每经记者 潘婷 每经编辑 马子卿 4月17日，浙商银行（SH601916，股价3.01元，市值826.7亿元）在深圳举办2023年度业绩发布会。浙商 银行管理层对2023年业绩表现进行解答。 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司（「本行」）之董事會（「董事會」）謹此宣佈，本行將於 二零二四年四月二十九日（星期一）舉行董事會會議，其中議程包括審議及批准本 行及其附屬公司截至二零二四年三月三十一日止三個月之第一季度業績及其刊發。 承董事會命 浙商銀行股份有限公司 陸建強 董事長 中國，杭州 2024年4月17日 截至本公告日期，本行的執行董事為陸建強先生、張榮森先生、馬紅女士及陳海 強先生；非執行董事為侯興釧先生、任志祥先生、高勤紅女士、胡天高先生及朱 瑋明先生；獨立非執行董事為周志方先生、王國才先生、汪煒先生、許永斌先生 及傅廷美先生。 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 董事會召開日期 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company shows a strong performance with a double-digit profit growth, leading the industry. In 2023, revenue and net profit attributable to shareholders increased by 4.3% and 10.5% year-on-year, respectively [4][3] - The bank is actively expanding its balance sheet, with loans increasing by 12.6% year-on-year. New loans for the year totaled 191.2 billion, with contributions from corporate, retail, and bills at 74%, 31%, and -5% respectively [4][3] - The net interest margin is under pressure from the asset side, with a full-year net interest margin of 2.01%, down 20 basis points year-on-year. The loan yield decreased by 25 basis points year-on-year [4][3] - Asset quality remains stable, with a non-performing loan ratio at 1.44% at the end of 2023, down 1 basis point quarter-on-quarter. The provision coverage ratio remains stable at 183% [4][3] Summary by Sections Financial Performance - In 2023, the company achieved operating income of 637 billion, a year-on-year increase of 4.3%, and a net profit of 150 billion, up 10.5% year-on-year [3][4] - The net interest income increased by 1.0% year-on-year, while non-interest income saw a significant boost, particularly from investment-related gains [4][3] Loan Growth - The bank's loan growth is robust, with corporate loans growing at 14.3% and retail loans at 14.1%. The growth in retail loans is driven by mortgage and consumer loans, despite a decline in credit card loans [4][3] Asset Quality - The non-performing loan ratio is stable, with corporate non-performing loans decreasing to 1.37%. Retail non-performing loans slightly increased to 1.91%, attributed to rising risks in the post-pandemic environment [4][3] Capital Adequacy - As of the end of 2023, the core tier one, tier one, and total capital adequacy ratios were 8.22%, 9.52%, and 12.19%, respectively [4][3]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [Table_industryInfo] 商业银行/金融 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 浙商银行(601916) 上次评级： 增持 扩表速度提升，利润增长强劲 目标价格： 3.45 公 上次预测： 4.16 ——浙商银行2023 年报业绩点评 司 当前价格： 3.00 更 刘源(分析师) 钟昌静(研究助理) 2024.04.09 新 021-38677818 010-83939787 [交Ta易bl数e_M据a rket] 报 liuyuan023804@gtjas.com zhongchangjing028678@gtjas.com 52周内股价区间（元） 2.47-3.42 告 证书编号 S0880521060001 S0880123070141 总市值（百万元） 82,394 总股本/流通A股（百万股） 27,465/21,544 本报告导读： 流通 B股/H股（百万股） 0/5,92 ...

证券代码：601916 证券简称：浙商银行 公告编号：2024-015 浙商银行股份有限公司 关于召开 2023 年度业绩说明会的公告 本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。 重要内容提示： 香港业绩说明会： 境内业绩说明会： 浙商银行股份有限公司（以下简称"本公司"）已于 2024 年 3 月 28日分别 在上海证券交易所网站（ www.sse.com.cn ） 和 香 港 联交所披露易网站 （www.hkex.com.hk）披露本公司 2023 年度报告和 2023 年度业绩公告。为便于 1 召开时间：2024 年 4 月 11 日（星期四）16:00-17:30 召开地点：香港港岛香格里拉酒店 39 层天窗厅 召开方式：通过现场会议方式召开 召开时间：2024 年 4 月 11 日（星期四）16:00-17:30 召开时间：2024 年 4 月 17 日（星期三）15:30-17:30 召开方式：通过现场及网络直播方式召开，投资者可以登录全景网路演平 台观看本次业绩说明会。 网络直播地址：全景路演（https:/ ...

中信证券股份有限公司 关于浙商银行股份有限公司 （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； 2023年度持续督导报告书 | 上市公司：浙商银行股份有限公司（以下简称"浙商银行"、"公司"） | | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | 保荐代表人姓名：程越 联系电话：021-2026 2315 | | 保荐代表人姓名：姜颖 联系电话：021-2026 2300 | 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙商银 行股份有限公司配股的批复》（证监许可〔2023〕339 号）核准，浙商银行股份 有限公司（以下简称"浙商银行"或"公司"）以人民币 2.02 元/股的价格向原 A 股股东配售 4,829,739,185 股，并于 2023 年 7 月 6 日起在上海证券交易所上市 流通。中信证券股份有限公司（以下简称"中信证券"）担任浙商银行向原 A 股股东配售股份的保荐机构，负责对浙商银行的持续督导工作，持续督导期至 2024 年 12 月 31 日止。 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company leads in both profitability and scale growth among listed joint-stock banks in 2023, with significant risk mitigation and continuous improvement in business structure [3][4]. - The company achieved a year-on-year revenue growth of 4.29% and a net profit growth of 10.5%, both ranking first among disclosed annual reports of listed joint-stock banks [4]. - Total assets grew by 19.9% year-on-year, surpassing 3 trillion RMB, with loans and deposits increasing by 12.6% and 11.1% respectively, also leading in growth rates among peers [4]. - The return on equity (ROE) increased by 44 basis points to 9.45%, making it the only bank among disclosed reports to achieve an ROE increase in the year [4]. Summary by Sections Financial Performance - The company reported a total revenue of 63,704 million RMB in 2023, with a year-on-year growth of 4.29% [5]. - Net profit for 2023 was 15,048 million RMB, reflecting a year-on-year increase of 10.5% [5]. - The average return on equity (ROE) for 2023 was 10.50%, with projections for 2024-2026 showing a gradual decline [5][14]. Risk Management - The overdue loan ratio decreased from 1.96% at the beginning of 2023 to 1.63% by year-end, marking a 33 basis point reduction, the largest drop among disclosed banks [4]. - The non-performing loan ratio showed a quarterly decline to 1.44% [4]. - The migration rate of normal loans fell to 2.45%, significantly lower than the previous year's 5.02% [4]. Business Development - Retail business saw a total customer base of 26.78 million by the end of 2023, a 34.26% increase year-on-year [4]. - Non-interest income grew by 15.35% year-on-year, driven by a 33.1% increase in financial investment scale [4]. - The company is expected to see further growth in fee income following the approval of its wealth management subsidiary [4]. Valuation and Forecast - The report forecasts earnings per share (EPS) for 2024-2026 to be 0.56, 0.61, and 0.65 RMB respectively, with net profit growth rates of 9.09%, 7.60%, and 6.91% [4]. - The estimated fair value range for the company is between 3.65 and 3.76 RMB, corresponding to a price-to-earnings (PE) ratio of 6.49-6.69 times for 2024 [4].

详解浙商银行2023年报：业绩增长稳健；营收同比+4%、净利润同比+10.5% 浙商银行(601916)/银行 证券研究报告/公司点评 2024年3月31日 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：2.99 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 60,959 63,479 65,666 67,339 69,250 分析师 戴志锋 增长率yoy% 12.05% 4.13% 3.45% 2.55% 2.84% 执业证书编号：S0740517030004 净利润（百万元） 13,618 15,048 15,998 16,921 17,684 Email：daizf@zts.com.cn 增长率yoy% 7.67% 10.50% 6.31% 5.77% 4.51% 每股收益（元） 0.60 0.55 0.58 0.62 0.64 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 10.39% 10.06% 9.56% 9.40% ...

Financial Performance - The total assets of China Zheshang Bank reached RMB 3 trillion in 2023, marking a significant milestone[6]. - Revenue growth has been the fastest among joint-stock banks for 10 consecutive quarters[6]. - Net profit returned to double-digit growth, with non-performing loan ratio decreasing for two consecutive years[6]. - The bank achieved a revenue growth rate that has been the highest among national joint-stock banks for 10 consecutive quarters, with a double-digit profit growth[10]. - Net profit attributable to shareholders reached CNY 15.048 billion, reflecting a growth of 10.50% compared to the previous year[19]. - Operating income for 2023 was RMB 63.70 billion, up 4.29% from RMB 61.09 billion in 2022[53]. - Non-interest income increased to RMB 16.18 billion in 2023, representing a 15.43% growth from RMB 14.00 billion in 2022[48]. - The bank's non-performing loan ratio improved to 1.44% in 2023, down from 1.47% in 2022[53]. - The total amount of loans and advances was CNY 17.2 trillion, representing a year-on-year increase of 12.54%[19]. - The total deposits reached RMB 1,868.66 billion, marking an 11.13% increase from RMB 1,681.44 billion in 2022[53]. Capital and Risk Management - The bank successfully raised RMB 12.5 billion through A+H share placements, exceeding expectations[8]. - The issuance of RMB 30 billion in subordinated bonds received enthusiastic subscriptions from major institutions[8]. - The bank's risk management capabilities were enhanced through the introduction of state-owned shareholders, improving the capital structure[8]. - The non-performing loan ratio stood at 1.44% with a provision coverage ratio of 182.60%, indicating stable asset quality[10]. - The capital adequacy ratio was 12.19%, with a Tier 1 capital ratio of 9.52% and a core Tier 1 capital ratio of 8.22%[19]. - The company has implemented a strict risk management framework, focusing on prudent credit risk management and enhancing financial technology applications[124]. - The company aims to control credit risk within a manageable range to maximize risk-adjusted comprehensive benefits in local currency[125]. - The credit risk management framework includes the board of directors, supervisory board, senior management, and various committees, ensuring comprehensive oversight[125]. Revenue Sources and Business Strategy - The bank's non-interest income contributed over 80% of the revenue increase, indicating a shift towards diversified revenue streams[7]. - The bank's "smart revenue" reached nearly 50% by the end of 2023, contributing significantly to high-quality development[10]. - The bank's strategy emphasizes "321" revenue expansion, focusing on retail, small loans, and supply chain finance[38]. - The bank plans to deepen its focus on scenario finance and enhance its digital transformation in the coming year[11]. - The bank aims to provide comprehensive financial advisory services to government and enterprises, promoting regional integrated financial service models[12]. Customer and Market Expansion - The establishment of 93 financial advisory studios across 22 provinces, expanding the financial consulting service model[6]. - The bank signed contracts with over 100 strategic clients, including major state-owned enterprises, achieving a coverage rate of 95%[11]. - The bank's financing services in Zhejiang province exceeded 920 billion RMB, with local debt underwriting ranking first among all underwriting banks[12]. - The bank's customer base includes 35.6% corporate clients, 43.4% small business clients, and 50.3% individual quality clients[40]. - The total number of retail customers reached 2,678.01 million, an increase of 34.26% compared to the previous year[153]. Digital Transformation and Technology - The company has advanced its "Technology Empowerment" strategy, enhancing digital infrastructure and promoting digital transformation initiatives[150]. - The company is focusing on digital transformation in anti-money laundering efforts, enhancing data governance and building a new generation of anti-money laundering systems[151]. - The online banking transaction replacement rate reached 99.85%, positioning the company as an industry leader[179]. - The company has applied for over 110 patents and published more than 20 papers and white papers in the field of financial technology during the reporting period[178]. Governance and Compliance - The company governance structure continues to improve, ensuring independent operation and effective checks and balances among the shareholders' meeting, board of directors, and supervisory board[194]. - The board consists of 14 directors, with 5 being independent non-executive directors, exceeding the requirement of at least one-third independence[199]. - The company has implemented a compliance risk management framework to ensure legal and regulatory compliance, enhancing internal governance levels[148]. - The company aims to enhance its service quality and efficiency in supporting the real economy, aligning with national financial policies[58].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown stable performance with a revenue of 63.704 billion yuan in 2023, representing a year-on-year growth of 4.2%, and a net profit of 15.048 billion yuan, up 10.5% year-on-year [1][2] - The total assets of the company reached 3.14 trillion yuan by the end of 2023, an increase of 19.9% from the beginning of the year, driven by increased bond allocations [1] - The company has improved its asset quality, with a non-performing loan ratio of 1.44%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 183%, up approximately 1 percentage point [1][5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 63.704 billion yuan, a 4.2% increase from 2022, and a net profit of 15.048 billion yuan, reflecting a 10.5% growth [2][5] - The diluted earnings per share (EPS) for 2023 was 0.53 yuan, with projections for 2024, 2025, and 2026 at 0.58, 0.65, and 0.72 yuan respectively [5] Asset Quality - The company reported a non-performing loan ratio of 1.44% at the end of 2023, a decrease from 1.47% in 2022, indicating improved asset quality [5] - The provision coverage ratio increased to 183%, reflecting a decrease in provisioning pressure due to improved asset quality [1][5] Future Projections - The company expects a slight adjustment in net profit forecasts for 2024-2026 to 16.4 billion, 18.2 billion, and 20.2 billion yuan, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The price-to-earnings (PE) ratio is projected to be 4.7, 4.3, and 3.8 for the years 2024, 2025, and 2026 respectively, while the price-to-book (PB) ratio is expected to be 0.44, 0.41, and 0.38 [1][5]