Investment Rating - The report assigns an "Buy" rating for Agricultural Bank of China (601288) [1][4][20] Core Views - Agricultural Bank of China achieved a revenue growth of 2.3% year-on-year and a net profit growth of 4.7% in 2024, maintaining its leading position among the six major banks [4] - The bank's financial performance in Q4 2024 showed significant improvement compared to the previous quarters, with revenue growth accelerating by 4.21 percentage points to 5.50% and net profit growth increasing by 5.83 percentage points to 9.21% [4] - The bank's asset quality remains controllable, with a non-performing loan ratio of 1.30% at the end of Q4 2024, a slight decrease from the previous quarter [6][7] Summary by Sections Financial Performance - In 2024, Agricultural Bank of China reported total revenue of 710.56 billion yuan and a net profit of 282.08 billion yuan [4][10] - The bank's total assets reached over 43.23 trillion yuan, reflecting an 8.4% year-on-year growth [4] - The bank's loan balance grew by 10.1% year-on-year, while deposit growth was 4.9% [4] Business Strategy - The bank is focusing on enhancing its county-level financial services, with a 5.4% year-on-year increase in revenue from this segment [5] - Personal business loans have seen a remarkable growth of 35.0% year-on-year, contributing significantly to the bank's loan growth [5] - The bank plans to allocate over 70% of its new branches to county and rural areas, emphasizing support for rural revitalization [5] Profitability Forecast - The report forecasts revenue for 2025-2027 to be 715.61 billion yuan, 761.91 billion yuan, and 818.54 billion yuan, with respective growth rates of 0.71%, 6.47%, and 7.43% [8][10] - Net profit is projected to reach 285.83 billion yuan, 298.83 billion yuan, and 316.67 billion yuan for the same period, with growth rates of 1.33%, 4.55%, and 5.97% [8][10] - The bank's earnings per share (EPS) is expected to increase from 0.77 yuan in 2025 to 0.86 yuan in 2027 [8][10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份 ...

Core Insights - Agricultural Bank of China Chifeng Branch actively responds to national policies aimed at expanding domestic demand and promoting consumption, enhancing financial supply in the consumer sector and supporting the implementation of various policies [1][2] Group 1: Financial Support and Loan Growth - As of the end of February, the bank has issued a total of 450 million yuan in personal consumer loans, ranking among the top in the industry [1] - The bank's personal consumer loans increased by 76.74 million yuan compared to the beginning of the year [1] - The bank has provided 39.84 million yuan in auto installment loans this year, demonstrating a strong focus on the automotive sector [2] Group 2: Service Initiatives and Consumer Engagement - The bank has implemented various service measures to invigorate consumption, including promoting products like "Wangjie Loan" and focusing on key areas such as elderly care and cultural entertainment [1] - The bank has organized promotional activities in rural areas and communities to raise awareness of credit card cash installment and home decoration installment policies, enhancing consumer interaction [2] - Collaborations with local supermarkets and digital product dealers have been established to conduct promotional activities, stimulating consumer interest and market potential [2] Group 3: Digital Empowerment and Customer Segmentation - The bank emphasizes digital empowerment by integrating and analyzing customer data to categorize customer segments, allowing for precise service information delivery [2]

来源：云南网 农业银行昆明分行紧扣省委"3815"战略发展目标，把文旅产业作为新发展格局下服务经济高质量发展和 支持乡村振兴的重要突破口，精准配置资源，深挖市场、深耕客户、深度服务，通过畅通文旅产业融资 渠道、便捷文旅消费金融服务等实际举措，用金融画笔点染"诗与远方"，让无处不飞花的春城绽放"生 活像花儿一样美"的绚丽光彩。 工笔细描滇池卷，黄金岸线焕新颜 五百里滇池碧波映城，是云南文旅产业的靓丽名片。滇池国家旅游度假区作为云南文旅核心区，当前正 迎来业态升级的关键期。围绕这片黄金发展带，农业银行昆明分行以信贷资源精准投放助推景区品牌焕 新提质，执"文旅+金融"之笔，共绘人城共生、产景交融的生态幸福图景。 坐落于滇池之滨的云南民族村，不仅是国家4A级旅游景区，更是云南少数民族文化风情的生动展示窗 口。2023年，云南民族村提升改造项目跻身云南省重点项目行列，品牌升级和整体提升改造迫在眉睫。 在此关键时期，农行西山支行深入调研，投放3000万元"旅游景区贷"帮助云南民族村进行品牌升级、开 展提升改造。"此次改造，不仅有景区硬件设施的更新换代，还携手法国普德赋文旅集团，立志实现旅 游与科技、文化、创意的深度融合， ...

Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's revenue and net profit growth rates are leading among state-owned banks, with 2024 revenue and net profit increasing by 2.26% and 4.72% year-on-year, respectively, marking an acceleration compared to the first three quarters of 2024 [4][9] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.3% at the end of 2024, down 2 basis points from the previous quarter [8][9] - The bank is well-positioned to benefit from urban-rural integration and has a strong focus on county-level financial services, which is expected to drive growth [9] Summary by Sections Financial Performance - In 2024, Agricultural Bank's total assets, loans, and financial investments grew by 8.4%, 10.13%, and 23.5% year-on-year, respectively [5] - The bank's net interest income increased by 1.56% year-on-year, with a slight improvement in growth rate compared to the previous quarter [4] - Non-interest income saw a significant increase of 26.3% year-on-year, driven by strong performance in financial investments [4] Loan Growth - Agricultural Bank's total loan balance reached 23.98 trillion yuan, with corporate, personal, and discount loans growing by 10.6%, 9.35%, and 15% year-on-year, respectively [5] - Personal loans outperformed the national average growth rate, with personal consumption loans and personal business loans growing by 28.3% and 35% year-on-year [5] Asset Quality - The bank's NPL ratio decreased to 1.3%, with a coverage ratio of 299.61%, indicating a stable risk absorption capacity [8] - The bank's focus on county-level loans has resulted in a lower NPL ratio of 1.21% for these loans, which is better than the overall average [8][9] Investment Outlook - The bank is expected to see revenue and profit growth accelerate in 2024, maintaining its leadership among state-owned banks [9] - Projections for 2025-2027 indicate a slight decline in revenue growth in 2025, followed by a gradual recovery in subsequent years [9]

Core Viewpoint - Agricultural Bank of China has demonstrated strong financial performance in 2024, with significant stock price increases and robust growth in key financial metrics, reflecting investor confidence in its future potential [1][2]. Financial Performance - Agricultural Bank achieved a net profit of 282.7 billion RMB in 2024, a year-on-year increase of 4.8%, and operating revenue of 711.4 billion RMB, up 2.3% [1]. - The bank's stock prices increased by 55% for A-shares and 58% for H-shares by the end of the previous year, leading the industry [1]. - The bank plans to distribute a total cash dividend of 84.661 billion RMB to shareholders [1]. Asset Quality and Risk Management - The bank's non-performing loan (NPL) ratio improved to 1.30%, a decrease of 3 basis points from the previous year, with a provision coverage ratio of 299.61% [2][9]. - Agricultural Bank issued 320 billion RMB in capital bonds, enhancing its capital adequacy ratios [2]. Strategic Focus Areas - The bank's growth strategy is centered around five key focuses: enhancing rural financial services, supporting the real economy, prioritizing financial services for the public, risk management, and fostering innovation [3][6][7][8][9][10]. - In 2024, the bank's loans to the rural sector exceeded 1 trillion RMB, with a total loan balance of 9.85 trillion RMB, representing over 40% of its domestic loan portfolio [6]. Loan Growth and Market Position - Agricultural Bank's total loan balance reached 24.9 trillion RMB, with an increase of 2.3 trillion RMB, reflecting a growth rate of 10.1% [15]. - The bank's personal loan balance surpassed 8.8 trillion RMB, maintaining a leading position in the industry [16]. Non-Interest Income and Future Outlook - The bank's non-interest income, including investment and equity income, contributed significantly to its profitability, with total non-interest income reaching 54.3 billion RMB, a year-on-year increase of 26.3% [19]. - The bank is optimistic about maintaining profit growth in 2025, focusing on enhancing customer satisfaction and expanding financial services [3][20].

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's revenue and net profit growth rates are leading among state-owned banks, with 2024 revenue and net profit increasing by 2.26% and 4.72% year-on-year, respectively, marking an acceleration compared to the first three quarters of 2024 [4][5] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.3% at the end of 2024, down 2 basis points from the previous quarter [8] - The bank is well-positioned to benefit from urban-rural integration and has a strong focus on county-level financial services, which is expected to drive growth [9] Summary by Sections Financial Performance - In 2024, Agricultural Bank's total assets, loans, and financial investments grew by 8.4%, 10.13%, and 23.5% year-on-year, respectively [5] - The bank's net interest income increased by 1.56% year-on-year, while non-interest income saw a significant rise of 26.3% [4] - The bank's total revenue for 2024 is projected at 710,555 million yuan, with a year-on-year growth of 2.26% [12] Loan Growth - Agricultural Bank's loan portfolio saw a year-on-year increase of 10.13%, with corporate loans growing by 10.6% and personal loans by 9.35% [5] - The bank's county-level loans accounted for over 40% of its domestic loan portfolio, with a balance of 9.85 trillion yuan, reflecting a year-on-year growth of 12.3% [5] Asset Quality - The NPL ratio improved to 1.3%, with a coverage ratio of 299.61% [8] - The bank's overdue loan ratio and attention ratio decreased, indicating a stable asset quality [8] Investment Outlook - The bank is expected to see revenue and profit growth accelerate in 2024, maintaining its leadership among state-owned banks [9] - Projections for 2025-2027 indicate revenue growth rates of -0.96%, 1.81%, and 4.53%, with net profit growth rates of 1.26%, 1.36%, and 2.37%, respectively [9]

"2024年，农业银行坚决贯彻党中央、国务院决策部署，坚守服务'三农'和实体经济主责主业，持续优化经营管理策略，主要经营指标持续向好。"3月28 日，农业银行副董事长、执行董事、行长王志恒在该行2024年度业绩发布会上表示。 2024年全年，农业银行实现净利润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%。 "国家乡村振兴战略的深入推进，为农行发展带来了广阔空间。"王志恒表示，农业银行聚焦城乡融合发展，持续向县域、"三农"倾斜金融资源，不断增强在 县域地区的服务能力和经营优势。 过去一年，农业银行找准"稳"的着力点和"进"的主攻方向，扎实做好服务实体经济和业务经营工作，服务"三农"和乡村振兴有力有效，县域贷款余额占比首 超四成。 下一步，在信贷投放方面有何部署？如何保持"三农"县域业务发展优势？在业绩发布会现场，农业银行管理层进行了回应。 FBO CO. - (4)中国农业银行 | Exmito 品记号 MENG Fanjun 去年县域贷款贡献度持续提升 数据是最好的证明。业务增量方面，2024年，农业银行县域贷款年增量突破万亿元，余额 ...

Investment Rating - The report maintains a "Recommendation" rating for Agricultural Bank of China (601288) [1][4]. Core Views - The bank's asset quality has improved, with a notable growth in retail loans. The non-performing loan (NPL) ratio decreased to 1.3%, and the provision coverage ratio remains robust at 300% [1][8]. - The bank achieved a total operating income of 710.56 billion yuan in 2024, reflecting a year-on-year growth of 2.26%. The net profit attributable to shareholders increased by 4.73% to 282.08 billion yuan [1][3]. - The report highlights a steady growth in loans, particularly in retail lending, with personal consumption loans growing by 28.3% and personal business loans by 35% year-on-year [8]. Financial Performance Summary - **2024 Financial Metrics**: - Total operating income: 710,555 million yuan - Year-on-year growth: 2.26% - Net profit attributable to shareholders: 282,083 million yuan - Year-on-year growth: 4.73% [3][9] - **Future Projections**: - Revenue growth forecast for 2025-2027 adjusted to 1.8%, 3.7%, and 5.7% respectively - Net profit growth forecast for the same period adjusted to 2.3%, 4.1%, and 5.3% respectively [8][9]. Asset Quality and Loan Structure - The NPL ratio improved, with a decrease of 2 basis points to 1.3%, and the NPL generation rate fell to 0.23% [8][11]. - Retail loans showed strong growth, with a year-on-year increase of 9.4% in Q4, while corporate loans grew by 11% [8][9]. - The bank's focus on county-level finance continues to yield positive results, with county loans growing by 12.3% year-on-year [8]. Valuation and Target Price - The current valuation is at 0.65 times the projected price-to-book (PB) ratio for 2025, with a target PB of 0.75, leading to a target price of 5.86 yuan per share [8][4]. - The report suggests that the bank is undervalued compared to its historical average PB of 0.58 [8].