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 ...

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]

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 16.43 [2] Core Views - 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, while net profit saw a decline of 3.1% due to continued provisioning efforts [5][9] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.07% and a provisioning coverage ratio of 245.51% [23] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 revenue: 210,245 million, with a decline of 5.3% year-on-year - 2024E revenue: 214,396 million, with a growth forecast of 2.0% [3] - 2023 net profit: 77,116 million, down 15.6% year-on-year - 2024E net profit: 74,771 million, with a projected decline of 3.0% [3] - **Earnings Per Share (EPS)**: - 2023 EPS: 3.71 - 2024E EPS: 3.60 [3] - **Return on Equity (ROE)**: - 2023 ROE: 11.25% - 2024E ROE: 10.13% [3] - **Price-to-Earnings (P/E) Ratio**: - 2023 P/E: 4.43 - 2024E P/E: 4.56 [3] Asset and Liability Structure - **Loan Growth**: - New loans in 2023 totaled 478.05 billion, with Q1 2024 new loans at 86.33 billion [6][16] - Corporate loans significantly increased, contributing 111.6% to new loans, primarily driven by infrastructure lending [6][19] - **Deposit Trends**: - Total deposits in 2023 increased by 400.09 billion, a decrease of 6.1% from 2022, with a Q1 2024 decrease of 33.28 billion [17][20] - The proportion of demand deposits rose, with a year-on-year increase of 3.4% in Q1 2024 [20] Non-Interest Income - **Non-Interest Income Growth**: - Q1 2024 non-interest income increased by 3.1%, driven by a 17.0% rise in other non-interest income, primarily from trading income [21][22] Asset Quality - **Non-Performing Loans**: - The non-performing loan ratio remained stable at 1.07%, with a year-on-year decline in the annualized net generation rate of non-performing loans to 1.06% [23] - **Provisioning**: - The provisioning coverage ratio improved to 245.51%, indicating a robust buffer against potential loan losses [23]

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].