兴业银行股份有限公司（以下简称本公司）第八届监事会第二十次会议于 2024 年 5 月 17 日以书面方式发出会议通知，于 5 月 29 日在福州市召开。本次会议应 出席监事 6 名，实际出席监事 6 名，其中 Paul M. Theil、孙铮两位监事以视频接 入方式出席会议，符合《中华人民共和国公司法》和本公司章程的有关规定。 公告编号：临2024-024 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 第八届监事会第二十次会议决议公告 本公司监事会及全体监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。 本次会议由张国明监事主持，审议通过了以下议案并形成决议： 一、关于提名第九届监事会股东监事和外部监事候选人的议案；监事会同意 提名以下人员为第九届监事会股东监事和外部监事候选人，并将提交股东大会逐 一进行选举： 股东监事候选人：余祖盛 外部监事候选人：朱青、孙铮 候选人简历详见附件。 ...

公告编号：临 2024-022 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 关于 2024 年第一期二级资本债券发行情况的公告 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。 经国家金融监督管理总局和中国人民银行批准，兴业银行股份有限公司（以 下简称本公司）于2024年5月22日在全国银行间债券市场成功发行了本公司2024 年第一期二级资本债券。本期债券发行总额为人民币300亿元，债券期限10年， 第5年末附有前提条件的发行人赎回权，票面利率为2.50%。 本次债券募集资金在扣除发行费用后，将依据适用法律和主管部门的批准全 部用于补充本公司二级资本，支持业务持续稳定发展。 特此公告。 兴业银行股份有限公司董事会 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 2024年5月22日 兴业银行股份有限公司 ...

内部编号:2024050058 兴业银行股份有限公司 及其发行的公开发行债券 定期跟踪评级报告 分析师: 李玉鼎 萬嘉博 生工 然 lyd@shxsj.com 葛 亮博 gjb@shxsj.com 评级总监:熊荣萍 12:84 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站:www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co. . Ltd. 评级声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影 响评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务，出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次评级依据评级对象及其相关方提供或已经正式对外公布的信息，相关信息的真实性、准确性和完整性由资 料提供方或发布方负责。本 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue turned positive year-on-year in Q1 2024, with a net profit decline narrowing, indicating stable operational performance [3] - The asset-liability structure continues to optimize, with total assets and liabilities showing steady growth [3] - The company has a stable asset quality with enhanced risk resistance capabilities, as indicated by the non-performing loan ratio remaining steady [3] Financial Performance Summary - For 2023, the company reported operating revenue and net profit of 210.83 billion and 77.12 billion yuan, respectively, with year-on-year changes of -5.19% and -15.61% [3] - In Q1 2024, operating revenue and net profit were 57.75 billion and 24.34 billion yuan, showing year-on-year changes of +4.22% and -3.10% [3] - The weighted ROE for 2023 and Q1 2024 was 10.64% and 3.37%, with year-on-year declines of 3.21 percentage points and 0.36 percentage points [3] - The company plans to distribute a cash dividend of 10.40 yuan per 10 shares, resulting in a cash dividend rate of 29.64% [3] Asset and Liability Structure - Total assets and liabilities for 2023 were 10,158.3 billion and 9,350.6 billion yuan, reflecting year-on-year increases of 9.62% and 9.89% [3] - As of Q1 2024, total assets and liabilities reached 10,257.3 billion and 9,424.1 billion yuan [3] - The company reported a significant increase in corporate loans, with a year-end increase of 217.15 billion yuan and an average new loan interest rate of 4.10% [3] Asset Quality and Risk Management - The non-performing loan ratio remained at 1.07% as of the end of 2023 and Q1 2024, indicating stable asset quality [3] - The provision coverage ratio improved to 245.51% in Q1 2024, up by 0.30 percentage points from the end of 2023 [3] - The company made a provision for potential risks amounting to 16.06 billion yuan in Q1 2024, strengthening its performance foundation [3] Future Earnings Forecast - Projected operating revenues for 2024, 2025, and 2026 are 212.89 billion, 218.94 billion, and 228.28 billion yuan, respectively [5] - Expected net profits for the same years are 77.96 billion, 79.81 billion, and 83.30 billion yuan [5] - The book value per share (BVPS) is forecasted to be 37.63, 41.15, and 44.71 yuan, with corresponding price-to-book (PB) ratios of 0.47, 0.43, and 0.40 [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual report and Q1 2024 report indicate a positive turnaround in revenue, with a year-on-year increase in revenue for Q1 2024, while the decline in net profit is narrowing [1][3] - The company achieved operating revenue and net profit of 210.83 billion and 77.12 billion yuan in 2023, respectively, with year-on-year changes of -5.19% and -15.61%. For Q1 2024, the figures were 57.75 billion and 24.34 billion yuan, with year-on-year changes of +4.22% and -3.10% [3] - The company’s weighted ROE for 2023 and Q1 2024 was 10.64% and 3.37%, showing a year-on-year decrease of 3.21 percentage points and 0.36 percentage points [3] - The non-performing loan ratio remained stable at 1.07% as of the end of Q1 2024, with a provision coverage ratio of 245.51%, an increase of 0.30 percentage points from the end of 2023 [3] Summary by Sections Financial Performance - The company reported total assets and liabilities of 1,015.83 billion and 935.06 billion yuan for 2023, reflecting year-on-year increases of 9.62% and 9.89%. For Q1 2024, total assets and liabilities were 1,025.73 billion and 942.41 billion yuan [3] - The net interest income for Q1 2024 was 37.24 billion yuan, a year-on-year increase of 5.09%, while non-interest income was 20.51 billion yuan, up 2.69% year-on-year [3] Asset Quality - The company’s asset quality remains stable, with a non-performing loan ratio of 1.07% for both 2023 and Q1 2024, and a provision coverage ratio that increased to 245.51% [3] - The company has strengthened its risk resistance capabilities by provisioning 16.06 billion yuan for potential risks in Q1 2024 [3] Future Projections - The company is expected to achieve operating revenues of 212.90 billion, 218.94 billion, and 228.28 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 77.96 billion, 79.81 billion, and 83.30 billion yuan [3] - The book value per share (BVPS) is projected to be 37.63, 41.15, and 44.71 yuan for the same years, with corresponding price-to-book (PB) ratios of 0.47, 0.43, and 0.40 [3]

公告编号：临2024-021 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 本次划转完成后，福建烟草持股 573,954,303 股，占比约 2.76%，福建海晟不 再持股。中国烟草总公司及其关联方合计持有本公司股份 2,055,937,778 股，占 比 9.90%，持股股数和占比保持不变。 特此公告。 兴业银行股份有限公司董事会 2024 年 5 月 9 日 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 关于股东股权无偿划转完成过户登记的公告 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。 兴业银行股份有限公司（以下简称本公司）收到股东中国烟草总公司福建省 公司（以下简称福建烟草）通知，福建烟草与其全资子公司福建烟草海晟投资管 理有限公司（以下简称福建海晟）已于 2024 年 5 月 7 日完成关于本公司人民币普 通股 441,504,000 股的无偿划转过户登记手续。 ...

Investment Rating - The report maintains a "Buy" rating for Industrial Bank (601166) with a target price adjusted to 20.20 CNY [5][3]. Core Insights - The revenue growth for Q1 2024 turned positive at 4.2% year-on-year, with a narrowing decline in net profit, indicating a recovery in profitability [3]. - The net interest margin showed resilience, with a slight decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, standing at 1.87% [3]. - The bank's asset quality remains stable, with a slight increase in the non-performing loan ratio to 1.7% and a rise in the provision coverage ratio [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 213.15 billion CNY, with a slight increase from 210.83 billion CNY in 2023 [4]. - Net profit for 2024 is expected to be 77.77 billion CNY, reflecting a modest increase from 77.12 billion CNY in 2023 [4]. - Earnings per share (EPS) for 2024 is forecasted at 3.54 CNY, slightly up from 3.51 CNY in 2023 [4]. Profitability Metrics - The return on equity (ROE) is projected to decline to 9.45% in 2024 from 10.00% in 2023 [4]. - The net interest income is expected to recover, with a growth forecast of 3.16% in 2024 [7]. - The cost-to-income ratio is anticipated to improve slightly, indicating better operational efficiency [7]. Asset Quality - The non-performing loan balance is projected to increase to 58.49 billion CNY by 2024, with a non-performing loan ratio of 1.35% [7]. - The provision coverage ratio is expected to remain stable, indicating a cautious approach to credit risk management [7]. Market Position - The bank's market capitalization is approximately 341.32 billion CNY, with a current share price of 16.74 CNY [5]. - The stock has shown a 52-week price range of 14.11 to 17.63 CNY, reflecting moderate volatility [5]. Future Outlook - The report adjusts the net profit growth forecast for 2024-2026 to 0.8%, 3.2%, and 9.6% respectively, indicating a gradual recovery trajectory [3]. - The bank's strategy includes active adjustments in deposit structure to mitigate interest margin pressures [3].

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 16.43 [2] Core Insights - The company's revenue growth turned positive in Q1 2024, with a year-on-year increase of 4.4%, reflecting improvements across various income segments [5][9] - Net interest income grew by 5.1% year-on-year, with a narrowing decline in net interest margin compared to the previous year [5][17] - The company is expected to maintain stable growth in net interest income under its "commercial bank + investment bank" strategy, with potential for increased non-interest income from direct financing [7][29] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 221,903 million, Net Profit of 91,377 million - 2023A: Revenue of 210,245 million, Net Profit of 77,116 million - 2024E: Revenue of 214,396 million, Net Profit of 74,771 million - 2025E: Revenue of 214,303 million, Net Profit of 74,757 million - 2026E: Revenue of 214,401 million, Net Profit of 74,751 million [3] - **Key Ratios**: - Return on Equity (ROE) is projected to decline from 14.52% in 2022 to 8.78% by 2026 [3] - Price-to-Earnings (P/E) ratio is expected to be 4.56X in 2024E and 4.57X in 2025E [7] Asset and Liability Structure - The bank's total credit issuance in 2023 was 4,780.5 billion, with Q1 2024 issuance at 863.3 billion, indicating a focus on corporate loans [6][18] - The proportion of loans in interest-earning assets increased to 54.6% in Q1 2024, with corporate loans contributing significantly to new credit [6][19] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.07% in Q1 2024, with a slight decrease in the annualized NPL generation rate to 1.06% [29] - The provision coverage ratio improved to 245.51% in Q1 2024, indicating a robust buffer against potential loan losses [29]

根据年报 详解兴业银行2023年报&2024一季报：一季度营收增速转正、同比+4.4% 兴业银行(601166.SH)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：16.43 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 221,903 210,245 214,396 214,303 214,401 分析师 戴志锋 增长率yoy% 0.9% -5.3% 2.0% 0.0% 0.0% 执业证书编号：S0740517030004 净利润（百万元） 91,377 77,116 74,771 74,757 74,751 Email： daizf@zts.com.cn 增长率yoy% 10.5% -15.6% -3.0% 0.0% 0.0% 每股收益（元） 4.40 3.71 3.60 3.60 3.60 分析师 邓美君 净资产收益率 14.52% 11.25% 10.13% 9.41% 8.78% 执业证书编号：S074051 ...