Group 1 - The core viewpoint of the article emphasizes the integration of finance and technology innovation under the national "14th Five-Year" technology innovation strategy, with a focus on supporting technology-based enterprises through specialized financial products like "R&D Loan" [1][2] - The beneficiary technology enterprise, established in September 2016, specializes in the research and production of heavy metal treatment agents, showcasing its leading position and innovative strength in the environmental remediation sector [1] - The enterprise has faced financing challenges due to high R&D costs and asset-light operations, necessitating tailored financial solutions to support its growth [2] Group 2 - The successful implementation of the "R&D Loan" reflects the practical application of the "Commercial Bank + Investment Bank" strategy by the bank, providing a comprehensive financial product matrix to meet the diverse needs of technology enterprises at different stages of development [3] - The bank aims to enhance support for private enterprises and contribute to building a competitive technology innovation hub in Hunan [3]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue growth of 0.66% year-on-year for 2024, with a net profit attributable to shareholders increasing by 0.12% year-on-year. The dividend per share is set at 1.06 CNY, resulting in a dividend payout ratio of 28.5%, which is an increase of 0.5% compared to 2023 [2] - Total assets grew by 3.4% year-on-year, with loans increasing by 5.2% year-on-year. The risk-weighted assets saw a growth of 7.33% [2] - The asset quality indicators remained stable, with a non-performing loan ratio of 1.07%, unchanged from the end of 2023. The non-performing loan ratio for corporate real estate increased by 0.85 percentage points year-on-year [3] - The company expects a slight adjustment in profit forecasts for 2025-2026, with projected net profits of 77.9 billion CNY in 2025, 78.6 billion CNY in 2026, and 79.4 billion CNY in 2027, reflecting year-on-year growth rates of 0.96%, 0.8%, and 1% respectively [4] Summary by Sections Revenue and Profit - The company's revenue for 2024 is projected at 212.226 billion CNY, with a growth rate of 0.66%. The net profit attributable to shareholders is expected to be 77.205 billion CNY, with a growth rate of 0.12% [5] Asset Quality - The non-performing loan ratio is stable at 1.07%, with a slight decrease of 1 basis point from the previous quarter. The coverage ratio for provisions is at 237.78%, showing a year-on-year decrease of 7.43 percentage points [3] Profit Forecast - The profit forecast for 2025-2027 indicates a gradual increase in net profit, with corresponding price-to-book ratios of 0.55, 0.51, and 0.48 for the respective years [4][5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 26.01 CNY over the next six months [4]. Core Views - The company reported a revenue growth of 0.66% for 2024, with a pre-provision profit growth of 1.24% and a net profit growth of 0.12%. The fourth quarter saw a significant year-on-year net profit growth of 16.85%, primarily supported by the release of provisions, although tax increases and narrowing interest margins negatively impacted performance [1][10]. - The asset growth remained stable, with total assets increasing by 3.44% year-on-year by the end of 2024. Total loans grew by 5.05%, although corporate loan growth was weak [1][2]. - The bank's net interest margin for the fourth quarter was measured at 1.76%, showing a decline compared to previous periods. The yield on interest-earning assets decreased to 3.62% [3][9]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 212.226 billion CNY in 2024, with a slight increase in net interest income [13]. - The net profit attributable to the parent company was 77.205 billion CNY, reflecting a minimal growth of 0.12% year-on-year [13][10]. Asset and Liability Management - By the end of 2024, the total deposits increased by 7.69%, with retail deposits making up 28.28% of total loans. The trend towards more stable deposits was noted, with a decrease in the proportion of time deposits [2][9]. - The bank's loan structure improved, with corporate loans growing by 8.76% year-on-year, although the fourth quarter saw a decrease in new corporate loans [2][10]. Interest Margin and Non-Interest Income - The net interest margin is under pressure, with a forecasted decline in 2025 expected to be similar to 2024. The bank is focusing on managing deposit costs to stabilize the interest margin [3][10]. - Non-interest income decreased by 4.39% year-on-year in the fourth quarter, primarily due to declines in credit card and agency business revenues [9][10]. Asset Quality - The non-performing loan ratio remained stable at 1.07% by the end of 2024, with a provision coverage ratio of 237.78%, indicating a strong buffer against potential loan losses [9][10]. - The bank's credit quality is expected to improve gradually, with risks from local government bonds and credit cards anticipated to stabilize [10][13].

❑ 精细化经营的推进→锻长板补短板行动升级 吕董事长在致辞中提出，兴业银行要"将金融服务嵌入到一个个消费场景，对每 笔资产和负债业务进行精细化定价，给各家经营机构更多差异化政策"，"不断挖 掘现有 1.1 亿零售客户、150 万企业客户、4000 家同业客户的价值"。未来兴业银 行经营精细化程度有望进一步提升，存量客群盈利贡献有望改善，有助于缩小兴 业银行和头部银行的盈利能力差距。①零售来看，与头部银行招行相比，兴业银 行测算的零售存贷利差差距约在41bp，如假设利差改善至招行水平，以2024A数 据测算，可贡献 3.7%营收和 7.7%利润。②对公来看，与优质银行中信相比，兴 业银行测算的对公存贷利差差距约在 85bp，如假设利差改善至中信水平，以 2024A 数据测算，可贡献 13.6%营收和 28.0%利润。 ❑ 风险曲线掉头向下→不良不确定性改善 此前市场担忧兴业银行未来风险压力较大。吕董事长在发布会中明确提出 "危 机不能浪费，学费不能白交"，未来要"确保风险曲线尽快掉头向下"。2024 年 兴业银行不良压力已经见到改善拐点，随着后续风控机制完善，兴业银行资产质 量不确定性有望改善。兴业银行 24Q ...

2024年末，兴业银行总资产站稳10万亿元台阶，达到10.51万亿元。过去三年，该行总资产接连跨过8万亿元、9万 亿元、10万亿元三个台阶，较2021年末增长22.14%，年化增长率为6.89%。 其中，贷款规模、存款规模双双突破5万亿元大关，分别为5.74万亿元、5.53万亿元，较2021年末增长29.55%、 28.33%。 吕家进表示，做好市值管理需要内外兼修。从外部来看，要增强信心，银行业是典型的顺周期行业，一家银行规 模越大，与宏观经济的联系就越密切。当下，中国经济转型发展迎来积极变化，市场信心增强了，兴业银行做好 市值管理上就有了好的大环境。 在经历了2023年营收、净利润双降的低谷之后，2024年，兴业银行业绩反转，实现"双增"。 该行2024年年度业绩报告显示，报告期内，该行实现营业收入2122.26亿元，同比增长0.66%；实现归属净利润 772.05亿元，同比增长0.12%。 对于市场关注的净息差问题，截至报告期末，兴业银行净息差为1.82%，同比下降11BP，降幅收窄，处于同业较 好水平。 3月28日，在2024年年度业绩说明会上，兴业银行董事长吕家进提到，我国经济正经历前所未有的深刻转 ...

"五大新赛道"布局深化，营收盈利正增长 ——兴业银行（601166.SH）2024 年年报点评 2025 年 3 月 29 日 公司研究 增持（维持） 当前价：21.53 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 市场数据 | 总股本(亿股) | 207.74 | | --- | --- | | 总市值(亿元)： | 4,472.71 | | 一年最低/最高(元)： | 14.39/22.48 | | 近 3 月换手率： | 30.17% | 股价相对走势 营收盈利大幅改善，成本管控成效显著—— 兴业银行（601166.SH）2024 年一季报点评 营收稳增长，息差存韧性——兴业银行 （601166.SH）2023 年年报点评 营收增速平稳，息差韧性较强——兴业银行 （601166.SH）2023 年三季报点评 对公贷款"量价双优"，资产质量持续向好 ——兴业银行（601166.SH）2023 ...

Core Viewpoint - The management of Industrial Bank emphasizes the importance of market value management and internal strength enhancement to achieve valuation recovery, while also preparing for long-term capital market opportunities [1][2] Financial Performance - Industrial Bank plans to distribute a cash dividend of 10.60 yuan per 10 shares, totaling 22.021 billion yuan, with the dividend payout ratio exceeding 30% for the first time [1] - The bank's net interest margin for 2024 is reported at 1.82%, a decrease of 11 basis points year-on-year, while the industry average is 1.52%, down 17 basis points [7] Strategic Adjustments - The bank is transitioning from a high-capital business model to a low-capital driven approach, focusing on customer and liability management rather than high-risk assets [3][4] - The management has identified four key relationships to optimize: potential vs. expansion, liabilities vs. assets, off-balance sheet vs. on-balance sheet, and risk control vs. short-term profit [4][5] Risk Management - The bank's risk management strategy emphasizes maintaining asset quality while navigating a complex risk environment, with expectations of a decrease in new non-performing assets compared to the previous year [7][8] Retail Development - Industrial Bank is enhancing its retail banking capabilities through a systematic approach, establishing five sub-systems to improve customer service and operational efficiency [9] - The bank aims to strengthen its position in technology finance, positioning it as a key growth area alongside its existing business lines [9]

Financial Data and Key Indicators Changes - In 2024, the company's revenue increased by 0.66% year on year, while net profit grew by 0.12% year on year, achieving dual growth [4] - The growth in net profit was primarily due to reductions in risk costs and operating expenses, with impairment provisions and business management fees decreasing by 1.62% and 0.65% respectively [5] - The total assets surpassed RMB 10.5 trillion, with over 70,000 employees and more than 200 operational institutions [15] Business Line Data and Key Indicators Changes - The total number of retail clients reached 110 million, and corporate clients totaled 1.54 million, representing a 9.7% increase compared to the end of 2023 [6] - Wealth management retained a strong market position, with public fund AUM reaching RMB 347.5 billion, up 32.7%, and industrial trust AUM totaling RMB 4 billion, an increase of 118% [7] - The corporate banking closed-loop transaction number was USD 2.3 billion, up by 16% [24] Market Data and Key Indicators Changes - The deposit interest payment rate decreased to 1.98%, down 26 basis points, while the corporate deposit interest payment rate was 1.93%, down by 30 basis points [6] - The low-cost interbank exceeded RMB 800 billion, marking a 20% increase [6] - The company anticipates a further decline in the deposit interest ratio by 24 basis points in 2025 [25] Company Strategy and Development Direction - The company aims to enhance its digital transformation and operational efficiency, focusing on technology finance and aligning with national financial reforms [3][4] - The strategy includes building a wealth management and asset management working team to enhance coordination and drive revenue growth [13] - The company is committed to becoming a value-driven bank, emphasizing strong profitability, deep client collaboration, and low risk costs [4] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by the current economic environment, including weak demand and corporate solvency issues, but expressed confidence in outperforming the market [28][30] - The management highlighted the importance of adapting to changes in the real estate sector and maintaining a balanced approach to risk management [20][22] - The company is focused on enhancing its retail banking business and expects to achieve greater results over the next three years [70] Other Important Information - The company has established a digital operation center to improve client service capabilities and enhance precision marketing [8] - The management emphasized the importance of standardization in data and operational processes to improve efficiency [49][50] - The dividend payout ratio surpassed 30% last year, reflecting the company's commitment to providing returns to investors [73] Q&A Session Summary Question: What is the outlook for technology finance loans and credit loan placement in 2025? - The management highlighted that technology finance loans have surpassed RMB 960 billion with a low NPL ratio of 0.77%, indicating strong growth potential [34] - The company plans to focus on qualitative improvements in credit loan placement, with an emphasis on green finance and inclusive finance [34] Question: How will the company approach AI empowerment in the future? - The Chief Information Officer stated that the company is actively deploying AI strategies to enhance financial innovation and improve service capabilities [60][64] Question: Will the company maintain its dividend payout ratio trend? - The Chairman confirmed that the company is committed to sustaining a dividend payout ratio above 30% and aims to grow together with investors [73]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [3][14]. Core Views - The company's profit growth has rebounded, with a slight increase in dividend levels, indicating a positive outlook for future performance [4][7]. - The bank's total assets grew by 3.4% year-on-year, with loans and deposits increasing by 5.0% and 7.7% respectively, showcasing stable growth [4][8]. - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.07%, reflecting improved asset quality [8][11]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 212.2 billion yuan, a year-on-year increase of 0.66%, and a net profit of 77.2 billion yuan, up 0.12% [4][6]. - The annualized ROE for the company was reported at 9.89% [4]. Revenue and Profitability - The net interest income for 2024 was 148.1 billion yuan, with a year-on-year growth of 1.1% [9][11]. - Non-interest income showed a slight decline of 0.3% year-on-year, indicating stability in revenue streams [7][9]. Asset Quality - The NPL ratio improved to 1.07%, with a coverage ratio of 238%, indicating strong risk mitigation measures [8][11]. - The report notes a decrease in credit impairment losses by 1.6% year-on-year, contributing to the recovery in profit growth [7][9]. Dividend Policy - The company announced a dividend plan of 10.60 yuan per 10 shares, resulting in a cash dividend payout ratio of 30.17%, enhancing the attractiveness of the stock for income-focused investors [4][8]. Future Outlook - The report projects a modest growth in EPS, estimating 3.77 yuan for 2025, 3.93 yuan for 2026, and 4.14 yuan for 2027, reflecting a cautious but positive growth trajectory [7][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next six months [26]. Core Views - The company is projected to achieve positive growth in both revenue and profit for 2024, positioning itself among the top performers in the sector. Key areas such as the "Five New Tracks" are expected to drive rapid growth in corporate loans, while a reduction in deposit costs will support a smaller decline in net interest margins compared to peers. The company's asset quality remains stable despite ongoing risks in sectors like real estate and retail, which are considered manageable [1][17]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 212.23 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.21 billion yuan, reflecting a slight increase of 0.1% [2][3]. - The net interest income grew by 1.1% year-on-year, outperforming peers, primarily due to stable growth in loan volume and a smaller decline in interest margins [3][19]. Revenue and Profit Outlook - For 2025, the company is expected to maintain a trend of slight positive growth in both revenue and profit, driven by stable corporate loan growth aligned with national policy directions and optimized deposit costs [4][17]. Asset Quality - The company's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.07% as of Q4 2024, a slight decrease from the previous quarter. The provision coverage ratio improved to 237.8%, indicating enhanced risk mitigation capabilities [2][11]. Loan and Deposit Dynamics - Total loans increased by 5% year-on-year, with a focus on corporate loans in key strategic areas. The company has also seen a 7.7% increase in total deposits, supported by a significant reduction in deposit costs [10][19]. Non-Interest Income - Non-interest income showed a slight decline of 0.3% year-on-year, but other non-interest income sources maintained a stable growth rate of 9%, helping to offset the decline in fee income [3][8]. Strategic Initiatives - The company continues to enhance its competitive advantages through its three main business lines: green banking, wealth management, and investment banking, with significant growth in green loans and wealth management assets under management [16][17].