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 ...

Financial Performance - Operating income for Q3 2024 was RMB 205,923 million, a year-on-year increase of 1.05%[3] - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 98,558 million, up 3.82% year-on-year[3] - Net profit for the first three quarters of 2024 reached 270.475 billion yuan, a year-on-year increase of 0.20%[15] - Net profit attributable to the parent company's shareholders for the first nine months of 2024 was RMB 269,025 million, slightly higher than RMB 268,673 million in the same period of 2023[24] - Net profit for the first nine months of 2024 was RMB 270,475 million, slightly up from RMB 269,929 million in the same period of 2023[31] - Net profit for the first nine months of 2024 was RMB 251,449 million, compared to RMB 252,360 million in the same period of 2023[34] - Net profit for the first nine months of 2024 was RMB 251,449 million, slightly down from RMB 252,360 million in the same period of 2023[39] Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 48,357,755 million, an 8.19% increase from the end of 2023[5] - Total assets at the end of the reporting period were 48,357.755 billion yuan, an increase of 8.19% compared to the end of the previous year[16] - Total assets increased to RMB 48.357755 trillion as of September 30, 2024, up from RMB 44.697079 trillion at the end of 2023[22] - Total assets increased to RMB 46,387,600 million as of September 30, 2024, up from RMB 42,892,234 million at the end of 2023[32] - Total liabilities were 44,435.477 billion yuan, an increase of 8.59% compared to the end of the previous year[17] - Total liabilities rose to RMB 42,677,131 million, up from RMB 39,304,461 million at the end of 2023[33] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was RMB 1,077,248 million, a decrease of 43.57% compared to the same period in 2023[7] - Net cash flow from operating activities decreased to RMB 1,077,248 million in the first nine months of 2024, compared to RMB 1,909,119 million in the same period of 2023[28] - Net cash flow from operating activities decreased to RMB 759,718 million in the first nine months of 2024, compared to RMB 1,835,240 million in the same period of 2023[36] - Net cash flow from investing activities was negative at RMB 1,129,281 million in the first nine months of 2024, compared to negative RMB 695,857 million in the same period of 2023[29] - Net cash flow from investing activities was negative at RMB 1,109,358 million in the first nine months of 2024, compared to negative RMB 670,022 million in the same period of 2023[37] - Net cash flow from financing activities increased to RMB 339,970 million in the first nine months of 2024, compared to RMB 134,063 million in the same period of 2023[30] - Net cash flow from financing activities increased to RMB 368,496 million in the first nine months of 2024, compared to RMB 143,378 million in the same period of 2023[38] Earnings and Dividends - Basic earnings per share for Q3 2024 were RMB 0.25, a 4.17% increase year-on-year[3] - Basic earnings per share for the first nine months of 2024 were RMB 0.72, consistent with the same period of 2023[27] - Distributed cash dividends of RMB 3.064 per 10 shares for 2023, totaling approximately RMB 109.203 billion[20] - Proposed interim cash dividend of RMB 1.434 per 10 shares for 2024, subject to shareholder approval[20] - Distributed RMB 2.94 billion in dividends for "ICBC You 2" at a coupon rate of 4.2% on September 24, 2024[21] - Distributed USD 115.36 million in dividends for overseas USD preferred shares at a rate of 3.58% on September 23, 2024[21] Capital and Risk Management - Core tier 1 capital adequacy ratio was 13.95%, tier 1 capital adequacy ratio was 15.23%, and capital adequacy ratio was 19.25%, all meeting regulatory requirements[17] - Issued RMB 50 billion perpetual capital bonds in July 2024 to supplement Tier 1 capital[18] - Issued RMB 50 billion and RMB 40 billion Tier 2 capital bonds in August and October 2024 respectively to supplement Tier 2 capital[18] - Redeemed RMB 80 billion perpetual capital bonds issued in 2019 at par value in July 2024[18] - Core Tier 1 Capital increased to RMB 3,564,519 million as of September 30, 2024, up from RMB 3,477,144 million in June 2024[42] - Total Risk-Weighted Assets reached RMB 25,546,153 million as of September 30, 2024, compared to RMB 25,123,488 million in June 2024[42] - Core Tier 1 Capital Adequacy Ratio stood at 13.95% as of September 30, 2024, slightly higher than 13.84% in June 2024[42] - Leverage Ratio decreased to 7.71% as of September 30, 2024, from 7.80% in June 2024[42] - Liquidity Coverage Ratio improved to 138.20% as of September 30, 2024, up from 133.65% in June 2024[42] - Net Stable Funding Ratio increased to 129.66% as of September 30, 2024, compared to 128.26% in June 2024[42] - Credit Risk Exposure (excluding counterparty credit risk) was RMB 23,185,527 million as of September 30, 2024, up from RMB 22,654,841 million in June 2024[43] - Market Risk Exposure decreased to RMB 477,675 million as of September 30, 2024, from RMB 585,696 million in June 2024[43] - Operational Risk Exposure remained stable at RMB 1,882,951 million as of September 30, 2024, unchanged from June 2024[43] - Adjusted On- and Off-Balance Sheet Assets totaled RMB 50,447,695 million as of September 30, 2024, up from RMB 49,146,136 million in June 2024[45] - Adjusted on-balance sheet assets (excluding derivatives and securities financing transactions) increased to RMB 47,546,724 million as of September 30, 2024, up from RMB 46,611,944 million as of June 30, 2024[46] - Derivatives asset balance rose to RMB 454,258 million as of September 30, 2024, compared to RMB 407,038 million as of June 30, 2024[46] - Securities financing transactions asset balance increased to RMB 1,281,171 million as of September 30, 2024, up from RMB 926,243 million as of June 30, 2024[46] - Adjusted off-balance sheet items decreased slightly to RMB 2,080,986 million as of September 30, 2024, from RMB 2,102,671 million as of June 30, 2024[47] - Tier 1 capital net amount grew to RMB 3,889,547 million as of September 30, 2024, compared to RMB 3,832,172 million as of June 30, 2024[47] - Leverage ratio improved to 7.71% as of September 30, 2024, from 7.80% as of June 30, 2024[47] - High-quality liquid assets (HQLA) stood at RMB 8,724,549 million as of September 30, 2024[48] - Total expected cash outflows amounted to RMB 10,025,512 million as of September 30, 2024[49] - Total expected cash inflows were RMB 3,710,684 million as of September 30, 2024[49] - Liquidity coverage ratio (LCR) was 138.20% as of September 30, 2024[49] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 680,869, with 106,165 H-share holders and 574,704 A-share holders[8] - Central Huijin Investment Limited remains the largest shareholder with a 34.79% stake in A-shares[9] - The Ministry of Finance of the People's Republic of China holds a 31.14% stake in A-shares[9] - Hong Kong Securities Clearing (Nominees) Limited holds a 24.18% stake in H-shares[9] Loan and Deposit Information - Customer loans and advances totaled 28,095.905 billion yuan, an increase of 7.70% compared to the end of the previous year[16] - Customer deposits were 34,592.836 billion yuan, an increase of 3.20% compared to the end of the previous year[17] - Customer deposits grew to RMB 34.592836 trillion as of September 30, 2024, compared to RMB 33.521174 trillion at the end of 2023[23] - Customer loans and advances grew to RMB 26,553,691 million, compared to RMB 24,618,384 million at the end of 2023[32] - Customer deposits increased to RMB 33,648,919 million, up from RMB 32,621,398 million at the end of 2023[33] Income and Expenses - Interest income was 476.732 billion yuan, a decrease of 4.94% year-on-year[15] - Non-interest income was 149.690 billion yuan, a slight decrease of 0.03% year-on-year[15] - Net interest income for the first nine months of 2024 was RMB 476,732 million, compared to RMB 501,526 million in the same period of 2023[24] - Net fee and commission income for the first nine months of 2024 was RMB 90,323 million, a decrease from RMB 99,231 million in the same period of 2023[24] - Investment income for the first nine months of 2024 was RMB 31,086 million, compared to RMB 37,611 million in the same period of 2023[24] - Other comprehensive income for the first nine months of 2024 was RMB 25,496 million, compared to RMB 10,526 million in the same period of 2023[25] - Total comprehensive income for the first nine months of 2024 was RMB 295,971 million, up from RMB 280,455 million in the same period of 2023[25] - Operating expenses for the first nine months of 2024 were RMB 318,931 million, slightly lower than RMB 338,065 million in the same period of 2023[24] - Credit impairment losses for the first nine months of 2024 were RMB 128,945 million, a decrease from RMB 147,575 million in the same period of 2023[24] - Foreign exchange and exchange rate product net loss for the first nine months of 2024 was RMB 4,692 million, compared to a loss of RMB 7,573 million in the same period of 2023[24] - Credit impairment losses decreased to RMB 126,358 million in the first nine months of 2024, compared to RMB 145,849 million in the same period of 2023[39] - Interest and commission income received in cash was RMB 949,847 million in the first nine months of 2024, slightly down from RMB 951,383 million in the same period of 2023[28] - Payments for interest and commissions in cash increased to RMB 555,634 million in the first nine months of 2024, compared to RMB 480,415 million in the same period of 2023[28] - Interest and commission income from customers remained stable at RMB 897,456 million in the first nine months of 2024, compared to RMB 898,126 million in the same period of 2023[36] Asset Quality - Non-performing loan balance was 377.955 billion yuan, with a non-performing loan ratio of 1.35%, down 0.01 percentage points[17] - Provision coverage ratio was 220.30%, an increase of 6.33 percentage points[17] Bond Issuance and Redemption - Issued RMB 50 billion perpetual capital bonds in July 2024 to supplement Tier 1 capital[18] - Issued RMB 50 billion and RMB 40 billion Tier 2 capital bonds in August and October 2024 respectively to supplement Tier 2 capital[18] - Redeemed RMB 80 billion perpetual capital bonds issued in 2019 at par value in July 2024[18] - Reset the coupon rate of "ICBC You 2" to 3.02% starting from September 24, 2024[19] - Issued debt securities rose to RMB 1,800,490 million, compared to RMB 1,250,598 million at the end of 2023[33] - The company issued debt securities worth RMB 1,479,150 million in the first nine months of 2024, up from RMB 967,743 million in the same period of 2023[38] Liquidity and Cash Management - Cash and cash equivalents at the end of the period were RMB 3,034,512 million, a decrease from RMB 3,311,553 million at the end of the same period in 2023[30] - The company's cash and cash equivalents at the end of September 2024 stood at RMB 2,621,146 million, down from RMB 2,877,077 million at the end of September 2023[38] - Net cash received from customer deposits was RMB 1,108,167 million in the first nine months of 2024, compared to RMB 3,972,512 million in the same period of 2023[28] - Net cash used in client loans and advances was RMB 2,077,370 million in the first nine months of 2024, compared to RMB 2,543,836 million in the same period of 2023[28] - Net cash received from issuance of debt securities was RMB 1,502,253 million in the first nine months of 2024, up from RMB 981,768 million in the same period of 2023[30] - The company's total cash inflow from operating activities was RMB 3,878,060 million in the first nine months of 2024, down from RMB 5,739,319 million in the same period of 2023[36] - The company's total cash outflow from operating activities was RMB 3,118,342 million in the first nine months of 2024, down from RMB 3,904,079 million in the same period of 2023[36] Financial Investments - Financial investments measured at fair value through profit or loss increased to RMB 12,394,374 million, up from RMB 11,011,574 million at the end of 2023[32]

M Update October 10, 2024 03:05 AM GMT | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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% | | ...

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 | | | | | | | | | ...

资料来源： 公司公告，光大证券研究所 图 5：工商银行生息资产及贷款增速 证券研究报告 表 2：工商银行资产质量主要指标 敬请参阅最后一页特别声明 -4- 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------|--------|--------------------|-------|-------|-------|-------|-------| | 不良贷款率 | 1.38% | 1.36% | 1.22% | 1.14% | 1.08% | 每股盈利及估值指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 拨备覆盖率 资 本 | 209.5% | 214.0% | 217.4% | 220.6% | 225.2% | EPS（元） | 1.01 | 1.02 | 1.02 | 1.05 | 1.08 | | 拨贷比 | 2.90% | 2.9 ...

证券研究报告 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 工商银行发布 2024 年中报，2024H1 公司实现营业收入 4204.99 亿元，同比-6.03%，增速较 2024Q1 -2.63pct。实现归母净利润 1704.67 亿元，同比-1.89%，增速较 2024Q1 +0.90pct。 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 5 glzqdatemark2 工商银行(601398) | --- | --- | --- | |------------------------|----------|----------------------| | | | | | 行 业： | | 银行 / 国有大型银行Ⅱ | | 投资评级： | | 买入（维持） | | 当前价格： | | 5.98 元 | | 基本数据 | | | | 总股本/流通股本 | (百万股) | 356,406 /356,406 | | 流通 A 股市值 | (百万元) | 1,612,281.03 | | 每股净资产(元 ) | | 9.79 | | 资产负债率 (%) ...

| --- | --- | |-------------------|---------------------------| | | | | | 工商银行(股票代码:601398) | | 推荐 | 首次评级 | | 分析师 | | | 张一纬 | | | 盤：010-8092-7617 | | 营收承压，净利润降幅边际改善 图4：工商银行净息差及资负收益/成本率 图10：工商银行房地产贷款不良率 ●房地产贷款不良率 =全部贷款不良率 8% 4% 2% 0% 资料来源：ifind，中国银河证券研究院 截至 2024年 6月末,公司不良贷款率 1.35%,较一季度和上年末下降 1BP;关注类贷款占比 1.92%,较上年末上升 7BP。其中,对公贷款不良率 1.69%,较上年末下降 12BP,各行业不良率均 有所下降;零售贷款不良率 0.9%,较上年末上升20BP。6 月末,公司拨备覆盖率 218.43%,分别 较一季度、上年末上升2.12、4.46个百分点。公司资产质量平稳,风险抵御能力进一步提高。 ● | --- | --- | --- | --- | |------------|------------| ...