Investment Rating - The investment rating for the company is "Buy - A" with a target price of 22.40 CNY for the next six months [4]. Core Views - The company's performance in Q1 2024 shows a recovery in growth rates, with revenue increasing by 4.22% year-on-year, and pre-provision profit rising by 7.26%, although net profit attributable to shareholders decreased by 3.10% [1][8]. - The growth in performance is primarily supported by the expansion of interest-earning assets and cost reduction, while narrowing net interest margins and increased provisioning pressures have been a drag on performance [1][2]. Summary by Relevant Sections Financial Performance - As of the end of Q1 2024, the total asset scale of the company grew by 4.38% year-on-year, with a quarterly increase of 989 billion CNY, where credit issuance contributed 85.41% of the increment [2]. - The total loan amount increased by 7.91% year-on-year, with nearly 1900 billion CNY in new loans added in the quarter, achieving about 40% of the annual issuance plan [2]. - The company has increased its focus on corporate loans, with a year-on-year growth of 17.96% in corporate loans (excluding bills) [2]. Interest Margin and Income - The net interest margin for Q1 2024 was 1.87%, with a slight decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, although the decline has narrowed compared to the previous year [3]. - Non-interest income increased by 2.69% year-on-year, with other non-interest income rising by 16.16%, primarily due to favorable market conditions [3]. Future Outlook - The company is expected to maintain stable growth in asset quality while continuing to reduce costs, leading to a gradual narrowing of the interest margin decline [8]. - Revenue growth is projected at 0.25% for 2024, with profit growth expected at 1.04% [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of 20.35 CNY [4][6]. Core Views - The company reported a Q1 2024 revenue of 57.751 billion CNY, a year-on-year increase of 4.22%, with a net profit attributable to shareholders of 24.336 billion CNY, down 3.10% year-on-year [2]. - The bank's net interest income increased by 5.09% year-on-year, driven by the expansion of interest-earning assets, while the net interest margin showed resilience at 1.87% despite a slight decline [2]. - The asset quality remains stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 245.51% as of Q1 2024 [2]. Financial Performance Summary - Q1 2024 revenue: 577.51 billion CNY, up 4.22% year-on-year [2]. - Q1 2024 net profit: 243.36 billion CNY, down 3.10% year-on-year [2]. - Q1 2024 net interest income: 61.98 billion CNY, down 18.99% year-on-year [2]. - Loan balance as of Q1 2024: 55.5 trillion CNY, up 7.91% year-on-year [2]. - Non-performing loan ratio: 1.07%, unchanged from the end of the previous year [2]. Earnings Forecast - Projected revenues for 2024-2026 are 216.27 billion CNY, 225.18 billion CNY, and 235.80 billion CNY, with respective growth rates of 2.58%, 4.12%, and 4.72% [2]. - Projected net profits for 2024-2026 are 79.40 billion CNY, 82.45 billion CNY, and 86.99 billion CNY, with respective growth rates of 2.96%, 3.84%, and 5.52% [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company's revenue growth exceeded expectations, with a year-on-year increase of 4.2% in Q1 2024, while net profit attributable to shareholders decreased by 3.1% year-on-year [3][4]. - The narrowing decline in interest margins and growth in interest-earning assets contributed to the strong revenue performance [4]. - The bank's net interest income rose by 5.1% year-on-year, with loans increasing by 7.8% [4]. - The bank's cost control measures led to a significant reduction in the decline of fee-based income, which fell by 19% year-on-year, a notable improvement [4]. - Non-interest income increased by 16.2% year-on-year, primarily due to higher returns from bond-related financial assets [4]. Summary by Sections Revenue and Profitability - In Q1 2024, the company achieved operating income of 578 billion yuan, a 4.2% increase year-on-year, and a net profit of 243 billion yuan, down 3.1% year-on-year [3][4]. Loan and Deposit Performance - Total assets grew at a rate of 4.4%, with loans increasing by 7.8%. Corporate loans rose by 18% year-on-year, with over 210 billion yuan in new corporate loans issued in Q1 [4]. - Retail loans decreased by 0.6%, primarily due to declines in personal housing and consumer credit [4]. - Deposits increased by 4.8% year-on-year, with a slight decrease of 0.5% quarter-on-quarter, focusing on maintaining scale while reducing costs [4]. Interest Margin and Cost Management - The net interest margin for Q1 2024 was 1.87%, with a decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, benefiting from lower deposit costs [2][4]. - The bank's deposit interest rate fell by 12 basis points year-on-year to 2.12%, indicating effective cost control [2][4]. Asset Quality and Capital Adequacy - The non-performing loan ratio remained stable at 1.07%, with a slight increase in the provision coverage ratio to 246% [2][4]. - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.52%, 10.64%, and 13.70%, respectively [5]. Earnings Forecast - The EPS forecast for 2024 and 2025 has been slightly adjusted to 3.73 yuan and 3.79 yuan, respectively, with an estimated net asset value per share of 36.75 yuan by the end of 2024 [5].

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company achieved a revenue of 57.751 billion yuan in Q1 2024, representing a year-on-year increase of 4.22%. However, the net profit attributable to shareholders decreased by 4.17% to 24.336 billion yuan [1]. - The company's total assets reached 10.26 trillion yuan at the end of Q1 2024, a year-on-year growth of 4.38% [1]. - The net interest margin for Q1 2024 was 1.87%, with a slight decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, indicating a narrowing decline [1]. - Non-interest income increased by 2.69% year-on-year, with significant growth in other non-interest income driven by increased investment returns from bond assets [1]. - The asset quality remained stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 245.51% [1]. Financial Forecasts - The company is expected to achieve net profits of 77.331 billion yuan, 78.478 billion yuan, and 80.932 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 0.3%, 1.5%, and 3.1% [2][5]. - The diluted EPS for the years 2024, 2025, and 2026 is projected to be 3.72 yuan, 3.78 yuan, and 3.90 yuan, respectively [2][5]. - The current price-to-earnings (PE) ratio is 4.4x for 2024, 4.3x for 2025, and 4.2x for 2026, while the price-to-book (PB) ratio is 0.44x for 2024, 0.41x for 2025, and 0.38x for 2026 [2][5].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][9]. Core Views - The company reported a revenue of 57.75 billion yuan in Q1 2024, showing a year-on-year growth of 4.2%, while the net profit attributable to shareholders was 24.34 billion yuan, a decrease of 3.1% year-on-year [3][6]. - The total asset size reached 10.3 trillion yuan by the end of Q1 2024, reflecting a growth of 0.97% since the beginning of the year [3][6]. - The bank's net interest margin slightly decreased by 2 basis points to 1.87% quarter-on-quarter, but the decline is expected to be less severe compared to peers [3][5]. Financial Performance Summary - **Revenue and Profit**: The company achieved a net income of 221.9 billion yuan in 2024E, with a year-on-year growth forecast of 0.9% [2]. The net profit attributable to shareholders is projected to be 91.38 billion yuan in 2024E, with a year-on-year decrease of 15.6% [2]. - **Return on Equity (ROE)**: The ROE is expected to decline to 10.6% in 2024E from 14.6% [2]. - **Earnings Per Share (EPS)**: The diluted EPS is projected to be 4.40 yuan in 2024E, with a slight increase in subsequent years [2]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is forecasted to be 3.7 in 2024E, indicating a relatively low valuation [2]. - **Price-to-Book (P/B) Ratio**: The P/B ratio is expected to be 0.51 in 2024E, suggesting a strong margin of safety in valuation [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 1.07% as of Q1 2024, with a provision coverage ratio of 245.51%, indicating a solid risk management framework [5][6]. - The bank's proactive risk management measures are reflected in the increase of the provision for credit losses by 46% year-on-year [3][5]. Strategic Outlook - The company is focusing on a "commercial bank + investment bank" model to differentiate its operations, aiming for high efficiency and light capital [5]. - The bank plans to enhance its dividend payout ratio, which has increased to 29.64%, highlighting its commitment to returning value to shareholders [5].

[Table_Page] 季报点评|股份制银行Ⅱ 证券研究报告 [兴Table_业Title] 银行（601166.SH） [公Tab司le_I评nves级t] 买入 当前价格 16.17元 营收增速明显回升，利润增速低点已过 合理价值 30.95元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26 ⚫ 兴业银行发布 2024 年一季报，24Q1 营收、PPOP、归母净利润同比 [相Tab对le_P市icQ场uote表] 现 分别增长 4.2%、7.3%、-3.1%，增速较 23 年分别变动+9.42pct、 +13.29pct、+12.51pct，营收增速和 PPOP 增速环比均明显回升。从 2% 业绩驱动来看，规模扩张、其他收支、成本收入比下降、有效税率下降 -2%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -7% 形成正贡献，净息差收窄、净手续费收入、拨备计提等因素形成拖累。 -11% ⚫ 亮点：（1）息差降幅有效收窄。24Q1净息差为1.87%，环比下降2bp， -16% -20% 同比下降10bp，降幅收窄，利 ...

兴业银行（601166.SH）2024年一季报点评 业绩增速触底回升，营收同比+4.2% 2024年04月26日 事件：4月25日，兴业银行发布2024年一季报。24Q1实现营收578亿元， 推荐 维持评级 YoY+4.2%；归母净利润243亿元,YoY-3.1%；不良率1.07%，拨备覆盖率246%。 当前价格： 16.17元 ➢ 业绩增速全面提升。兴业银行24Q1营收同比+4.2%，增速由负转正、较23 年+9.4pct；归母净利润延续负增长，但降幅较 23 年末大幅收窄。具体来看， 24Q1净利息收入同比+5.1%,增速较23年末提升4.2pct。非息收入方面，24Q1 [Table_Author] 其他非息收入同比+16.2%，且是在23Q1的相对高基数上（23Q1YoY+48.2%） 延续两位数增速；24Q1中收同比-19.0%，不过降幅较23年收窄19.4pct，23 年中收降幅较大，在相对低基数下，24年中收虽仍承压，但降幅有望逐渐平缓。 ➢ 结构优化、成本管控有效，支撑净利息收入增速回升。1）资产端结构优化， 24Q1末兴业银行总资产、贷款总额分别同比+4.4%、+7.9%，增速均较23年 末 ...

2024年4月26日 公司研究 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 买入（维持） 要点 当前价：16.17元 事件： 作者 4月25日，兴业银行发布2024年一季报，实现营业收入577.5亿，同比增长4.2%， 分析师：王一峰 实现归母净利润 243.4 亿，同比下滑 3.1%。24Q1 年化加权平均净资产收益率为 执业证书编号：S0930519050002 13.48%，同比下降1.4pct。 010-57378038 wangyf@ebscn.com 点评： 分析师：蔡霆夆 在NIM、非息低基数作用下，业绩增速大幅改善。公司24Q1营收、拨备前利润、 执业证书编号：S0930523110001 归母净利润同比增速分别为4.2%、7.3%、-3.1%，较2023年分别提升9.4、13.3、 021-52523871 12.5pct。其中，净利息收入、非息收入同比增速分别为5.1%、2.7%，较2023年 caitingfeng1@ebscn.com 分别提升4.2、19.3pct。拆分盈利同比增速结构，规模扩张、所得税为主要贡献分 市场数据 项，分别 ...

Investment Rating - The report maintains a "Buy" rating for the company, reiterating the positive outlook based on the company's performance and future growth potential [3][6] Core Views - The company's revenue growth turned positive in 1Q24, exceeding expectations, driven by better-than-expected interest income and non-interest income [4] - The company's loan growth slowed as expected, but corporate lending performed well in terms of both volume and pricing, with a new loan average interest rate of 4.1% [4] - The company's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.07% and a provision coverage ratio of 245.5% in 1Q24 [6] - The company's deposit cost decreased by 12bps to 2.12% in 1Q24, contributing to a stable net interest margin (NIM) of 1.87% [4] Financial Performance - In 1Q24, the company reported a revenue of RMB 57.751 billion, a 4.2% year-over-year (YoY) increase, and a net profit attributable to shareholders of RMB 24.336 billion, a 3.1% YoY decline [3] - The company's net interest income grew by 5.1% YoY in 1Q24, contributing 3.3 percentage points to revenue growth, while non-interest income increased by 2.7% YoY, contributing 1 percentage point [4] - The company's return on equity (ROE) for 1Q24 was 3.4%, with an expected ROE of 9.9% for 2024E [3] Loan and Deposit Structure - In 1Q24, the company's total loans increased by 1.6% quarter-over-quarter (QoQ) to RMB 5.547 trillion, while total deposits decreased by 0.6% QoQ to RMB 5.104 trillion [12] - Corporate loans accounted for 61.0% of total loans in 1Q24, up from 58.0% in 4Q23, while retail loans decreased to 35.1% of total loans [8] - The company's loan-to-deposit ratio (LDR) increased to 108.69% in 1Q24, up from 106.30% in 4Q23 [12] Asset Quality and Risk Management - The company's NPL ratio remained stable at 1.07% in 1Q24, with a provision coverage ratio of 245.5%, up 0.3 percentage points from the previous quarter [6] - The company's credit cost in 1Q24 was 0.32%, a decrease of 7bps from the previous quarter, reflecting proactive risk management and increased provisioning [12] Future Outlook - The company is expected to achieve a net profit attributable to shareholders of RMB 77.320 billion in 2024E, with a YoY growth rate of 0.3%, and RMB 86.609 billion in 2026E, with a YoY growth rate of 7.3% [3] - The company's net interest margin (NIM) is expected to stabilize, with a projected NIM of 1.59% for 2024E and 1.50% for 2026E [13] - The company's loan growth is expected to remain strong, with total loans projected to reach RMB 7.072 trillion by 2026E, a 9.0% annual growth rate [13]

公告编号:临 2024-020 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 关于给予厦门国际银行股份有限公司 关联交易额度的公告 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： ●交易内容 兴业银行股份有限公司（以下简称本公司）第十届董事会第二十三次会议审 议同意给予厦门国际银行股份有限公司（以下简称厦门国际银行）授信类关联交 易额度人民币220亿元，非授信类关联交易额度人民币172亿元，有效期3年。 ●上述日常关联交易是本公司日常业务中所发生的交易，不会对本公司本期 及未来的财务状况产生不利影响，不影响本公司的独立性。 ●上述日常关联交易无需提交股东大会审议。 董事会对关联交易议案的表决情况：同意11票，反对0票，弃权0票，关联董 事陈躬仙先生回避表决。 本公司全体独立董事对上述关联交易事项发表了独立意见，认为上述关联交 易事项属于本公 ...