Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Insights - The company reported a total operating revenue of 135.415 billion yuan in 2024, a year-on-year decrease of 7.05%, while net profit reached 41.696 billion yuan, reflecting a year-on-year increase of 2.22% [1][2] - The total assets of the company reached 6.96 trillion yuan by the end of 2024, representing a growth of 2.75% compared to the end of 2023 [2] - The loan balance increased to 3.93 trillion yuan, with a year-on-year growth of 3.88%, driven primarily by corporate loans [2] - The bank has focused on supporting the real economy, with significant growth in loans to technology and green sectors, achieving a 42.06% increase in loans to technology enterprises and a 41.01% increase in green loans [2] - The net interest margin for 2024 was reported at 1.45%, down 9 basis points from the end of the first half of 2024, influenced by multiple LPR reductions [2] - The non-performing loan ratio remained stable at 1.25%, with a coverage ratio of 180.6%, indicating strong risk management capabilities [2] - The bank has increased its dividend payout ratio over the past three years, with ratios of 25.05%, 25.06%, and 26.78% respectively [2] Financial Summary - Total operating revenue for 2023 was 145.685 billion yuan, with a projected revenue of 137.707 billion yuan for 2025, indicating a growth rate of 1.69% [4] - The net profit attributable to the parent company for 2023 was 40.792 billion yuan, with an expected increase to 43.127 billion yuan by 2025, reflecting a growth rate of 3.43% [4] - The earnings per share (EPS) for 2024 is projected at 0.71 yuan, with a price-to-earnings (P/E) ratio of 5.48 [4] - The core tier one capital adequacy ratio improved to 9.82% by the end of 2024, indicating a strengthening capital position [2][4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Insights - The company reported a total operating revenue of 135.415 billion yuan in 2024, a year-on-year decrease of 7.05%, while net profit reached 41.696 billion yuan, reflecting a year-on-year increase of 2.22% [1][2] - The total assets of the company reached 6.96 trillion yuan by the end of 2024, marking a growth of 2.75% compared to the end of 2023, with total liabilities increasing by 2.42% to 6.37 trillion yuan [2] - The loan balance at the end of 2024 was 3.93 trillion yuan, showing a year-on-year growth of 3.88%, driven primarily by corporate loan growth [2] - The bank has made significant strides in technology and green finance, with loans to technology enterprises growing by 42.06% year-on-year to 379.526 billion yuan, and green loans increasing by 41.01% to 442.443 billion yuan [2] - The net interest margin for 2024 was 1.45%, down 9 basis points from the end of the first half of 2024, influenced by multiple LPR reductions and adjustments in loan rates [2] - The non-performing loan ratio remained stable at 1.25% by the end of 2024, with a provision coverage ratio of 180.6%, indicating strong risk management capabilities [2] - The core tier one capital adequacy ratio improved to 9.82%, with the total capital adequacy ratio at 14.13%, reflecting a solid capital position [2] Financial Summary - Total operating revenue for 2023 was 145.685 billion yuan, with a projected revenue of 137.707 billion yuan for 2025, indicating a growth rate of 1.69% [4] - The net profit attributable to the parent company for 2023 was 40.792 billion yuan, with an expected increase to 43.127 billion yuan by 2025, reflecting a growth rate of 3.43% [4] - The earnings per share (EPS) for 2024 is projected at 0.71 yuan, with a price-to-earnings (P/E) ratio of 5.48 [4] - The bank's asset quality is expected to remain stable, with a focus on expanding retail assets under management (AUM) and improving capital indicators [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's revenue for 2024 is reported at 135.4 billion yuan, a year-on-year decrease of 7.05%, while the net profit attributable to shareholders is 41.7 billion yuan, reflecting a year-on-year increase of 2.22. The non-performing loan ratio and provision coverage ratio at the end of Q4 2024 are 1.25% and 180.59%, respectively, remaining stable and improving by 9.9 percentage points compared to the previous quarter [1][4] Summary by Sections Performance - The company's revenue growth rate for 2024 is -7.05%, with a marginal improvement of 1.7 percentage points compared to the first three quarters. The net profit growth rate is 2.22%, improving by 0.3 percentage points from the first three quarters. This improvement is attributed to a stabilization in interest margins, a reduced decline in middle-income, and growth in other non-interest income [2] - Net interest income for 2024 decreased by 10.06%, with a net interest margin of 1.54%, remaining stable compared to the first half of 2024. The year-on-year decline in net interest margin is 20 basis points, which is a smaller decline than the previous year [2][3] Asset Quality - The non-performing loan ratio at the end of Q4 2024 is 1.25%, unchanged from the previous quarter. Leading indicators such as the attention rate and overdue rate have improved, decreasing by 15 basis points and 19 basis points, respectively, compared to Q2 2024. The provision coverage ratio has increased by 9.9 percentage points [4] - The non-performing loan generation rate for 2024 is 1.25%, a year-on-year decrease of 23 basis points. The total amount of non-performing loans is reported at 49.25 billion yuan, with a net increase of 1.7 billion yuan in corporate loans [4] Assets and Liabilities - As of the end of Q4 2024, total assets and loans amount to 6.96 trillion yuan and 3.93 trillion yuan, respectively, with year-on-year growth rates of 2.75% and 3.88%. The growth in total assets is primarily driven by a rapid increase in interbank assets [10] - Total deposits at the end of Q4 2024 are reported at 3.96 trillion yuan, a year-on-year decrease of 1.67%, mainly due to a net decrease in corporate demand deposits [10]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company's revenue for 2024 is reported at 135.4 billion, a year-on-year decrease of 7.05%, while the net profit attributable to shareholders is 41.7 billion, reflecting a year-on-year increase of 2.22. The non-performing loan ratio and provision coverage ratio at the end of Q4 2024 are 1.25% and 180.59%, respectively, remaining stable and improving by 9.9 percentage points compared to the previous quarter [1][4] Summary by Sections Performance - The company's revenue growth rate for 2024 is -7.05%, with a marginal improvement compared to the previous quarters. The net profit growth rate is 2.22%, also showing a slight increase from earlier quarters. This improvement is attributed to a stabilization in interest margins, a reduced decline in middle-income, and growth in other non-interest income [2] - Net interest income for 2024 decreased by 10.06%, but the decline is less severe than in previous quarters. The net interest margin for 2024 is 1.54%, remaining stable compared to the first half of 2024. The year-on-year decline in net interest margin is 20 basis points, which is a smaller drop than the previous year [2][3] Asset Quality - The non-performing loan ratio at the end of Q4 2024 is 1.25%, unchanged from the previous quarter. Key forward-looking indicators such as the attention rate and overdue rate have improved, standing at 1.84% and 2.02%, respectively, both down from Q2 2024 [4] - The provision coverage ratio at the end of Q4 2024 is 180.59%, an increase of 9.9 percentage points from the previous quarter. The credit cost for 2024 is 1.07%, a decrease of 37 basis points year-on-year [4] Assets and Liabilities - As of the end of Q4 2024, total assets and loans amount to 6.96 trillion and 3.93 trillion, respectively, with year-on-year growth rates of 2.75% and 3.88%. The growth in total assets is primarily driven by a rapid increase in interbank assets [10] - Total deposits at the end of Q4 2024 are 3.96 trillion, reflecting a year-on-year decrease of 1.67%, mainly due to a net reduction in corporate demand deposits [10] Investment Recommendations - In the short term, the company faces pressure on revenue due to declining interest margins and poor performance in fees. However, in the medium to long term, a recovery in retail demand and growth in wealth management business are expected to provide better performance elasticity, maintaining the previous "Buy" rating [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.75 RMB [8][10]. Core Insights - The company's net profit and operating income for 2024 are expected to grow by 2.2% and decline by 7.0% year-on-year, respectively, which is slightly better than previous expectations [1][5]. - The company has shown improvements in asset quality, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 181% as of the end of 2024 [4]. - The report highlights a stable net interest margin of 1.54% for 2024, with a slight improvement in the cost of interest-bearing liabilities [2][3]. Summary by Sections Financial Performance - For 2024, the company is projected to have total assets, loans, and deposits growing by 2.7%, 3.9%, and declining by 1.4%, respectively [2]. - Non-interest income is expected to increase by 1.4% year-on-year, with a notable rise in other non-interest income by 35.6% [3]. - The cost-to-income ratio is projected to rise by 1.6 percentage points to 29.8% [3]. Asset Quality - The non-performing loan rate is stable at 1.25%, while the coverage ratio has improved by 10 percentage points [4]. - The report indicates a decrease in the personal loan non-performing rate to 1.40% [4]. Valuation and Forecast - The company is projected to achieve a net profit of 41.7 billion RMB in 2024, with a slight increase in the forecast for 2025 and 2026 [5][29]. - The target price of 4.75 RMB corresponds to a price-to-book ratio of 0.55 for 2025, reflecting an expected valuation premium due to improved asset quality [5][10].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The asset quality of the company remains stable, and it continues to exhibit a high dividend payout attribute [1] - In 2024, the company achieved a revenue of 135.4 billion yuan, a year-on-year decrease of 7.05%, while the net profit attributable to shareholders was 41.7 billion yuan, reflecting a year-on-year growth of 2.22% [4][5] - The report indicates that the decline in revenue has narrowed, and profit growth remains stable, with a projected net profit of 41.7 billion yuan for 2025, showing a slight increase of 0.05% compared to the previous year [4][5] Financial Performance Summary - The company's total assets at the end of Q4 2024 amounted to 6.96 trillion yuan, with a year-on-year growth rate of 2.76% [6] - The non-performing loan ratio remained stable at 1.25%, and the provision coverage ratio increased to 180.59% [6] - The average cost of deposits for 2024 was 2.18%, down 14 basis points year-on-year, which partially offset the decline in asset yield [5][6] Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 5.44, 5.43, and 5.35 respectively, indicating a stable valuation outlook [7] - The projected price-to-book (P/B) ratios for the same years are 0.45, 0.43, and 0.41, reflecting the company's solid asset quality and high dividend payout [4][7] Loan and Deposit Growth - As of the end of Q4 2024, the total loan principal amounted to 3.93 trillion yuan, representing a growth of 3.88% from the beginning of the year, with corporate loans being the main driver of credit expansion [5] - The total deposit balance was 4.04 trillion yuan, showing a year-on-year decrease of 1.44%, although retail deposits increased by 7.01% [5]

Core Viewpoint - Everbright Bank disclosed its 2024 annual report, showing a year-on-year decline in operating revenue, PPOP, and net profit attributable to shareholders of -7.05%, -9.64%, and 2.22% respectively, indicating a recovery in growth rates compared to the first three quarters of 2024 [1] Group 1: Financial Performance - The company's net interest margin for 2024 is 1.54%, stable compared to the second half of 2024, with a 10 basis points decrease in the yield on interest-earning assets and a 9 basis points improvement in the cost of interest-bearing liabilities [2] - The non-performing loan (NPL) ratio at the end of Q4 2024 is 1.25%, remaining stable, with a slight increase in the corporate loan NPL ratio to 1.24% [3] - Other non-interest income increased by 35.64% year-on-year, primarily driven by fair value changes, contributing positively to future interest margin and non-interest income management [3] Group 2: Asset Quality and Growth - The growth of interest-earning assets in 2024 is 2.16%, with loans increasing by 3.88%, while retail loans experienced negative growth [4] - The net fee income decreased by 19.52% year-on-year, significantly impacting revenue, mainly due to a reduction in card service fees and agency business fees [4] - The company plans to enhance its public-private linkage and develop payroll services to stabilize the liability side, with personal deposits showing significant growth [4] Group 3: Investment Recommendations - The company announced a total dividend of 0.189 yuan per share for 2024, with a dividend payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, indicating strong investment value [4]

Core Viewpoint - The financial report of Everbright Bank for 2024 shows a decline in revenue for the third consecutive year, with a slight increase in net profit, indicating challenges in revenue generation despite maintaining profitability [2][3][4]. Financial Performance - In 2024, Everbright Bank achieved operating revenue of 1354.15 billion yuan, a year-on-year decrease of 7.05% [2][3]. - Net profit for the year was 419.11 billion yuan, reflecting a growth of 2.03% compared to the previous year [2][3]. - Net interest income was 966.66 billion yuan, down 10.06% year-on-year, while net fee and commission income fell by 19.52% to 190.71 billion yuan [2][3][4]. Revenue Composition - In 2024, net interest income accounted for 71.39% of total revenue, a decrease of 2.38 percentage points year-on-year [4]. - The net interest margin was reported at 1.54%, down 20 basis points from the previous year, influenced by LPR repricing and declining domestic market interest rates [4]. Asset Quality - As of the end of 2024, the total assets of Everbright Bank reached 6.96 trillion yuan, an increase of 2.75% from the previous year [4]. - The non-performing loan (NPL) balance was 492.52 billion yuan, with an NPL ratio of 1.25%, unchanged from the previous year [5]. - The coverage ratio for provisions was 180.59%, a decrease of 0.68 percentage points year-on-year [5]. Employee Compensation and Structure - By the end of 2024, the total number of employees at Everbright Bank was 47,982, an increase of 400 from the previous year [7]. - The average employee salary rose to 464,000 yuan, an increase of 7,600 yuan year-on-year, while total employee compensation expenses were 22.263 billion yuan, up 2.52% [7][8]. - Several senior executives experienced salary reductions, with the vice presidents' salaries decreasing by over 100,000 yuan [7][8]. Dividend Distribution - Everbright Bank announced a cash dividend of 1.89 yuan per 10 shares for the 2024 fiscal year, totaling 111.67 billion yuan, which represents 26.78% of the net profit attributable to shareholders [9].

2024 年年度報告（H 股） 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公告的內容概 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，概不對因 本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承 擔 任何責任。 2024 年年度業績公告 中國光大銀行股份有限公司（「本公司」）董事會（「董事會」）謹 此宣佈本公司及其附屬公司截至 2024 年 12 月 31 日止之經審計業績。 本公告列載本公司 2024 年年度報告全文，並符合香港聯合交易所有 限公司證券上市規則中有關年度業績公告附載的資料之要求。本公司 2024 年年度報告 將 於 2025 年 4 月 刊 載 於 本 公 司 網 站 （www.cebbank.com）及香港交易及結算所有限公司「披露易」網站 （www.hkexnews.hk），並按本公司 H 股股東選擇收取公司通訊的方 式寄發予本公司 H 股股東。 發佈業績公告 本業績公告的中英文版本可在本公司網站(www.cebbank.com)及香港交 易及結算所有限公司「披露易」網站（www.hkexnews.hk）閱覽。在 對中英文版本理解上發生歧義時，以中文版本 ...

Dividend and Financial Reporting - The company announced a final cash dividend of RMB 0.85 per share (tax included) for every 10 shares, totaling RMB 5.022 billion based on the total issued share capital of 59.086 billion shares[6]. - The total cash dividend for the 2024 fiscal year, including the interim dividend, amounts to RMB 1.89 per share (tax included) for every 10 shares[11]. - The annual report for 2024 will be published on the company's website and the Hong Kong Stock Exchange's disclosure platform by April 2025[3]. - The board of directors confirmed that the financial report for 2024 has been audited and received standard unqualified opinions from KPMG[10]. - The company plans to hold its 2024 annual general meeting to approve the dividend distribution and other matters[6]. - The company will provide further announcements regarding the dividend payment schedule and related information[6]. - The financial report is prepared in accordance with both Chinese accounting standards and international financial reporting standards[10]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and plans[11]. - The company is committed to ensuring the accuracy and completeness of the financial report, with legal responsibilities for any misstatements[10]. - The bank is committed to strengthening risk management and ensuring no systemic risks occur, enhancing its ability to manage various risks effectively[36]. - The bank's risk management framework has been strengthened to effectively mitigate financial risks and ensure stability[61]. - The company is committed to risk management and compliance, focusing on preventing new non-performing loans[68]. - The company is focusing on digital transformation in risk management, utilizing big data for intelligent risk analysis[198]. - Strict asset risk classification is implemented to dynamically reflect risk status, alongside a prudent provisioning policy[200]. Financial Performance and Metrics - Total assets reached RMB 6.96 trillion, an increase of 2.75% compared to the previous year[43]. - Net profit attributable to shareholders was RMB 41.70 billion, a year-on-year growth of 2.22%[45]. - Loans and advances totaled RMB 3.93 trillion, reflecting a growth of 3.88% year-on-year[45]. - The bank's capital adequacy ratio improved to 14.13%, with a Tier 1 capital ratio of 11.98%[43]. - The non-performing loan ratio remained stable at 1.25%, unchanged from the end of the previous year[42]. - The liquidity coverage ratio improved to 151.17% as of December 31, 2024, up from 132.34% in Q1 2024[53]. - The total net capital as of December 31, 2024, was RMB 687.077 billion, an increase from RMB 651.382 billion in 2022[52]. - The net profit for the period was RMB 419.11 billion, an increase of 2.03% year-on-year[75]. - The total liabilities amounted to RMB 6,368.79 billion, an increase of RMB 150.78 billion or 2.42% from the previous year, primarily due to an increase in bonds payable[102]. Business Expansion and Strategy - The bank has established 1,321 branches domestically, achieving full coverage of provincial administrative regions and serving 150 major economic cities[24]. - The bank's international expansion includes the opening of branches in Hong Kong, Seoul, Luxembourg, Sydney, and Melbourne, among others, in line with the "Belt and Road" initiative[24]. - The bank plans to enhance its core competitiveness by focusing on six key business areas, including "Sunshine Technology Innovation" and "Sunshine Wealth Management" in 2025[36]. - The bank's strategy focuses on enhancing digital, green, and inclusive finance, aiming to support the real economy and improve financial service quality[61]. - The company aims to enhance customer segmentation and management, focusing on "inclusive credit+" and potential customer acquisition[65]. - The company has established a strong overseas network with nine international institutions, enhancing its global operational capabilities[69]. Awards and Recognition - The bank has received multiple awards, including recognition as a "2024 Financial High-Quality Development Case" by the People's Daily[27]. - The bank has been recognized as a "2024 Outstanding Brand in Pension Finance" by Xinhua News[27]. - The bank was recognized as one of the "Top 100 Best Employers in China" at the annual employer ceremony, reflecting its strong workplace culture[30]. - The bank's ESG rating improved to AA by MSCI, indicating a strong performance in environmental, social, and governance criteria[29]. - The bank received the "ESG Pioneer" award at the 2024 ESG Forum, highlighting its commitment to sustainable practices[29]. Digital Transformation and Innovation - The company has implemented a digital transformation strategy, including the development of key business areas and the application of large model technology[68]. - The bank's digital payment service, Guangda Cloud Payment, emphasizes convenience and accessibility for millions of users[24]. - The company has launched innovative financial products, including the first RMB wealth management product in the domestic banking sector[69]. - The company has launched various online credit products, including "Specialized and Innovative Enterprise Loan," which has completed credit approvals for 2,019 enterprises, with a total loan issuance of 22.13 billion yuan and a remaining balance of 10.97 billion yuan[142]. - The company has implemented a fully online financial service model for small and micro enterprises, including the upgrade of products like "Sunshine e-Credit" and "Sunshine e-Collateral Loan" to improve service efficiency[147]. - The company has expanded its digital financial services, focusing on cloud payment and scenario finance, improving service capabilities for the real economy[172]. Customer Base and Retail Banking - The number of corporate clients totaled 997,400, while retail clients reached 158 million, indicating a solid customer base[73]. - The number of retail customers reached 157.6288 million, with high-end customers (monthly average assets over CNY 500,000) increasing by 6.77% year-on-year[159]. - Retail banking revenue was CNY 55.105 billion, a decrease of CNY 9.851 billion or 15.17% year-on-year, accounting for 40.64% of total revenue[157]. - The total assets under management (AUM) reached CNY 29.528 trillion, an increase of 8.36% compared to the end of the previous year[159]. - The company served 2.21 million clients in the pension financial services sector[165]. Social Responsibility and Community Engagement - The bank's commitment to social responsibility includes support for the "Mother Water Cellar" public welfare initiative[24]. - The company has actively supported rural revitalization by increasing credit investment in poverty alleviation areas, ensuring continuous growth in loan balances[149]. - The total amount of wage guarantees for migrant workers reached CNY 13.261 billion, with an increase of CNY 1.630 billion this year, serving 1,524 corporate clients, an addition of 45 clients this year[154]. Asset Management and Investment - The group’s asset management scale reached RMB 1.60 trillion, growing by 21.88%[73]. - The company achieved a total financial product volume (GMV) of CNY 3.35 trillion, driven by a digital and ecosystem strategy[67]. - The company has issued 39 green bonds in 2024, with a total underwriting scale of 12.472 billion yuan, contributing to significant environmental benefits[153]. - The company has signed agreements for equity rights business with over 230 institutions, focusing on "little giant" enterprises and manufacturing champions[181].