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]

Financial Performance - The company's operating income for Q1 2024 was RMB 57,751 million, an increase of 4.22% compared to RMB 55,410 million in Q1 2023[4] - Net profit attributable to shareholders of the parent company decreased to RMB 24,336 million, down 3.10% from RMB 25,115 million in the same period last year[4] - The basic earnings per share (EPS) for Q1 2024 was RMB 1.17, a decline of 3.10% compared to RMB 1.21 in Q1 2023[4] - The group's net profit for the three months ended March 31, 2024, was RMB 24,289 million, a decrease of 4.2% compared to RMB 25,347 million for the same period in 2023[32] - Total operating income for the group reached RMB 57,751 million, up 4.2% from RMB 55,410 million in the same period last year[32] - Net interest income increased to RMB 88,642 million, compared to RMB 83,620 million in the previous year, reflecting a growth of 6.1%[32] - The bank's net fee and commission income for the first quarter of 2024 was RMB 6,198 million, down from RMB 7,651 million in the same period last year, a decrease of 19.1%[32] Asset and Liability Management - The company's total assets as of March 31, 2024, were RMB 10,257,255 million, reflecting a 0.97% increase from RMB 10,158,326 million at the end of 2023[6] - The total liabilities amounted to RMB 9,424,077 million, compared to RMB 9,350,607 million at the end of 2023, indicating an increase of about 0.79%[29] - The total equity attributable to shareholders of the parent company rose to RMB 821,728 million, up from RMB 796,224 million at the end of 2023, marking a growth of 3.2%[30] - The total cash and cash equivalents at the end of the period amounted to RMB 717,670 million, down from RMB 857,486 million year-on-year[38] Credit Quality - The non-performing loan ratio remained stable at 1.07%, unchanged from the previous year[6] - The company's provision coverage ratio improved to 245.51%, an increase of 0.30 percentage points from the end of the previous year[18] - The group's credit impairment losses for the three months ended March 31, 2024, were RMB 16,050 million, compared to RMB 10,991 million in the same period last year, indicating an increase of 46.4%[32] - The non-performing loan ratio remained stable at 1.07%, unchanged from the end of the previous year, with a non-performing loan balance of 59.42 billion yuan, an increase of 929 million yuan[18] Investment and Income - The company reported a significant increase in investment income, which rose by 84.84% to RMB 13,741 million compared to the same period last year[10] - The company's non-interest income reached 205.09 billion yuan, a year-on-year increase of 2.69%[18] - The group received RMB 886,403 million from investment recoveries, an increase from RMB 622,809 million in the previous year[37] Cash Flow - The net cash flow from operating activities for the group was RMB 186,393 million, a decrease from RMB 452,630 million in the same period last year[38] - The net cash outflow from investment activities was RMB 768,169 million, compared to RMB 787,949 million in the same period last year[37] - The net cash flow from financing activities was RMB 46,479 million, compared to RMB 24,624 million in the same period last year[37] - The group recorded a net decrease in cash and cash equivalents of RMB 186,393 million, compared to a net increase of RMB 452,630 million in the previous year[38] Customer and Market Position - The number of corporate clients increased to 1.4329 million, a growth of 2.25% compared to the end of the previous year[18] - The average interest rate for newly issued loans was 4.10%, maintaining a competitive level among joint-stock commercial banks[17] - Customer deposits and interbank deposits increased by RMB 220,785 million, compared to an increase of RMB 323,008 million in the previous year[36]

公告编号：临2024-018 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 第十届董事会第二十三次会议（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）第十届董事会第二十三次会议（临 时会议）于 2024 年 4 月 18 日至 25 日以通讯方式召开。本次会议应参加表决董 事 12 名，实际表决董事 12 名，符合《中华人民共和国公司法》和本公司章程的 规定。本次会议审议通过了以下议案并形成决议： 该议案已经董事会审计与关联交易控制委员会和独立董事专门会议事前认 可，由该委员会全体委员和全体独立董事审议通过。 特此公告。 兴业银行股份有限公司董事会 二、资本管理第三支柱 2024 年第一季度报告； 表决结果：同意 12 票，反对 0 票，弃权 0 票。 三、关于给予厦门国际银行股份有限公司关联交易额度的议案 ...

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 ...

公告编号：临2024-017 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 关于无固定期限资本债券发行完毕的公告 兴业银行股份有限公司董事会 2024 年 4 月 24 日 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）在全国银行间债券市场发行了"兴业银行股份有限公司 2024 年无 固定期限资本债券"（以下简称本期债券）。 本期债券于 2024 年 4 月 22 日簿记建档，并于 2024 年 4 月 24 日完成发行。 本期债券发行规模为人民币 300 亿元，前 5 年票面利率为 2.39%，每 5 年调整一次， 在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券募集资金将依据适用法律和主管部门的批准，用于补充本公司其他 一级资本。 特此公告。 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。 ...