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 公告编号：临2024-051 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 兴业银行股份有限公司 第十一届董事会第四次会议（临时会议）决议公告 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）第十一届董事会第四次会议（临时会议） 于 2024 年 11 月 15 日以书面方式发出会议通知，于 11 月 22 日在北京市和福州市举行。 本次会议应出席董事 10 名，实际出席董事 10 名，其中吕家进、朱坤、徐林等 3 名董事在 北京会场参会；陈信健、陈躬仙、孙雄鹏等 3 名董事在福州会场参会；乔利剑、贲圣林、 王红梅、张学文等 4 名董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 本公司章程的规定。本公司 2 名候任董事和 4 名监事列席会议。 本次会议由吕家进董事长主持，审议通过了以下议案并形成决议： 关于申请操作风险资本计量标准法自行计 ...

Group 1 - The company plans to repurchase shares worth between 150 million to 300 million yuan [1] - On November 8, the company received a loan commitment letter from Industrial Bank Co., Ltd. Chengdu Branch [1] - The loan amount from the bank will not exceed 172 million yuan and will cover up to 70% of the actual repurchase amount [1]

Group 1 - The company, Baiyang Co., Ltd. (002696), announced on November 10 that it plans to repurchase a portion of its issued ordinary shares (A-shares) through centralized bidding for the purpose of implementing equity incentives [1] - The number of shares to be repurchased is 9.88 million, which accounts for 2.8525% of the company's current total share capital [1] - The repurchase price is set at no more than 5.8 yuan per share (inclusive) [1] Group 2 - On November 8, 2024, the company signed a stock repurchase loan agreement with Industrial Bank's Nanning branch, which agreed to provide a special loan for stock repurchase amounting to 40.11 million yuan, with a loan term of one year [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth with a year-on-year increase of 1.81% in operating income for the first three quarters of 2024, amounting to 164.217 billion yuan [6] - The net profit attributable to shareholders decreased by 3.02% year-on-year, totaling 63.006 billion yuan, primarily due to the impact of interest margin business and provision for impairment [6] - The company has shown resilience in net interest margin, which stood at 1.84% for the first three quarters of 2024, despite a slight decline of 2 basis points compared to the first half of 2024 [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue growth slightly improved by 0.01 percentage points compared to H1 2024, driven by marginal improvements in non-interest income [2][6] - The company’s non-interest income showed a mixed performance, with commission income down by 15.16% and other non-interest income up by 12.79% year-on-year [2][6] - The company’s total loan balance reached 5.74 trillion yuan, reflecting an 8.05% year-on-year increase, with a significant portion of new loans coming from bill discounting [6] Asset Quality and Provisions - As of Q3 2024, the company maintained a non-performing loan ratio of 1.08% and a focus rate of 1.77%, indicating stable asset quality [6] - The company made provisions for asset impairment losses amounting to 47.703 billion yuan, which is a 14.31% increase year-on-year [6] Future Outlook - The company is expected to achieve operating revenues of 214.7 billion yuan, 222.8 billion yuan, and 235.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.83%, 3.78%, and 5.50% [6][7] - The net profit attributable to shareholders is projected to be 77.5 billion yuan, 80.1 billion yuan, and 83.8 billion yuan for the same years, with growth rates of 0.48%, 3.32%, and 4.71% respectively [6][7]

Summary of Conference Call Records Company Overview - The conference call discusses the performance and strategies of a bank, referred to as "the company," during the first three quarters of the year. Key Points Financial Performance - The company reported a revenue of 164.2 billion yuan, a year-on-year increase of 1.81% [1] - Net interest income grew by 2.39% due to effective interest margin management and stable growth in real assets [1] - The company achieved a profit of 118.91 billion yuan, up 3.74% year-on-year [2] - The customer base expanded to over 108 million, with significant growth in VIP and high-potential clients [2] Asset Quality - The non-performing loan ratio stood at 1.08%, stable compared to the previous half-year [3] - The company has strengthened risk management, leading to a slight decrease in the provision coverage ratio to 233.5% [3] - The company reported a slight increase in the attention loan ratio to 1.77% due to economic slowdown affecting customer repayment capabilities [3] Strategic Initiatives - The company is focusing on enhancing its strategic execution capabilities and optimizing its asset-liability structure [4] - The company aims to increase low-cost deposit absorption while reducing high-cost deposits, achieving a deposit interest rate of 2.03%, down 23 basis points year-on-year [4] - The company has made significant investments in green finance, with green loan financing reaching 2.18 trillion yuan, a 15.34% increase from the previous year [4] Risk Management - The company is actively addressing potential risks in real estate and local government debt, implementing measures to mitigate these risks [8][9] - The company has engaged in various strategies to manage real estate project risks, including asset replacement and restructuring [8][9] Digital Transformation - The company is enhancing its digital capabilities, with a significant increase in mobile banking users and transaction activity [10] - The digital operating system has been upgraded to improve efficiency and risk management [10] Market Outlook - The company anticipates continued pressure on net interest margins due to recent monetary policy adjustments, but expects to maintain a net interest margin above 1.8% [19] - The company is preparing for potential challenges in credit quality due to economic conditions but remains optimistic about managing these risks effectively [22] Customer Engagement - The company has improved its customer service capabilities, focusing on a segmented approach to client management [6] - The company has seen a rise in active clients and is expanding its wealth management services [6] Regulatory Environment - The company is adapting to new regulatory changes and is focused on maintaining compliance while optimizing its operations [28] Conclusion - The company is committed to enhancing its core capabilities, managing risks effectively, and leveraging digital transformation to drive growth and maintain asset quality in a challenging economic environment [11]

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.06 CNY, indicating a potential upside of 21% from the current price of 18.29 CNY [6][26]. Core Insights - The company has shown a continuous recovery in revenue, with total revenue for the first three quarters of 2024 reaching approximately 164.2 billion CNY, a year-on-year increase of 1.81%. However, the net profit attributable to shareholders decreased by 3.02% year-on-year to 63 billion CNY due to increased provisioning [2][10]. - The net interest margin has come under pressure, declining to 1.79% in Q3 2024, down 7 basis points from mid-2024, primarily due to the impact of LPR and adjustments in existing mortgage rates [2][13]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 233.5% as of Q3 2024 [3][24]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net interest income of 111.6 billion CNY, up 2.39% year-on-year, while non-interest income was 52.6 billion CNY, reflecting a growth of 0.61% [10][26]. - The company’s total assets amounted to 99,332 billion CNY, with a slight decrease of 745 billion CNY from the previous half-year [17]. - The loan-to-deposit ratio stood at 105.8%, showing a slight increase compared to mid-2024 and outperforming the same period last year [13][17]. Profitability Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is expected to grow by 2.23%, 2.25%, and 5.38% respectively, with corresponding book values per share of 37.77 CNY, 40.65 CNY, and 43.36 CNY [26][27]. - The company’s earnings per share for 2024 is projected to be 3.80 CNY, with a price-to-earnings ratio of 4.82 [27].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price maintained at 20.53 CNY, compared to the current stock price of 18.28 CNY [5]. Core Views - The company's revenue growth shows resilience, with a year-to-date revenue growth rate of 1.81% and a pre-provision profit growth rate of 3.75%. However, the net profit attributable to shareholders has decreased by 3.02% year-on-year [2][12]. - The bank has increased its provision for credit losses significantly in the third quarter, leading to a year-on-year decline in net profit of 10.45% [2][12]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 233.54% [11][12]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported a revenue of 211.36 billion CNY, with a slight increase in revenue growth compared to the previous year [13]. - The net profit attributable to shareholders is projected to be 77.92 billion CNY for 2024, reflecting a growth rate of 1.04% [13]. Asset Quality - The non-performing loan ratio stands at 1.08%, with a slight increase in the attention rate to 1.77% [11][12]. - The bank has increased its provision for credit losses by 14.31% year-on-year, impacting profit growth [12]. Loan and Deposit Growth - The total asset size has grown by 3.87% year-on-year, with loans increasing by 8.05% [2][3]. - Corporate loans have increased by 13.00% year-on-year, although the growth rate has shown signs of weakening [3]. - Retail loans have seen a recovery, with a year-on-year growth of 10.45% in inclusive loans [3]. Interest Margin and Non-Interest Income - The net interest margin for the third quarter is reported at 1.79%, with a year-on-year decline of 13 basis points [4][11]. - Non-interest income has increased by 10.33% year-on-year, driven by growth in investment income [11][12]. Cost Management - The cost-to-income ratio has improved to 28.96%, down 1.09 percentage points year-on-year, contributing positively to profit growth [12][13]. - The bank has focused on cost control, which has positively impacted profitability despite the challenges in revenue growth [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company demonstrates strong revenue growth resilience and robust risk compensation ability [2] - The strategic focus is on a "light capital, light asset, high efficiency" transformation, leveraging digitalization as a growth engine [11] - The company aims to enhance its middle business income through wealth management and investment banking efforts [11] Revenue Performance - For the first three quarters of 2024, the company achieved operating revenue of 164.2 billion, a year-on-year increase of 1.8% [3] - The net profit attributable to shareholders was 63 billion, with a year-on-year growth rate of -3% [3] - The annualized weighted average return on equity was 10.9%, down 1.2 percentage points year-on-year [3] Loan and Asset Growth - As of the end of Q3 2024, interest-earning assets and loans grew by 4.7% and 8% year-on-year, respectively [4] - The company added 280.7 billion in loans in the first three quarters, a decrease of 50.4 billion compared to the previous year [4] - The loan structure showed a decrease in retail loans but an increase in corporate and bill loans [4] Non-Interest Income - Non-interest income for the first three quarters was 52.6 billion, with a year-on-year increase of 0.6% [8] - Net fee and commission income decreased by 15.2% to 19.3 billion, while net other non-interest income increased by 12.8% to 33.3 billion [8] Asset Quality - The non-performing loan ratio was 1.08% at the end of Q3, with a slight increase from the previous half-year [9] - The company maintained a stable risk compensation ability, with a provision coverage ratio of 233.5% [10] Capital Adequacy - As of the end of Q3, the core tier one capital adequacy ratio was 9.7%, showing a slight increase from the previous half-year [10] - The company has a capital buffer with 50 billion in convertible bonds pending conversion, which could enhance the CET1 ratio by approximately 0.7 percentage points if fully converted [10] Earnings Forecast and Valuation - The company’s EPS forecast for 2024-2026 is 3.83, 4.02, and 4.15 yuan, respectively [12] - The current stock price corresponds to a PB ratio of 0.51, indicating a relatively high value for investment [11]

Investment Rating - The report maintains a "Buy" rating for the company [7][12]. Core Views - The company reported a revenue of 164.2 billion yuan for the first nine months of 2024, reflecting a year-on-year growth of 1.8%, while the net profit attributable to shareholders decreased by 3.0% to 63.0 billion yuan [7][8]. - The non-performing loan (NPL) ratio remained stable at 1.08% in Q3 2024, with a provision coverage ratio decreasing by 4.3 percentage points to 234% [7][12]. - The report highlights that the proactive provisioning for non-credit impairment losses has impacted profit growth negatively, but it lays a foundation for sustainable profitability [12]. Financial Data and Earnings Forecast - Total revenue (in million yuan) is projected as follows: - 2024E: 222,374 - 2025E: 210,831 - 2026E: 212,152 [6] - Year-on-year growth rates for total revenue are expected to be: - 2024E: 0.51% - 2025E: 0.63% - 2026E: 3.31% [6] - The net profit attributable to shareholders is forecasted as: - 2024E: 91,377 million yuan - 2025E: 77,116 million yuan - 2026E: 76,111 million yuan [6] - The report indicates a decrease in the return on equity (ROE) from 13.85% in 2024E to 9.46% in 2026E [6]. Asset Quality and Loan Growth - The company’s credit asset quality is stable, with expectations that retail credit card risks have largely stabilized [12]. - Loan growth in Q3 2024 was 8%, with new loans totaling 72.5 billion yuan for the quarter [10]. - The report notes that the company has actively increased its allocation to bills to maintain stable loan growth amid weakening effective demand [10]. Non-Interest Income and Profitability - Non-interest income showed a year-on-year increase of 0.6%, contributing 0.2 percentage points to revenue growth [8]. - Interest income continued to grow, with a year-on-year increase of 2.4%, contributing 1.6 percentage points to revenue growth [8]. - The net interest margin (NIM) for the first nine months of 2024 was 1.63%, reflecting a slight decrease from the previous period [10][16].

Investment Rating - The investment rating for Industrial Bank (601166) is not explicitly stated in the provided content, but the report indicates a positive outlook based on the bank's performance metrics and strategic initiatives. Core Insights - The report highlights that Industrial Bank achieved an operating income of 164.217 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 1.81%. However, the net profit attributable to shareholders decreased by 3.02% to 63.006 billion yuan [13][15]. - The bank's total assets reached 10.31 trillion yuan by the end of Q3 2024, marking a year-on-year increase of 3.87%. Loan growth was robust, with total loans increasing by 8.05% year-on-year, and corporate loans growing by 11.36% [14][15]. - The report emphasizes the bank's focus on integrating its strategic initiatives, such as "three cards," "five new tracks," and "digital Industrial Bank," to enhance asset allocation in key areas like green finance, technology, and inclusive finance [14]. - The net interest margin slightly decreased to 1.84%, down by 10 basis points year-on-year, while the deposit interest rate fell by 23 basis points to 2.03% [15]. - Asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 233.54% as of Q3 2024 [16]. Summary by Sections Financial Performance - For Q1-Q3 2024, Industrial Bank's operating income was 164.217 billion yuan, up 1.81% year-on-year, while net profit attributable to shareholders was 63.006 billion yuan, down 3.02% [13][15]. - The bank's total assets were 10.31 trillion yuan, reflecting a 3.87% increase year-on-year, with loans growing by 8.05% and corporate loans by 11.36% [14]. Asset Quality - The non-performing loan ratio stood at 1.08%, stable compared to the previous half-year, and the provision coverage ratio was 233.54%, slightly down by 4.24 percentage points year-on-year [16]. Profitability Forecast - The report forecasts net profit growth rates of 0.17%, 3.30%, and 5.40% for the years 2024 to 2026, with expected earnings per share (EPS) of 3.72 yuan, 3.84 yuan, and 4.05 yuan respectively [16].