详解工商银行 2024 年半年报：资产质量稳健；核心一级资本充足率进一步提升 工商银行(601398)/银行 证券研究报告/公司点评 2024 年 09 月 1 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------- ...

基本数据 财务数据和估值 2022A 2023A 2024E 2025E 2026E 营业收入（亿元） 9,180 8,431 8,312 8,416 8,683 增长率（%） -2.63 -8.16 -1.41 1.24 3.18 归属母公司股东净利润（亿元） 3,610 3,651 3,680 3,712 3,782 增长率（%） 3.49 0.97 0.79 0.87 1.89 每股收益（元） 1.01 1.02 1.03 1.04 1.06 市盈率(P/E) 5.87 5.82 5.77 5.72 5.61 市净率(P/B) 0.61 0.62 0.57 0.52 0.48 资料来源：wind，天风证券研究所 公司报告 | 半年报点评 流通 A 股股本(百万股) 269,612.21 工商银行（601398） 证券研究报告 2024 年 09 月 05 日 投资评级 行业 银行/国有大型银行Ⅱ 6 个月评级 买入（调高评级） 当前价格 5.71 元 目标价格 7.22 元 事件： 工商银行发布 24 年中财报。企业上半年实现营收 4205 亿元，YoY-6%，归母净 利润 1705 亿元，YoY-1. ...

证券研究报告 HTTP://WWW.LONGONE.COM.CN 7/10 请务必仔细阅读正文后的所有说明和声明 公司简评 图9 工商银行对公前四大不良集中行业不良率稳中有降 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 制造业 租赁与商业服务业 房地产业 批发零售业 资料来源：工商银行定期报告，Wind，东海证券研究所 证券研究报告 HTTP://WWW.LONGONE.COM.CN 8/10 请务必仔细阅读正文后的所有说明和声明 公司简评 [附录：三大报表预测值 Table_FinchinaDetail] 证券研究报告 HTTP://WWW.LONGONE.COM.CN 9/10 请务必仔细阅读正文后的所有说明和声明 公司简评 | --- | --- | --- | |--------------|-------|-----------------------------------------------------------| | | 评级 | 说明 | | | 看多 | 未来 6 个月内上证综指上升幅度达到或超过 20% | | ...

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8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9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) | 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 | | 2. 股份分類 | 普通股 | 股份 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 工商银行(601398.SH) 股价：5.98 元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 2/ 5 工商银行·公司半年报点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|----------------------------------|--------------------|---------------|---------------|---------------|-------------------------------------------------------------------|---------------|-------------| | 图表 1 | 工商银行 2024 | 年半年报核心指标 | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 5.98 CNY [8]. Core Views - The company has shown resilience in its fundamentals despite a decline in revenue growth, with a year-on-year decrease of 6% in operating income and a 1.9% decrease in net profit attributable to shareholders for the first half of 2024 [10]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.35% as of the end of Q2, down 1 basis point from Q1 [15]. - The bank's capital adequacy ratios are solid, with a core Tier 1 capital ratio of 13.84% and a total capital adequacy ratio of 19.16% as of the end of Q2 [35]. Summary by Sections Financial Performance - For the first half of 2024, the bank achieved operating income of 420.5 billion CNY, a decrease of 6% year-on-year, and a net profit of 170.5 billion CNY, down 1.9% year-on-year [10]. - The bank's net interest income and non-interest income growth rates decreased by 6.8% and 3.6% respectively [10]. Asset Quality - The NPL ratio decreased to 1.35% in Q2, with corporate loans showing an NPL ratio of 1.69% and personal loans at 0.9% [15]. - The provision coverage ratio improved to 218.4%, indicating a stable risk mitigation capacity [15]. Capital Adequacy - As of Q2, the bank's capital adequacy ratios were as follows: core Tier 1 capital ratio at 13.84%, Tier 1 capital ratio at 15.25%, and total capital adequacy ratio at 19.16% [35]. - The risk-weighted asset growth rate decreased to 3.6%, reflecting a slowdown in capital consumption [35]. Earnings Forecast - The report forecasts EPS for 2024, 2025, and 2026 to be 1.02 CNY, 1.05 CNY, and 1.08 CNY respectively, with corresponding P/B ratios of 0.58, 0.54, and 0.51 [16].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a total operating income of 420.499 billion yuan for H1 2024, a year-on-year decrease of 6.03%, with a marginal decline in revenue growth compared to Q1 2024 [6][2] - The net profit attributable to shareholders for H1 2024 was 170.467 billion yuan, down 1.89% year-on-year, but with a slight improvement in growth rate compared to Q1 2024 [6][2] - The company's interest income and commission income both showed declines, with interest income down 6.84% and commission income down 8.25% year-on-year [6] - The bank's loan balance reached 27.84 trillion yuan by the end of H1 2024, reflecting a year-on-year increase of 10.06% [6] - The net interest margin for H1 2024 was 1.43%, a decrease of 5 basis points from Q1 2024, primarily due to pressure on asset yields [6] - Wealth management services negatively impacted overall commission income, which decreased by 8.25% year-on-year [6] - The non-performing loan ratio stood at 1.35% at the end of H1 2024, with a slight decrease from Q1 2024, indicating stable asset quality [6] Summary by Sections Financial Performance - For H1 2024, the company achieved operating income of 420.499 billion yuan, down 6.03% year-on-year, and net profit of 170.467 billion yuan, down 1.89% year-on-year [6] - The company expects operating income for 2024-2026 to be 838.1 billion, 878.8 billion, and 913.6 billion yuan, with year-on-year growth rates of -0.59%, +4.85%, and +3.96% respectively [6][7] Asset Quality - The non-performing loan ratio was 1.35% at the end of H1 2024, with a net generation rate of non-performing loans at 0.46%, indicating low pressure on asset quality [6] - The provision coverage ratio was 218.43%, reflecting strong risk mitigation capabilities [6] Future Outlook - The company maintains a stable operational outlook, with a projected compound annual growth rate (CAGR) of 2.71% for operating income over the next three years [6]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - Revenue is under pressure, but the decline in net profit shows marginal improvement. In H1 2024, the company achieved operating revenue of CNY 401.99 billion, a year-on-year decrease of 6.03%. The net profit attributable to shareholders was CNY 170.47 billion, down 1.89% year-on-year, with a weighted average ROE of 9.53%, a decrease of 0.98 percentage points year-on-year [2][18][23]. Financial Performance Summary - As of June 30, 2024, the company's non-performing loan (NPL) ratio was 1.35%, a decrease of 1 basis point from the previous quarter and year-end. The proportion of special mention loans increased by 7 basis points to 1.92% compared to the end of the previous year. The corporate loan NPL ratio was 1.69%, down 12 basis points, while the retail loan NPL ratio rose by 20 basis points to 0.9% [5][19]. - The company’s provision coverage ratio stood at 218.43%, an increase of 2.12 and 4.46 percentage points from the previous quarter and year-end, respectively, indicating improved risk resistance [5][19]. Revenue and Profitability - In H1 2024, net interest income was CNY 313.95 billion, down 6.84% year-on-year, with a net interest margin (NIM) of 1.43%, decreasing by 5 and 18 basis points from the previous quarter and year-end, respectively. The yield on interest-earning assets was 3.28%, down 17 basis points from the year-end [35][44]. - The company’s total loans grew by 6.71% year-on-year, primarily driven by corporate loans, which increased by 8.49%. Retail loans saw a modest growth of 2.09% [35][44]. Non-Interest Income and Wealth Management - Non-interest income for H1 2024 was CNY 106.55 billion, a year-on-year decrease of 3.58%. The company maintained a leading position in wealth management, with retail AUM reaching CNY 21.77 trillion, up 5.12% from the previous year-end [36][75]. Investment Recommendations - The company is one of the state-owned major banks, leading in scale and market share, with a diversified business structure and strong operational resilience. The report recommends a "Buy" rating based on the company's fundamentals and stock price elasticity, projecting BVPS for 2024-2026 at CNY 10.18, CNY 10.91, and CNY 11.68, respectively, corresponding to current PB ratios of 0.59X, 0.55X, and 0.51X [37][82].

Investment Rating - The report maintains an "Outperform" rating for the company [5][8] Core Views - Net interest margin declined, but asset quality remained excellent [3][5] - Revenue and net profit declined year-on-year, with net interest margin being the main drag on profit growth [5] - Asset growth slowed, with total assets increasing by 7.9% YoY to 47.1 trillion yuan by Q2 2024 [5] - Fee-based income decreased by 8.2% YoY due to factors such as public fund fee reforms and capital market fluctuations [5] - Asset quality remained strong, with a non-performing loan ratio of 1.35% and a provision coverage ratio of 218% [5] Financial Forecasts and Valuation - Revenue is expected to decline by 1.7% in 2024E but grow by 4.5% and 6.4% in 2025E and 2026E, respectively [4][5] - Net profit attributable to shareholders is forecasted to grow by 0.7%, 2.5%, and 4.4% in 2024E, 2025E, and 2026E, respectively [4][5] - Diluted EPS is projected to be 0.99, 1.01, and 1.06 yuan for 2024E, 2025E, and 2026E, respectively [4][5] - The PE ratio is expected to be 6.3x, 6.1x, and 5.9x for 2024E, 2025E, and 2026E, respectively [4][5] - The PB ratio is forecasted to be 0.61x, 0.57x, and 0.53x for 2024E, 2025E, and 2026E, respectively [4][5] Financial Performance - Revenue for H1 2024 was 420.5 billion yuan, down 6.0% YoY [5] - Net profit attributable to shareholders for H1 2024 was 170.5 billion yuan, down 1.9% YoY [5] - The weighted average ROE for H1 2024 was 9.5%, down 1.0 percentage point YoY [5] - The net interest margin for H1 2024 was 1.43%, down 29bps YoY [5] - The loan-to-deposit ratio remained stable at 76% [10] Asset Quality and Capital Adequacy - The non-performing loan ratio was 1.35% at the end of Q2 2024, flat compared to the beginning of the year [5] - The provision coverage ratio was 218% at the end of Q2 2024, up 4 percentage points from the beginning of the year [5] - The core tier 1 capital adequacy ratio was 13.84% at the end of Q2 2024, showing little change from the beginning of the year [5]

此乃要件 請即處理 如 閣下對本通函的任何部份或對應採取的行動存有任何疑問，應諮詢 閣下的持牌證券 商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已出售或轉讓名下所有中國工商銀行股份有限公司的股份， 閣下應將本通函同 隨附之代表委任表格及回執立刻交予購買人或受讓人或經手買賣或轉讓的銀行、持牌證券 商或其他代理人以轉交給購買人或受讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份的內容所 產生或因倚賴該等內容而導致的任何損失承擔任何責任。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 美元優先股股份代號：4620 2024 年第二次臨時股東大會通知 中國工商銀行股份有限公司謹訂於2024年9月20日（星期五）下午二時五十分假座中國北京 市西城區復興門內大街55號中國工商銀行總行舉行臨時股東大會，大會通知載於本通函的 第18頁至第19頁。 如 閣下欲委任代表出 ...