - For the year 2024, the company's operating income reached 212.23 billion yuan, representing a year-on-year increase of 0.66% [1] - The net profit attributable to shareholders of the parent company was 77.21 billion yuan, with a year-on-year growth of 0.12% [1] Group 2 - As of the end of 2024, the company's total assets amounted to 10.51 trillion yuan, reflecting a growth of 3.47% compared to the end of the previous year [2] - The balance of various loans was 5.74 trillion yuan, which increased by 5.05% year-on-year [2] - The total liabilities reached 9.62 trillion yuan, up by 2.85% from the previous year, with total deposits of 5.53 trillion yuan, marking a 7.69% increase [2] Group 3 - The company's non-performing loan balance was 61.48 billion yuan, which increased by 2.99 billion yuan compared to the end of the previous year [2] - The non-performing loan ratio remained stable at 1.07%, unchanged from the end of the previous year [2] - The provision coverage ratio was 237.78%, showing a decrease of 7.43% from the previous year [2]

公告编号：临2025-001 A股代码：601166 A股简称：兴业银行 可转债代码：113052 可转债简称：兴业转债 优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 兴业银行股份有限公司 关于可转债转股结果暨股份变动的公告 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。 重要内容提示： 累计转股情况：截至 2024 年 12 月 31 日，累计已有人民币 2,848,000 元 兴业转债转为本公司 A 股普通股，因转股形成的股份数量累计为 117,355 股，占兴业转债转股前本公司已发行普通股股份总额的 0.00056%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的兴业转债金额 为人民币 49,997,152,000 元，占兴业转债发行总量的比例为 99.99430%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，共有 人民币 143,000 元兴业转债转为本公司 A 股普通股，因转股形成的股份数 量为 ...

Product Launch - The company officially launched the "Xingfulong" series of standard cards, including debit and credit cards, covering all customer segments [1] - The "Xingfulong" series integrates cultural symbolism, technological innovation, and diverse benefits, marking a strategic upgrade in brand, product innovation, and services [1] Product Features - The "Xingfulong" debit card supports digital services such as electronic social security cards, medical insurance electronic vouchers, digital RMB wallets, and personal pension accounts [8] - The debit card also offers fee waivers for the first three domestic cross-bank ATM withdrawals per month and new card issuance or replacement fees [12] - The credit card features various promotional activities, including "New User Cashback" and "Spending Threshold Lottery," as well as special offers like "6 RMB Coffee on Tuesdays" and "Half-Price Dining on Saturdays" [9] Design and Aesthetics - The "Xingfulong" debit card series includes standard silver, gold, platinum, black gold, and private banking cards, each with unique designs reflecting the "Xingfulong" IP image [6] - The credit card series includes standard, gold, platinum (elite), and platinum (standard) cards, with designs that incorporate the company's brand genes and cultural characteristics [7][11] Environmental and Social Responsibility - The "Xingfulong" debit card promotes green financial behaviors such as online transfers and payments, and supports the application for digital cards and personal carbon accounts [15] - The credit card is made from R-PVC eco-friendly materials, partially sourced from recycled materials, reflecting the company's commitment to green finance [16] Customer Experience - Customers can apply for the "Xingfulong" cards through both offline and online channels, with the option to apply for debit and credit cards separately or as a combined "debit-credit card set" [18] - The "Xingfulong" credit card offers premium services such as domestic airport VIP services, health check-ups, and dental care for platinum cardholders [17] Brand Strategy - The "Xingfulong" IP image is deeply integrated into the company's financial products and services, aiming to enhance customer relationships and improve financial service experiences [19] - The company plans to further incorporate the "Xingfulong" IP into more financial products and services, using it as a way to convey financial warmth and create more positive experiences for customers [5]