农业银行（ [Table_StockNameRptType] 601288） 公司点评 业绩领跑大行，息差环比企稳 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

1 证券代码：601288 证券简称：农业银行 公告编号：临 2024-048 号 中国农业银行股份有限公司 关于调整优先股一期票面股息率的公告 中国农业银行股份有限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。 根据《中国农业银行股份有限公司非公开发行优先股募 集说明书》（以下简称"募集说明书"）的相关条款，中国农 业银行股份有限公司（以下简称"本行"）于2014年11月非公 开发行的优先股一期（简称"农行优1"，代码"360001"）以5 年为一个股息率调整期，每个股息率调整期内每年以约定的 相同票面股息率支付股息。"农行优1"的第二个股息率调整期 将满五年结束。根据募集说明书的相关条款，现对"农行优1" 的第三个股息率调整期的票面股息率进行调整。 股息率包括当期基准利率和固定溢价两个部分。当期基 准利率为本次重定价日（2024年10月31日）前20个交易日（不 含重定价日当日）中国债券信息网（www.chinabond.com.cn） 公布的中债国债收益率曲线中，待偿期为5年的国债到期收 益率算术平均值1.83%（四舍五 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-047 号 特此公告。 中国农业银行股份有限公司董事会 因到龄退休，张旭光先生请求辞去中国农业银行股份有限公 司（以下简称"本行"）执行董事、副行长及董事会战略规划与 可持续发展委员会、风险管理与消费者权益保护委员会兼美国区 域机构风险委员会委员职务。 根据《中华人民共和国公司法》《中国农业银行股份有限公 司章程》的规定，张旭光先生的辞职信于2024年10月31日送达本 行董事会并生效。张旭光先生确认与本行董事会无不同意见，也 没有就其辞职需要知会本行股东及债权人的任何事项。 张旭光先生在本行任职期间，恪尽职守，勤勉尽责，本行董 事会对张旭光先生为本行发展做出的重大贡献表示衷心感谢。 中国农业银行股份有限公司 关于执行董事、副行长辞任的公告 中国农业银行股份有限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。 2024 年 10 月 31 日 1 ...

2024 年 10 月 31 日 公司研究 经营量价齐稳，业绩增长提速 ——农业银行（601288.SH）2024 年三季报点评 买入（维持） 当前价：4.71 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | --- | --- | |----------------------|-----------| | | | | 市场数据 | | | 总股本 (亿股) | 3,499.83 | | 总市值(亿元)： | 16,484.20 | | 一年最低/最高(元 )： | 3.32/5.17 | | 近 3 月换手率： | 16.06% | 股价相对走势 | --- | --- | --- | --- | |--------------|-------|--------|-------| | 收益表现 \n% | \n1M | 3M | 1Y | | 相对 | 1.32 | -10.38 | 29. ...

[Table_Title] 研究报告 Research Report 31 Oct 2024 中国银行行业 China (A-share) Banks 24Q3 农业银行业绩点评：净息差趋势性表现同业最优 24Q3 Agricultural Bank of China: NIM Stabilized Leading Peers 周琦 Nicole Zhou, CFA nicole.q.zhou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 农业银行发布 2024 年三季报业绩。24Q3 营收同比+3.4%，拨备前利润同比+4.9%，归母净利润同比+5.9%，环比增速 均有加快。24Q1-3 营收同比+1.3%，拨备前利润同比+1.5%，归母净利润同比+3.4%。24Q1-3 的年化 ROA 同比-0.07pct 至 0.69%，年化 ROE 同比 0.60pct 至 10.79%。核心一级资本充足率同比+0.98pct 至 11.42%。当 ...

Investment Rating - The investment rating for Agricultural Bank of China (601288.SH) is "Outperform the Market" [3][6]. Core Views - The report highlights an increase in revenue and net profit growth, with revenue reaching 540.2 billion yuan and net profit at 214.4 billion yuan for the first three quarters of 2024, representing year-on-year growth of 1.29% and 3.38% respectively [1]. - The net interest margin has stabilized, and non-interest income has seen significant growth, with non-interest income increasing by 2.7% year-on-year, contributing to 19.0% of total revenue [1]. - The report indicates a strong performance in county-level finance, with loan balances growing by 10.9% and deposit balances by 4.9% compared to the beginning of the year [1]. - The asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302% [1]. Financial Forecasts and Valuation - The forecast for net profit from 2024 to 2026 is 279.5 billion yuan, 294.5 billion yuan, and 312.0 billion yuan, with corresponding year-on-year growth rates of 3.8%, 5.3%, and 6.0% [1][4]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.64x, 0.59x, and 0.55x, and a price-to-earnings (PE) ratio of 6.0x, 5.7x, and 5.4x for the years 2024 to 2026 [1][4].

幸福是我们用真诚服务助您实现梦想我们感知客户所需全面实施三农普惠绿色金融数字经营三大战略我们是中国唯一一家网点覆盖所有建制线的金融机构我们拥有数量最多的个人客户和规模最大的普惠信贷客户 女士们先生们大家下午好欢迎参加中国农业银行2024年度的业绩发布会也非常荣幸和我们现场以及线上还有国内国际的投资者分析师和媒体朋友们进行交流在此对各位的积极参与表示热烈的欢迎同时也对大家长期以来对农业银行的关心支持表示由衷的感谢 出席本次发布会的还有中国农业银行执行董事副行长林立先生副行长刘红先生副行长王文进先生副行长孟范军先生和我们的董事会秘书刘青女士以及网络端参会的董事们首先我先给大家报告三个方面的情况先从大家关心的经营业绩谈起 2024年农业银行坚决贯彻落实党中央国务院的决策部署坚守服务三农和实体经济的主责主业持续优化经营管理策略主要经济指标持续向好一是经营滞效持续提升盈利增速在上半年可比同业中率先由富转正的基础上下半年继续逐渐改善 全年实现净利润2827亿元同比增长4.8%实现营业收入7114亿元同比增长2.3%其中利息净收入5807亿元同比增长1.6%二是主要业务平稳增长贷款新增2.29万亿元增速是10.13% 其中 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-045 号 一、中国农业银行股份有限公司金融债券发行计划事宜 中国农业银行股份有限公司 董事会决议公告 中国农业银行股份有限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。 中国农业银行股份有限公司（以下简称"本行"）董事会于 2024年10月15日以书面形式发出会议通知，于2024年10月30日 在北京以现场方式召开会议。会议应出席董事13名，亲自出席 董事12名，谷澍董事长由于其他公务安排，书面委托王志恒副 董事长出席会议并代为行使表决权。会议召开符合法律法规、 《中国农业银行股份有限公司章程》（以下简称"《公司章 程》"）及《中国农业银行股份有限公司董事会议事规则》的 规定。 会议由王志恒副董事长主持，审议并通过了以下议案： 议案表决情况：有效表决票13票，同意13票，反对0票，弃 权0票。 本议案尚需提交本行股东大会审议通过。 二、农银人寿保险股份有限公司资本工具发行事宜 议案表决情况：有效表决票13票，同意13票，反对0票，弃 权0票。 1 同意子公司 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-046 号 2.中国农业银行股份有限公司 2023 年度监事薪酬标准方案。 中国农业银行股份有限公司 监事会决议公告 中国农业银行股份有限公司监事会及全体监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。 中国农业银行股份有限公司（以下简称"本行"）监事会 2024 年第四次会议于 2024 年 10 月 18 日以电子邮件方式发出会议通 知，于 2024 年 10 月 30 日在北京以现场会议方式召开。会议应 出席监事 6 名，亲自出席监事 6 名。会议的召开符合法律法规、 《中国农业银行股份有限公司章程》及《中国农业银行股份有限 公司监事会议事规则》的有关规定。因本行监事长空缺，经全体 监事推举，会议由汪学军监事主持，本次监事会会议审议并通过 以下议案： 1.中国农业银行股份有限公司 2024 年第三季度报告。 议案表决情况：本议案有效表决票 6 票，同意 6 票，反对 0 票，弃权 0 票。 监事会认为，本行 2024 年第三季度报告的编制和审议程序 符合法律、行政法规和监 ...

Financial Performance - Revenue for the reporting period was RMB 173.377 billion, a year-on-year increase of 3.45%[5] - Net profit attributable to shareholders of the parent company was RMB 78.48 billion, up 5.88% year-on-year[5] - Net profit for the first nine months of 2024 reached RMB 215.262 billion, a year-on-year increase of 3.60%[16] - Total operating income for the first nine months of 2024 was RMB 5,402.12 billion, up 1.29% year-on-year[17] - Net interest income for the first nine months of 2024 was RMB 4,377.96 billion, a year-on-year increase of 0.96%[17] - Revenue for the first nine months of 2024 reached RMB 540,212 million, a 1.3% increase compared to RMB 533,358 million in the same period of 2023[31] - Net interest income for the first nine months of 2024 was RMB 437,796 million, up 1.0% from RMB 433,628 million in the same period of 2023[31] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 214,372 million, a 3.4% increase from RMB 207,356 million in the same period of 2023[31] - Net profit for the first nine months of 2024 was RMB 215,262 million, a 3.6% increase from RMB 207,789 million in the same period of 2023[31] - Net profit for the first nine months of 2024 reached RMB 228,157 million, a 17.4% increase compared to RMB 194,350 million in the same period of 2023[37] - Total comprehensive income for the first nine months of 2024 was RMB 232,020 million, a 16.6% increase compared to RMB 198,951 million in the same period of 2023[34] - Total comprehensive income for the first nine months of 2024 was RMB 228,157 million, up from RMB 194,350 million in the same period of 2023[37] - Basic earnings per share (EPS) for the reporting period was RMB 0.19, up 5.56% year-on-year[5] - Basic and diluted earnings per share for the first nine months of 2024 were RMB 0.56, up from RMB 0.55 in the same period of 2023[34] Asset and Liability Management - Total assets reached RMB 43.553 trillion, an increase from RMB 39.873 trillion at the end of the previous year[7] - Total assets as of September 30, 2024, were RMB 43,553.293 billion, an increase of 9.23% compared to the end of the previous year[18] - Total assets as of September 30, 2024, were RMB 43.553 trillion, an increase from RMB 39.873 trillion at the end of 2023[29] - Total liabilities as of September 30, 2024, were RMB 40.543 trillion, up from RMB 36.976 trillion at the end of 2023[30] - Shareholders' equity as of September 30, 2024, was RMB 3.010 trillion, compared to RMB 2.897 trillion at the end of 2023[30] - Total loans and advances as of September 30, 2024, were RMB 24,688.299 billion, up 9.17% compared to the end of the previous year[18] - Non-performing loan balance as of September 30, 2024, was RMB 324.836 billion, with a non-performing loan ratio of 1.32%[20] - Manufacturing loan balance as of September 30, 2024, was RMB 3.32 trillion, an increase of 12.64% compared to the end of the previous year[23] - Green credit business balance as of September 30, 2024, was RMB 4.94 trillion, up 22.12% compared to the end of the previous year[23] - Inclusive finance loan balance as of September 30, 2024, was RMB 4.59 trillion, an increase of 28.22% compared to the end of the previous year[23] - Inclusive small and micro enterprise loan balance as of September 30, 2024, was RMB 3.17 trillion, up 29.08% compared to the end of the previous year[23] - Capital adequacy ratio, Tier 1 capital adequacy ratio, and core Tier 1 capital adequacy ratio as of September 30, 2024, were 18.05%, 13.48%, and 11.42%, respectively, with a daily average liquidity coverage ratio of 126.65% for Q3 2024[24] Shareholder and Ownership Structure - The number of ordinary shareholders at the end of the reporting period was 478,067, including 457,993 A-share holders and 20,074 H-share holders[10] - Central Huijin Investment Ltd. remains the largest shareholder with a 40.14% stake, holding 140.489 billion shares[11] - The Ministry of Finance of China is the second-largest shareholder with a 35.29% stake, holding 123.515 billion shares[11] - Hong Kong Securities Clearing (Nominees) Ltd. holds 30.544 billion H-shares, representing an 8.73% stake[11] - The National Council for Social Security Fund holds 23.521 billion A-shares, accounting for a 6.72% stake[11] Cash Flow and Liquidity - Net cash flow from operating activities for the first nine months of 2024 was RMB 1.875 trillion, a significant increase of 36.04% compared to the same period last year[9] - Net cash flow from operating activities for the first nine months of 2024 was RMB 1,874,980 million, a 36.1% increase compared to RMB 1,378,296 million in the same period of 2023[38] - Net cash flow used in investing activities for the first nine months of 2024 was RMB 1,771,297 million, compared to RMB 757,789 million in the same period of 2023[39] - Net cash flow from financing activities for the first nine months of 2024 was RMB 166,316 million, slightly down from RMB 167,105 million in the same period of 2023[39] - The net change in cash and cash equivalents for the group was RMB 267,307 million for the first nine months of 2024, compared to RMB 789,157 million for the same period in 2023[40] - The net change in cash and cash equivalents for the bank was RMB 259,366 million for the first nine months of 2024, compared to RMB 787,723 million for the same period in 2023[40] - The impact of exchange rate changes on cash and cash equivalents for the group was a negative RMB 2,692 million for the first nine months of 2024, compared to a positive RMB 1,545 million for the same period in 2023[40] - The impact of exchange rate changes on cash and cash equivalents for the bank was a negative RMB 2,674 million for the first nine months of 2024, compared to a positive RMB 1,583 million for the same period in 2023[40] - The ending balance of cash and cash equivalents for the group was RMB 2,780,032 million as of September 30, 2024, compared to RMB 2,494,790 million as of September 30, 2023[40] - The ending balance of cash and cash equivalents for the bank was RMB 2,766,683 million as of September 30, 2024, compared to RMB 2,483,573 million as of September 30, 2023[40] - The beginning balance of cash and cash equivalents for the group was RMB 2,512,725 million as of January 1, 2024, compared to RMB 1,705,633 million as of January 1, 2023[40] - The beginning balance of cash and cash equivalents for the bank was RMB 2,507,317 million as of January 1, 2024, compared to RMB 1,695,850 million as of January 1, 2023[40] Dividend and Capital Activities - The board proposed an interim cash dividend of RMB 1.164 per share (tax inclusive) for 2024, totaling RMB 40.738 billion (tax inclusive), and a preferred stock dividend of RMB 5.32 per share (tax inclusive) for 2023-2024, totaling RMB 2.128 billion (tax inclusive)[26] - In July 2024, the company completed the second installment of a RMB 1 billion contribution to the National Green Development Fund and a RMB 1.075 billion contribution to the National Integrated Circuit Industry Investment Fund Phase III[25] - In August 2024, the company issued RMB 50 billion in total loss-absorbing capacity non-capital bonds and redeemed RMB 85 billion and RMB 35 billion in perpetual capital bonds in August and September, respectively[25] - The company issued debt securities worth RMB 2,920,323 million in the first nine months of 2024, up from RMB 2,657,958 million in the same period of 2023[39] - The company paid dividends and profits of RMB 96,462 million in the first nine months of 2024, up from RMB 92,435 million in the same period of 2023[39] Income and Expense Breakdown - Net fee and commission income for the first nine months of 2024 was RMB 61,653 million, a 7.6% decrease from RMB 66,757 million in the same period of 2023[31] - Credit impairment losses for the first nine months of 2024 were RMB 131,046 million, a 1.1% increase from RMB 129,576 million in the same period of 2023[31] - Other comprehensive income after tax for the first nine months of 2024 was RMB 16,758 million, compared to a loss of RMB 8,838 million in the same period of 2023[34] - Operating expenses for the first nine months of 2024 were RMB 298,573 million, a 1.0% increase from RMB 295,507 million in the same period of 2023[31] - Interest and commission income for the first nine months of 2024 was RMB 731,707 million, slightly down from RMB 737,048 million in the same period of 2023[38] - The company's deposits and placements with banks and other financial institutions increased by RMB 3,097,695 million in the first nine months of 2024, compared to RMB 4,001,865 million in the same period of 2023[38] - Loans and advances to customers increased by RMB 2,070,044 million in the first nine months of 2024, compared to RMB 2,522,321 million in the same period of 2023[38]