Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's net profit growth has turned positive, with a reduction in the drag from net interest margin [6] - The company reported a revenue of 626.422 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.82% [6] - The net profit attributable to shareholders for the same period was 269.025 billion yuan, showing a slight increase of 0.13% year-on-year [6] Summary by Relevant Sections Financial Performance - For Q1-Q3 2024, the company's interest income and other non-interest income showed marginal improvement, with interest net income down by 4.94% and other non-interest income up by 17.53% year-on-year [6] - The net interest margin for Q1-Q3 2024 was 1.43%, remaining stable compared to H1 2024 [6] - The company’s loan balance reached 28.10 trillion yuan, an increase of 8.97% year-on-year, with a notable increase in bill discounting [6] Asset Quality and Capital Strength - The non-performing loan ratio stood at 1.35%, unchanged from H1 2024, with a non-performing loan balance of 379.955 billion yuan, up 7.99% year-on-year [6] - The provision coverage ratio was 220.30%, indicating strong risk mitigation capabilities [6] - The core Tier 1 capital adequacy ratio was 13.95%, reflecting a slight increase from H1 2024 [6] Future Projections - Revenue projections for 2024-2026 are 826.2 billion yuan, 849.5 billion yuan, and 876.1 billion yuan, with year-on-year growth rates of -2.01%, +2.82%, and +3.13% respectively [6] - Net profit projections for the same period are 363.2 billion yuan, 369.1 billion yuan, and 379.3 billion yuan, with growth rates of -0.23%, +1.64%, and +2.77% respectively [6]

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: 2024年10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: 中國工商銀行股份有限公司 呈交日期: 2024年11月1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) | 01398 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | | 1 RMB | | 86,794,044,550 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company has shown resilience with a return to profit growth, despite a slight decline in revenue. The net profit for the first three quarters of 2024 was CNY 269 billion, reflecting a year-on-year increase of 0.1% [4][5]. - The revenue for the first three quarters was CNY 626.4 billion, down 3.8% year-on-year, but the decline in revenue growth has narrowed compared to the first half of 2024 [5]. - The bank's asset quality remains stable, with a non-performing loan ratio holding steady at 1.35% as of the end of Q3 2024 [13]. Financial Performance Summary - For the first three quarters of 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit growth rates were -3.8%, -5.3%, and 0.1%, respectively, showing improvements from the first half of 2024 [5]. - The net interest income decreased by 4.9% year-on-year, but the decline was less severe than in the first half of 2024 [5]. - Non-interest income remained stable, with a slight year-on-year increase in net other non-interest income by 17.5% [12]. Asset Quality and Capital Adequacy - The company reported a non-performing loan balance of CNY 378 billion, with a slight increase of CNY 2.6 billion during the quarter [13]. - The provision coverage ratio improved slightly to 220.3% as of Q3 2024, indicating a strong buffer against potential loan losses [13]. - The capital adequacy ratios are robust, with a core tier 1 capital ratio of 13.95% and a total capital adequacy ratio of 19.25% [13][23]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is CNY 1.02, CNY 1.05, and CNY 1.08, respectively, with the current stock price reflecting a price-to-book (PB) ratio of 0.59, 0.55, and 0.51 for the respective years [14]. - The company plans to distribute a dividend of CNY 1.434 per 10 shares, totaling CNY 51.1 billion, which represents a 30% payout ratio, enhancing investment stability [14].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.87 CNY, indicating a potential upside of 14% from the current price of 6.04 CNY [6][24]. Core Insights - The company has shown signs of recovery in profitability, with a year-on-year increase in net profit of 0.13% for the first three quarters of 2024, reflecting an improvement compared to earlier quarters [2][9]. - The net interest margin has stabilized at 1.43%, suggesting reduced pressure on future earnings due to adjustments in loan and deposit rates [2][11]. - The liquidity coverage ratio has improved, indicating enhanced capacity to manage potential operational pressures [2][11]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of approximately 626.4 billion CNY, with a net interest income of 476.7 billion CNY, showing a year-on-year decline of 3.81% and 4.94% respectively, but with a positive trend in growth rates compared to mid-year [2][5][9]. - The total interest-earning assets reached 468,890 billion CNY, an increase of 10,228 billion CNY from the first half of 2024, reflecting a 2.2% quarter-on-quarter growth [2][16]. - The non-performing loan ratio remained stable at 1.35%, with a provision coverage ratio of 220.3%, indicating a solid asset quality [3][22]. Profitability and Valuation Forecast - The forecast for net profit growth from 2024 to 2026 is projected at 0.79%, 0.87%, and 1.89% respectively, with corresponding book values per share of 10.45 CNY, 11.45 CNY, and 12.50 CNY [4][24]. - The company’s price-to-earnings ratio (P/E) is expected to remain stable, with a slight decrease from 5.97 in 2022 to 5.71 by 2026 [25].

公 司 季 报 点 评 公 司 报 告 证 券 研 究 报 告 工商银行(601398.SH) 营收边际改善，负债成本下行推动息差企稳 | --- | --- | --- | |------------------------|----------|----------------------------------| | | | | | 主要数据 | | | | 行业 | | 银行 | | 公司网址 | | www.icbc.com.cn;www.icbc-ltd.com | | 大股东 / 持股 | | 中央汇金投资有限责任公司 /34.79% | | 实际控制人 | | | | 总股本 ( 百万股 ) | | 356,406 | | 流通 A 股 ( 百万股 | ) | 269,612 | | 流通 B/H 股 ( | 百万股 ) | 86,794 | | 总市值（亿元） | | 19,888 | | 流通 A 股市值 ( | 亿元 ) | 16,204 | | 每股净资产 ( 元 ) | | 10.04 | | 资产负债率 (%) | | 91.8 | | | | | | 行情走势图 | | | | ...

Investment Rating - The report assigns a 2024E P/B of 0.6x and a 2024E P/E of 5.9x, with a TTM dividend yield of 5.1%, which is in line with industry averages [1][4]. Core Insights - The Industrial and Commercial Bank (ICBC) reported a Q3 2024 revenue increase of 1.1% year-on-year, with pre-provision profit rising by 1.7% and net profit attributable to the parent company growing by 3.8% year-on-year [1][4]. - For the first three quarters of 2024, revenue decreased by 3.8% year-on-year, while pre-provision profit fell by 5.3%, and net profit attributable to the parent company increased by 0.1% year-on-year [1][4]. - The annualized ROA for Q1-Q3 2024 decreased by 0.08 percentage points to 0.78%, and the annualized ROE decreased by 0.79 percentage points to 9.77% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.56 percentage points year-on-year to 13.95% [1][4]. Summary of Financial Performance - In Q1-Q3 2024, the net interest margin remained stable compared to the first half of 2024, supported by a decline in the cost of liabilities [2][5]. - Net interest income decreased by 4.9% year-on-year, showing improvement from a decline of 6.8% in the first half of 2024, with Q3 net interest income down by 1.1% year-on-year [2][5]. - The non-performing loan ratio remained stable at 1.35%, while the provision coverage ratio slightly declined to 216.2% [3][5]. - Net fee and commission income decreased by 9.0% year-on-year, continuing the decline from -8.2% in the first half of 2024 [3][5]. - The cost-to-income ratio for Q1-Q3 2024 was 25.1%, an increase of 1.0 percentage point year-on-year [3][5].

证券研究报告 | 2024年10月31日 工商银行（601398.SH）2024 年三季报点评 优于大市 净息差趋稳，资产质量稳定 营收降幅收窄，归母净利润同比正增长。公司 2024 年前三季度实现营业收 入 6264 亿元，同比下降 3.8%，降幅较上半年收窄 2.2 个百分点；前三季度 实现归母净利润 2690 亿元，同比增长 0.1%，由负转正。前三季度加权平均 净资产收益率 9.8%，同比下降 0.8 个百分点。从业绩归因来看，仍然是净息 差拖累净利润增长。 资产规模稳健增长。2024 年三季度末总资产同比增长 8.7%至 48.4 万亿元， 规模增速从二季度开始较前期两位数的增速回落，增长更加稳健。其中贷款 总额同比增长 9.0%，存款同比增长 1.8%。公司三季度末核心一级资本充足 率 13.95%，较年初变化不大。 净息差同比下降，环比趋于稳定。公司披露的前三季度日均净息差 1.43%， 同比降低 24bps，较上半年持平。环比来看，三季度单季净息差 1.43%，较 二季度回升 5bps。考虑到近期存量按揭利率下调等影响，预计四季度净息差 仍有小幅下行压力，但从趋势上看下行压力较前期减小。 手续 ...

2024年三季度业绩已经挂网发布总体看今年以来面对低利率的经营环境工商银行加快推进风控智能化布局现代化动能数字化结构多元化基础生态化五化转型加快培育新动能打造财务收支新平衡前三季度全行经营保持稳健一是主要指标总体趋势向好 前三季度实现净利润2705亿元同比增长0.2%增幅较上半年由负转正营业收入5991亿元降幅较上半年收窄不良率1.35%较上年末下降1个BP资产质量进一步夯实资本充足率19.25%波被覆盖率稳定在200%以上风险比喻能力持续增强 二是资产负债表持续稳定扩张总资产48.3万亿元比上年末增加3.7万亿元其中客户贷款增加超2万亿元投资增加超1.4万亿元资产结构持续优化总负债44.4万亿元比上年末增加3.5万亿元其中客户存款增加超1万亿元存款偏离度为5年同期最低 稳定性明显上升三是高质量发展动能进一步增强GBC加客户生态和DSBC数字生态持续优化服务个人客户增至7.55亿户公司客户1315万户手机银行月活客户超过2亿户大中小微个协同的客户生态进一步夯实以上是工商银行3D注点要情况谢谢大家 下面我们将进入问答环节请各位投资者分析师提问在提问前请报出自己的机构和姓名谢谢请揭露第一个问题下面有请摩根士丹分析 ...

一、关于 2024 年第三季度报告的议案 证券代码：601398 证券简称：工商银行 公告编号：临 2024-053 号 中国工商银行股份有限公司 董事会决议公告 中国工商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。 中国工商银行股份有限公司（简称本行）董事会于 2024 年 10 月 30 日在北 京市西城区复兴门内大街 55 号本行总行召开会议。会议应出席董事 14 名，亲自 出席 13 名，委托出席 1 名，廖林董事长因其他公务安排，书面委托刘珺副董事 长出席会议并代为行使表决权。高级管理层成员及监事会成员列席会议。会议的 召开符合法律法规、《中国工商银行股份有限公司章程》（简称《公司章程》） 以及《中国工商银行股份有限公司董事会议事规则》（简称《董事会议事规则》） 的规定。 会议由刘珺副董事长主持召开。出席会议的董事审议通过了以下议案： 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 本议案已经本行董事会审计委员会审议通过，全体成员同意提交董事会审 议。 关 于 2024 ...

监事会决议公告 中国工商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。 中国工商银行股份有限公司（简称本行）监事会于 2024 年 10 月 17 日以书 面形式发出会议通知，于 2024 年 10 月 30 日在北京市西城区复兴门内大街 55 号本行总行召开会议。会议应出席监事 3 名，亲自出席 3 名。鉴于本行监事长 空缺，监事会成员共同推举张杰监事主持会议。会议召开和议案审议程序符合 有关法律法规、《中国工商银行股份有限公司章程》及《中国工商银行股份有限 公司监事会议事规则》等规定。 会议审议通过以下议案： 一、关于 2024 年第三季度报告的议案 监事会审议认为，本行 2024 年第三季度报告的编制和审核程序符合有关法 律、行政法规和监管规定，报告内容真实、准确、完整地反映了本行实际情况。 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 二、关于 2023 年度监事薪酬清算方案的议案 证券代码：601398 证券简称：工商银行 公告编号：临 2024-054 号 中国工商银行股 ...