Investment Rating - The report maintains a "Recommended" rating for Shanghai Bank (601229.SH) with a current stock price of 10.57 CNY [1][3]. Core Views - Shanghai Bank's revenue shows resilience with a year-on-year growth of 4.8% in 2024 and 3.8% in Q1 2025, while net profit attributable to shareholders grows by 4.5% and 2.3% respectively [3][6]. - The bank's total assets reached 3.27 trillion CNY by the end of Q1 2025, reflecting a 3.7% year-on-year increase, with loans and deposits growing by 0.5% and 4.6% respectively [3][6]. - The profit distribution plan for 2024 includes a cash dividend of 2.20 CNY per 10 shares, resulting in a cash dividend rate of approximately 31.22% [3][6]. Financial Performance Summary - **Revenue and Profit**: - Operating net income for 2024 is projected at 52.99 billion CNY, with a year-on-year growth of 4.8% [5]. - Net profit attributable to shareholders is expected to reach 23.56 billion CNY in 2024, reflecting a 4.5% increase [5]. - **Return on Equity (ROE)**: - The annualized weighted average ROE for 2024 and Q1 2025 is projected at 10.01% and 10.64% respectively [3][5]. - **Asset Quality**: - The non-performing loan (NPL) ratio remains stable at 1.18% as of Q1 2025, with a slight increase in the provision coverage ratio to 271% [7][9]. - **Dividend Yield**: - The dividend yield is highlighted at 4.73%, emphasizing the stock's value in terms of dividends [6][7]. Business Strategy and Outlook - Shanghai Bank is focusing on key regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macau, and Beijing-Tianjin-Hebei, leveraging its geographical advantages to ensure stable income sources [6][7]. - The bank aims to enhance its competitive edge by concentrating on consumer finance, wealth management, and pension finance, particularly in retail customer segments [6][7]. - The earnings forecast for 2025-2027 has been slightly adjusted upwards, with expected EPS of 1.72 CNY, 1.82 CNY, and 1.92 CNY respectively, indicating a steady growth trajectory [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance in Q1 2025 shows a slight positive growth, with revenue increasing by 3.8% year-on-year, although the growth rate has slowed by 0.9 percentage points compared to 2024 [2][4] - The net profit attributable to the parent company grew by 2.3% year-on-year, with a deceleration of 2.2 percentage points compared to 2024 [2][4] - The bank's net interest margin improved on a quarter-on-quarter basis, reaching 1.14% in Q1 2025, an increase of 11 basis points from Q4 2024, primarily due to a reduction in funding costs [3][4] - The non-performing loan (NPL) ratio remained stable at 1.18% at the end of Q1 2025, consistent with the end of 2024, indicating an improvement in asset quality [4][6] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 13,597 million, with a year-on-year growth of 3.8% [13] - The net interest income for Q1 2025 was 8,324 million, reflecting a year-on-year increase of 4.7% [13] - The bank's total assets reached 3,270,765 million at the end of Q1 2025, marking a 3.7% increase year-on-year [13] Dividend Policy - The dividend payout ratio for 2024 was 31.22%, which is an increase of 0.54 percentage points compared to the mid-2024 payout ratio and 1.16 percentage points compared to the 2023 payout ratio [5] Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025 is 24,091 million, with a year-on-year growth of 2.25% [12][14] - The target price for the company's stock is set at 12.43 yuan per share, corresponding to a price-to-book (PB) ratio of 0.70 for 2025, indicating an upside potential of 18% from the current price [6][12]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's net profit and revenue growth for 2024 are projected at 4.5% and 4.8%, respectively, which is higher than previous expectations [1] - The company plans to distribute a dividend of 0.50 CNY per share for 2024, with a dividend payout ratio of 31.22% [1] - The company's asset quality remains stable, with improvements in forward-looking risk indicators [4] Summary by Sections Financial Performance - For 2024, total assets, loans, and deposits are expected to grow by 4.6%, 2.1%, and 4.3%, respectively [2] - The first quarter of 2025 shows a year-on-year increase in net interest income of 4.7%, supporting revenue growth [3] - The company’s net profit for 2025 is projected at 24.495 billion CNY, with a year-on-year growth rate of 4.0% [31] Asset Quality - The non-performing loan (NPL) ratio for retail and corporate sectors at the end of 2024 is 1.14% and 1.37%, respectively, indicating a slight improvement in corporate NPLs [4] - The company has a provision coverage ratio of 271% as of the first quarter of 2025, which is stable compared to the end of 2024 [4] Valuation - The report assigns a target price of 11.93 CNY for 2025, based on a price-to-book (PB) ratio of 0.67 [5] - The estimated book value per share (BVPS) for 2025 is 17.70 CNY, with a corresponding PB of 0.60 [5] - The company’s performance is expected to continue to improve, leading to a potential valuation recovery [5]

Financial Performance - The company achieved an operating income of 52.986 billion RMB, a year-on-year increase of 4.79%[16] - The net profit attributable to shareholders was 23.560 billion RMB, reflecting a year-on-year growth of 4.50%[16] - Total assets at the end of the year reached 3,226.656 billion RMB, an increase of 4.57% compared to the previous year[16] - Net interest income for 2024 was RMB 32,486,088 thousand, a decrease of 7.62% from RMB 35,164,078 thousand in 2023[51] - Net commission and fee income decreased by 19.46% to RMB 3,958,816 thousand in 2024 from RMB 4,915,199 thousand in 2023[51] - Other non-interest income increased by 57.75% to RMB 16,540,646 thousand in 2024 compared to RMB 10,485,197 thousand in 2023[51] - Total operating income for 2024 was RMB 52,985,550 thousand, reflecting a growth of 4.79% from RMB 50,564,474 thousand in 2023[51] - The company achieved a net profit of RMB 23,560,448 thousand in 2024, up 4.38% from RMB 22,572,244 thousand in 2023[51] - Basic earnings per share increased by 4.58% to RMB 1.60 in 2024 from RMB 1.53 in 2023[51] Asset Quality and Risk Management - The non-performing loan ratio improved to 1.18%, a decrease of 0.03 percentage points year-on-year, marking two consecutive years of decline[16] - The overdue loans over 90 days and non-performing loan ratio decreased to 84.14%, down by 10.48 percentage points compared to the end of the previous year[20] - The company is focusing on enhancing risk management and compliance systems, with a data-driven comprehensive risk management framework in place[26] - The company’s focus on credit risk management has led to a stable improvement in asset quality, with a decrease in the proportion of attention-class loans to 2.06%[131] - The overall risk remains controllable, with adequate provisions for impairment losses in place[138] - The company has implemented targeted control measures for overdue loans and developed plans to mitigate risks, ensuring overall risk remains manageable[150] Loan Growth and Sector Focus - Loans in the Yangtze River Delta region amounted to 636.643 billion RMB, up 6.96% year-on-year, accounting for over 70% of the company's total loans[17] - Loans to technology enterprises, inclusive finance, and green loans grew by 13.84%, 13.31%, and 16.38% respectively compared to the previous year[17] - The total amount of loans to technology enterprises reached CNY 229.01 billion, a year-on-year increase of 26.09%, with a balance of CNY 159.73 billion, up 13.84% from the previous year[174] - Inclusive finance loans amounted to CNY 216.76 billion, growing by 17.62%, with a year-end balance of CNY 165.72 billion, an increase of 13.31%[174] - Green loans issued totaled CNY 84.13 billion, a 1.36% increase, with a year-end balance of CNY 120.29 billion, up 16.38%[175] Capital and Funding - The core Tier 1 capital adequacy ratio reached 10.35% by the end of 2024, an increase of 0.82 percentage points year-on-year, marking three consecutive years of growth[20] - Capital adequacy ratio stood at 14.21%, an increase of 0.83 percentage points year-on-year[55] - The company's leverage ratio improved to 6.81% as of December 31, 2024, compared to 6.54% at the end of the previous year[164] - The net stable funding ratio as of December 31, 2024, is 109.89%, compared to 109.09% on September 30, 2024[163] - The liquidity coverage ratio is 167.73%, with qualified liquid assets amounting to CNY 261,561,043 thousand and net cash outflows over the next 30 days at CNY 155,945,852 thousand[161] Customer Engagement and Market Position - The pension customer average AUM increased by 7.82% year-on-year, maintaining the company's leading market share in Shanghai[17] - The company served over 600,000 inclusive finance clients, representing a growth of 35%[25] - The company maintained the largest market share in pension clients in the Shanghai region[42] - The total customer base reached 303,700, an increase of 5.34% year-on-year; company loan issuance amounted to 593.012 billion yuan[186] - The company is committed to enhancing its retail business, particularly in pension finance and wealth management, to improve customer experience[39] Innovation and Technology - Financial technology investment accounted for 5% of operating income, indicating a commitment to enhancing technological capabilities[19] - The company has implemented AI infrastructure, including the DeepSeek model, to improve operational efficiency and customer service[18] - Shanghai Bank is advancing its digital transformation to improve operational efficiency and customer service through data-driven management[41] - The bank aims for high-quality development by strengthening risk management and compliance systems, with a focus on digital transformation and AI applications[29] Corporate Social Responsibility - The company donated 37.67 million yuan throughout the year, supporting key areas such as rural revitalization, culture, sports, education, and healthcare[21] - The annual cash dividend payout ratio is expected to be 31.22%, maintaining an increase for two consecutive years, with a total cash dividend exceeding 48 billion yuan since its listing[21] - The company plans to implement a mid-term dividend of 2.80 yuan per 10 shares and a final cash dividend of 2.20 yuan per 10 shares for 2024[21]

Core Insights - The Yangtze River Delta urban agglomeration is a crucial intersection of the "Belt and Road" initiative and the Yangtze River Economic Belt, comprising Shanghai, Jiangsu, Zhejiang, and Anhui provinces, with seven listed city commercial banks [1] - In 2024, the total asset scale of these seven banks reached 17.72 trillion yuan, with Jiangsu Bank, Shanghai Bank, and Ningbo Bank each exceeding 3 trillion yuan [1][3] - All seven banks reported positive growth in revenue and net profit, with asset quality remaining strong, as six banks maintained non-performing loan ratios below 1% [1][18] Asset Scale and Growth - Jiangsu Bank's total assets reached 39,520.42 billion yuan, a 16.12% increase from the previous year [3][5] - Shanghai Bank's total assets were 32,266.56 billion yuan, growing by 4.57% [3][5] - Ningbo Bank's total assets amounted to 31,252.32 billion yuan, with a growth rate of 15.25% [3][5] - Nanjing Bank, Hangzhou Bank, and Huishang Bank surpassed 20 trillion yuan in assets, while Suzhou Bank had the smallest asset scale at nearly 700 billion yuan [1][3] Revenue and Profitability - Jiangsu Bank led in revenue with 808.15 billion yuan, marking an 8.78% increase [10][12] - Ningbo Bank followed with 666.31 billion yuan in revenue, up 8.19% [10][12] - Nanjing Bank achieved a revenue growth rate of 11.32%, the only bank with double-digit growth [10][12] - Net profit for Jiangsu Bank exceeded 300 billion yuan, with a growth of 10.76% [13][12] Asset Quality - The non-performing loan ratio for Jiangsu Bank was 0.89%, while Ningbo and Hangzhou Banks had the lowest at 0.76% [18][19] - Shanghai Bank had the highest non-performing loan ratio at 1.18% [17][18] - The provision coverage ratios for most banks were robust, with Jiangsu, Nanjing, and Ningbo Banks exceeding 300% [20][18] Loan Distribution - Jiangsu Bank's loans in Jiangsu province accounted for 86.13% of its total loans, with significant portions also allocated to the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area [7] - Nanjing Bank's loans were primarily distributed in Jiangsu, with 84.92% of its loans in the province [7] - Huishang Bank's loans were predominantly in Anhui, making up 88.87% of its total [8]

Group 1 - Since April, 9 bank stocks have reached historical highs, indicating a sustained increase in industry interest [1][2] - In Q4 2024, bank performance has significantly improved, with many banks reporting positive results in Q1 of this year [1][5] - The total cash dividends for the banking sector are expected to reach a new high, with 12 bank stocks each exceeding 10 billion yuan in annual dividends [1][7] Group 2 - On April 24, the banking index closed up 1.16%, with major banks like Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China hitting record highs [2] - The stock prices of major banks have steadily increased this year, with Shanghai Bank showing a year-to-date increase of 15.52% [2] - The banking sector is favored as a low-valuation, high-dividend defensive asset amid ongoing market fluctuations [3] Group 3 - Over 90% of the 36 bank stocks that have released their 2024 annual reports or performance forecasts reported year-on-year profit growth [5] - Shanghai Pudong Development Bank reported the highest year-on-year profit growth at 23.31%, driven by rapid credit growth and improved asset quality [5] - The total net profit of the disclosed bank stocks in Q4 2024 exceeded 480 billion yuan, marking a 5.66% increase from the previous year [5] Group 4 - Five bank stocks have released Q1 2025 performance reports, with several banks reporting year-on-year profit growth [6] - Major banks have indicated ongoing improvements in their asset-liability structures and operational efficiency [6] Group 5 - As of April 24, 29 bank stocks have announced dividend plans, with a total cash dividend amounting to 357.84 billion yuan [7] - The cumulative cash dividends for the banking sector in 2024 have reached 616.13 billion yuan, surpassing the previous year's total [8] - Industrial and Commercial Bank of China announced a cash dividend of 1.646 yuan per 10 shares, totaling 58.66 billion yuan, marking a continuous growth for nine years [8]

国泰海通证券股份有限公司 关于上海银行股份有限公司关联交易事项的专项核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为上海银行股份有 限公司（以下简称"公司"）持续督导的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第11号——持续督导》等法律、法规及规范性文件的要求，对公司关联 交易事项进行了认真、审慎的核查，核查情况如下： 一、关联交易概述 经公司董事会2025年第四次会议审议通过，同意给予上海市信息投资股份有 限公司（以下简称"上海信投"）不超过人民币24亿元授信额度，授信有效期2年， 用于债务融资工具承销、持券及债券投资，担保方式为信用。 上海信投属于公司关联方，本次交易构成关联交易。 上述关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、关联方介绍 （一）关联关系介绍 上海信投为公司主要股东上海联和投资有限公司实际控制的企业，公司董事 应晓明先生同时担任上海信投董事，因此上海信投属于公司金融监管总局规则、 证监会规则关联方。 （二）关联方基本情况 上海信投成立于1997年10月，注册资本3.75 ...

国泰海通证券股份有限公司关于上海银行股份有限公司 2024年度持续督导报告书 | 保荐机构名称： | 被保荐公司名称： | | --- | --- | | 国泰海通证券股份有限公司 | 上海银行股份有限公司 | | 保荐代表人姓名：刘登舟 | 联系方式：010-83939160 | | | 联系地址：北京市西城区金融大街甲9 | | | 号金融街中心南楼16层 | | 保荐代表人姓名：金利成 | 联系方式：021-38676486 | | | 联系地址：上海市静安区新闸路669号 | | | 博华广场36层 | 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2020〕 3172 号文核准，上海银行股份有限公司（以下简称"公司"）于 2021 年 1 月公 开发行总面值人民币 200 亿元的 A 股可转换公司债券（以下简称"本次可转债"）， 其中每张债券面值为人民币 100 元，共计 2 亿张，发行价格为人民币 100 元/张。 本次可转债募集资金总额为人民币 200 亿元，扣除发行费用后实际募集资金净额 为人民币 199.66 亿元。普华永道中天会计师事务所（特殊普通合伙）已于 2021 年 2 ...

KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2513464 号 上海银行股份有限公司 2024 年 12 月 31 日内部控制审计报告 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果 推测未来内部控制的有效性具有一定风险。 KPMG Huazhen LLP, a People's Republic of Ch ...

自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 上海银行股份有限公司 二、形成审计意见的基础 我们按照中国注册会计师审计准则 (以下简称"审计准则") 的规定执行了审计工作。审计 报告的"注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按 照中国注册会计师职业道德守则，我们独立于上海银行，并履行了职业道德方面的其他责任。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg ...