Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has returned to positive profit growth, with a focus on risk reduction and increased dividends, showcasing a stable high dividend yield [1][6] - In 2024, the company achieved revenue of 212.2 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.2 billion yuan, up 0.1% year-on-year [4][6] - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.07% in Q4 2024, while the provision coverage ratio increased by 4.2 percentage points to 238% [4][6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 210.8 billion yuan in 2023 to 215.7 billion yuan in 2025, with a compound annual growth rate (CAGR) of 1.64% [5] - The net profit attributable to shareholders is expected to increase from 77.2 billion yuan in 2024 to 78.5 billion yuan in 2025, reflecting a growth rate of 1.67% [5] - The return on equity (ROE) is forecasted to decline slightly from 9.89% in 2024 to 9.37% in 2025 [5] Revenue and Profitability Analysis - Net interest income continues to grow steadily, contributing positively to revenue, with a 1.1% year-on-year increase in 2024 [6][8] - The company’s non-interest income decreased by 0.3% in 2024, primarily due to a 13% decline in fee income [6][8] - The cost-to-income ratio is expected to improve, with a projected decrease from 29.97% in 2023 to 29.50% in 2024 [13] Asset Quality and Risk Management - The company’s asset quality is showing steady improvement, with a projected NPL generation rate of 0.93% for 2024, down from 1.08% in 2023 [9][11] - The company has maintained a strong provision coverage ratio, indicating a robust buffer against potential loan losses [9][11] - The company’s focus on key sectors such as technology, green finance, and inclusive finance is expected to drive loan growth in 2025 [6][10] Dividend Policy - The dividend payout ratio has increased to over 30%, marking 15 consecutive years of dividend growth, with an expected dividend yield of 4.93% in 2025 [6][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 25.72 [8] Core Views - The company's net profit, revenue, and PPOP for 2024 are expected to grow by 0.1%, 0.7%, and 1.4% year-on-year, respectively, showing a recovery in profit growth and improvement in debt costs [1][3] - The company plans to distribute a dividend of RMB 1.06 per share for 2024, with a dividend payout ratio of 30.17%, indicating a continuous increase in dividend rates and a strong dividend yield of 4.93% [1][8] Summary by Sections Profitability and Revenue Growth - The company's net profit for 2024 is projected at RMB 77.205 billion, with a slight increase of 0.12% compared to 2023 [33] - Revenue for 2024 is expected to be RMB 212.226 billion, reflecting a growth of 0.66% year-on-year [33] Asset and Deposit Growth - By the end of 2024, total assets, loans, and deposits are expected to grow by 3.4%, 5.0%, and 7.9% year-on-year, respectively [2] - The company has focused on optimizing its loan structure, resulting in a decrease in bill assets and a significant increase in corporate deposits [2] Cost and Efficiency Improvements - The net interest margin for 2024 is projected at 1.82%, with a decrease in the cost of interest-bearing liabilities and deposit costs compared to 2023 [3] - The cost-to-income ratio is expected to improve to 29.5%, indicating enhanced operational efficiency [3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio is expected to remain stable at 1.07% for 2024, with an improved provision coverage ratio of 238% [4] - Credit card risk is showing signs of improvement, with a decrease in both the NPL and overdue rates [4] Valuation Metrics - The report forecasts a price-to-book (PB) ratio of 0.60 for 2025, with a target PB of 0.65, reflecting a premium valuation due to the company's clear development strategy [5][27] - The estimated earnings per share (EPS) for 2025 is projected at RMB 3.74, with a corresponding price-to-earnings (PE) ratio of 5.75 [33]

Core Viewpoint - In 2024, Industrial Bank achieved a turnaround with a slight increase in revenue and net profit after experiencing declines in 2023, indicating a recovery in financial performance [1][2]. Financial Performance - The bank reported operating income of 212.23 billion yuan, a year-on-year increase of 0.66% [1][2]. - Net profit attributable to shareholders reached 77.21 billion yuan, reflecting a 0.12% growth compared to the previous year [1][2]. - Total assets stood at 10.51 trillion yuan, up 3.44% from the end of the previous year [1][2]. Revenue Breakdown - Net interest income was 148.11 billion yuan, increasing by 1.09% year-on-year, driven by stable growth in average interest-earning assets [2]. - Non-interest income was 64.12 billion yuan, a decrease of 0.32%, primarily due to regulatory impacts on insurance and a decline in fee income [2]. Asset Quality - Non-performing loan (NPL) balance was 61.48 billion yuan, with an NPL ratio of 1.07%, remaining stable compared to the previous year [5][6]. - The bank's provision coverage ratio was 237.78%, down 7.43 percentage points from the previous year [5]. Retail Lending - Personal mortgage loans amounted to 1.09 trillion yuan, up 1.08% year-on-year [3]. - Personal consumption loans increased by 13.18% to 97.31 billion yuan [3]. - Personal business loans grew by 8.12% to 351.85 billion yuan [3]. Dividend Policy - The bank plans to distribute a dividend of 1.06 yuan per share, marking a payout ratio of 30.17%, the first time exceeding 30% [1][8]. - A 2025 valuation enhancement plan was announced, aiming to increase dividend frequency and maintain predictable shareholder returns [8]. Management Compensation - Total compensation for directors and senior management decreased by 15.93% to 16.33 million yuan [7]. - The bank implemented cost control measures, including a reduction in employee salaries [7].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The asset quality indicators of the company have improved sequentially, with a slight increase in the dividend payout ratio to 30.2% [1] - The company's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth, while revenue increased by 0.7% year-on-year, although the growth rate declined by 1 percentage point sequentially [2] - The significant improvement in impairment losses has supported profitability, with a 1.6% year-on-year decrease in impairment losses for 2024, contrasting with a 14.3% increase in the first three quarters [2] - The net interest margin showed resilience, decreasing by only 1 basis point to 1.56% in Q4 2024, better than expected due to improved funding costs [3] - The company's asset quality is showing a positive turning point, with a non-performing loan (NPL) ratio of 1.07% at the end of Q4 2024, down 1 basis point from Q3 2024 [4] - The dividend payout ratio has slightly increased, reinforcing the dividend logic, with a dividend yield of 4.93% as of March 27, 2025 [5] - Profit forecasts indicate a net profit growth of 0.42%/4.45%/5.46% for 2025-2027, with a target price of 25.82 CNY per share, implying a 20% upside from the current price [6] Summary by Sections Financial Overview - The company's total revenue for 2024 was 212,226 million CNY, with a year-on-year growth of 0.66% [12] - The net profit attributable to shareholders for 2024 was 77,205 million CNY, reflecting a year-on-year increase of 0.12% [12] - The company reported a non-performing loan balance of 61,477 million CNY, with a non-performing loan ratio of 1.07% [13] Asset Quality - The NPL ratio improved to 1.07% at the end of Q4 2024, with a real NPL generation rate decreasing by 19 basis points to 1.40% [4] - The company has seen a significant improvement in credit card risk, while real estate risk remains a concern [4] Profitability and Valuation - The company is expected to maintain a net interest margin under pressure but is projected to perform better in 2025 compared to 2024 due to effective cost control [3] - The forecasted earnings per share (EPS) for 2024 is 3.51 CNY, with projected growth in subsequent years [14]

投资要点 兴业银行资产质量指标环比改善，分红比例小幅提升至30.2%。 数据概览 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。 2024 年末不良率1.07%，环比24Q3 末下降1bp，拨备覆盖率238%，环比24Q3 末上升4pc。 减值改善支撑盈利 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。利 润增速回正，主要得益于减值损失的显著改善。 24A 兴业银行减值损失同比下降1.6%，而前三季度减值损失同比增长14.3%。减值损失改善背后，得益 于不良生成水平的下降，和存量不良清收力度加大。24A真实不良TTM 生成率环比下降19bp；兴业银 行2024 年账销案存清收144.71 亿元，同比增长1.75%。展望未来，兴业银行营收仍面临一定压力，未来 趋势仍需观察，主要考虑：息差仍有收窄压力、债市波动拖累投资收益。 资产质量拐点向好 兴业银行24Q4 末不良率、关注率环比分别-1bp、-6bp 至1.07%、1.71%，24Q4 真实不良TTM 生成率环 比下降19bp 至1.40%，资产 ...

Core Viewpoint - The independent director of Industrial Bank has provided a comprehensive report on the performance and responsibilities undertaken in 2024, emphasizing the importance of independent oversight, risk management, and sustainable development practices within the bank [1][2]. Group 1: Independent Oversight and Responsibilities - The independent director has attended all 8 board meetings in 2024, actively participating and providing independent opinions on various strategic issues, including business transformation and risk management [2][3]. - The director has conducted self-assessments to ensure independence and compliance with regulations, confirming no conflicts of interest with the bank or its major shareholders [2][10]. Group 2: Risk Management and Strategic Recommendations - Recommendations were made to enhance risk management practices, particularly in government bond management and subsidiary oversight, to mitigate risks and improve asset quality [2][7]. - The director emphasized the need for the bank to integrate ESG principles into its operations and to explore sustainable development strategies that align with national policies [2][7]. Group 3: Committee Involvement and Performance Evaluation - The director chaired the Compensation and Assessment Committee, overseeing the evaluation of executive performance and compensation structures, ensuring alignment with regulatory standards [3][6]. - Participation in the Audit and Related Party Transactions Control Committee involved reviewing financial reports and internal controls, with a focus on improving cost-to-income ratios and enhancing non-interest income [8][9]. Group 4: Engagement with Shareholders and Stakeholders - The director attended the annual shareholders' meeting and performance briefings, ensuring compliance with legal and regulatory requirements while advocating for the rights of minority shareholders [8][10]. - Engagement in various thematic research and discussions has provided insights into the bank's operational challenges and opportunities, contributing to informed decision-making at the board level [9][11]. Group 5: Overall Performance Assessment - The independent director's performance has been characterized by diligence and adherence to governance standards, with no instances of improper conduct or conflicts of interest reported [11].

兴业银行独立董事 2024 年度述职报告 徐 林 2024 年，本人作为兴业银行独立董事，秉持独立、客观、专 业的原则，积极参加董事会、相关委员会会议及董事会组织的其 他各项活动，切实保障股东权益和推动银行稳健发展。现将 2024 年度工作情况报告如下： 一、个人基本情况 本人自 2021 年 7 月起担任兴业银行独立董事。本人现任全 联并购公会党委书记兼常务副会长，中美绿色长三角（上海）私 募基金管理有限公司董事长，湖南华曙高科技股份有限公司董事， 北京银行股份有限公司监事，国民养老保险股份有限公司独立董 事，中美绿色基金管理有限公司董事长，北京通慧绿智企业管理 中心（有限合伙）执行事务合伙人，南京龙鹰绿色管理服务有限 公司执行董事，中美绿色聚源（南京）投资管理有限公司董事长， 上海美信综能电力发展有限公司董事长，北京多木林绿色技术发 展有限公司执行董事，浙江振申绝热科技股份有限公司董事，上 海百奥恒新材料有限公司董事，中国石油化工股份有限公司独立 董事，上海美和安新能源科技有限公司董事，中国城市科学研究 会监事长，北京绿色金融协会理事长，盘古智库学术委员会主任 委员，清华大学中国发展规划研究院高级研究员。 ...

截至2024年末，该行贷款余额达到5.74万亿元，增长5.05%；各项存款余额5.53万亿元，较上年末增长 7.69%，规模位列股份行第二。 这意味着兴业在打造价值银行、重塑价值创造模式的过程中取得了初期成效。近年来，该行聚焦落 实"轻资产、轻资本、高效率"目标，从"高收益资产-高成本负债"组合转向"低成本负债-稳收益资产"组 合，通过做强负债、做优资产，获取综合效益。 负债端，在去年第三季度业绩说明会上，该行重提"存款立行"原则。通过拓展结算性存款和落实利率定 价自律机制要求，加强手工补息治理，下调存款挂牌利率，实现稳存款规模、降存款成本目标。财报显 示，该行存款付息率1.98%，同比下降了26个基点。 资产端，科技、绿色、普惠及大规模设备更新等重点领域贷款分别较2023年末增长20.68%、19.64%、 10.97%和41.45%。零售方面，个人按揭贷款较上年末增加116亿元，个人经营贷、消费贷（境内银行） 分别较2023年末增长8.12%、13.18%。 值得注意的是，同日，该行还公布了《2024年年度利润分配预案公告》和《关于2025年度估值提升计划 的公告》，在估值计划中提出2025年或将择机启动 ...

降本、增效。 3月27日晚间，兴业银行公布2024年度业绩报告。 在经历了2023年营收、净利润双降的低谷之后，2024年，兴业银行迎来了V形反转，去年实现营业收入 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%。截至去年底，兴业银行 总资产10.51万亿元，较上年末增3.44%。过去三年，兴业银行的总资产接连跨过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%。 另外，经董事会审议，兴业银行计划每股分红1.06元，分红占归属净利润30.17%，首次超过30%。 营收、净利润"双微增" 具体来看，报告期内，兴业银行实现营业收入2122.26亿元，其中，利息净收入同比增长 贷款总额为5.74万亿元，较上年末增加2757亿元。企金方面，去年，兴业银行加大了科技、绿色、普惠 及大规模设备更新等重点领域资产投放力度，贷款规模分别较上年末增长20.68%、19.64%、10.97%和 41.45%。零售方面，兴业银行的个人按揭贷款较上年末增加116亿元，个人经营贷、消费贷（境内银 行）分别较上年末增长8.12%、13.18%。 ...

公告编号：临2025-009 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 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。 ??每股派发现金红利人民币1.06元（含税）。 重要内容提示： ??本次利润分配以实施权益分派股权登记日登记的本公司普通股总股本为基 数，具体股权登记日期将在权益分派实施公告中明确。在实施权益分派的股权登记 日前本公司总股本发生变动的，拟维持每股分配金额不变，相应调整分配总额，并 在权益分派实施公告中披露。 ??不触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项规定 的可能被实施其他风险警示的情形。 一、利润分配预案 （一）利润分配预案的具体内容 截至 2024 年 12 月 31 日，兴业银行股份有限公司（以下简称本公司）经毕马威 华振会计师事务所（特殊普通合伙）审计的母公司报表中期末未分配利润为人民币 以实施权益分派股权登记 ...