公 司 研 究 资料来源：恒生聚源、东兴证券研究所 2 宁波银行（002142.SZ）：信贷维持 高增，费用管控较好 ——2024 年三季度报告点评 事件：宁波银行发布 2024 年三季度报告：公司实现营收 507.5 亿元 （YOY+7.4%），归母净利润 207.1 亿元（YOY+7.0%）；前三季度年化 ROE 为 14.51%，同比下降 1.43pct；9 月末，公司不良率 0.76%，拨备覆盖率 404.1%。 点评： 3Q24 营收与盈利增速双双环比提升。24Q3 单季营收与盈利增速分别为 8.1%与 10.2%，较 1H24 提升，在当前银行业经营大环境下较为不易。进一 步拆解来看，部分原因是 23Q3 单季营收基数较低，另一部分原因是公司持 续加强信贷投放和优化资负摆布，稳量稳价维持营收平稳增长，同时主动加 强费用管控带动成本收入比同比下降。 1、逆势稳量稳价，净利息收入同比增 16.9%。 在当前信贷需求偏弱的经营环境下，公司主动加大信贷投放，前三季度贷款 维持同比高增 19.6%，且收益率水平不低，我们测算 24Q3 单季生息资产收 益率 4.01%，环比 Q2 提升 3bp，显示出公司强 ...

证券代码：002142 证券简称：宁波银行 公告编号：2024-046 优先股代码：140001、140007 优先股简称：宁行优01、宁行优02 宁波银行股份有限公司 第二期优先股股息发放实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 宁波银行股份有限公司（以下简称"公司"）第二期优先股（以 下简称"宁行优 02"，代码 140007）股息发放方案已获公司 2024 年 10 月 28 日召开的第八届董事会第五次临时会议审议通过。现将 宁行优 02 股息发放具体实施事项公告如下： 一、股息派发方案 1、发放金额：本次股息发放的计息起始日为 2023 年 11 月 7 日，按照宁行优 02 票面股息率 4.50%计算，每股发放现金股息人 民币 4.5 元（含税），合计人民币 45,000 万元（含税）。 2、发放对象：截至 2024 年 11 月 6 日深圳证券交易所收市后， 在中国证券登记结算有限责任公司深圳分公司登记在册的全体宁 行优 02 股东。 3、扣税情况：每股税前发放现金股息人民币 4.5 元。根据国 家税法的有关规定： （1）对于持有 ...

宁波银行（ [Table_StockNameRptType] 002142） 公司点评 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 银 行 [数据日期 Table_cominfo] 2024/10/29 收盘价 26.28 总股本(万股) 660,359 流通A股/B股(万股) 652,360/0 资产负债率(%) 92.72% 市净率(倍) 0.78 净资产收益率(加权) 10.88 12个月内最高/最低价 28.27/18.35 [Table_Reportdate] 2024年10月30日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn [Table_QuotePic] -30% -22% -14% -6% 3% 11% 19% 27% 23-10 24-01 24-04 24-07 宁波银行 沪深300 [相关研究 Table_Report] 《宁波银行（002142）：规模增长强 劲，减值计提与不良处置保持审慎— —公司简评报告》 2024.09.01 《宁波银行（002142）： 对公贷款 增长强劲，息差降幅收窄——公司简 评报告》 2024.05.05 《 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨宁波银行（002142.SZ） [Table_Title] 营收含金量高，信贷扩表强劲 ——2024 年三季报点评 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 宁波银行 2024 年前三季度营收同比增速 7.4% ，保持稳定，其中利息净收入增长 16.9% ，继续 | | | 加速增长，生息资产规模扩张较快，同时净息差韧性较强，今年以来未依靠大幅释放投资收益 拉动营收；前三季度归母净利润增速 7.0% ，增速回升幅度好于市场预期。三季度末贷款总额较 | | | 期初增长 16.2% ，单季环比增长 3.3% ，其中对公、零售环比分别增长 ...

Investment Rating - The report maintains a "Recommend" rating for Ningbo Bank, citing its strong interest income performance, narrowing interest margin decline, robust deposit and loan growth, and mature risk control system [1] Core Views - Ningbo Bank achieved a 7.45% YoY increase in operating revenue to 50.753 billion yuan and a 7.02% YoY growth in net profit attributable to parent company to 20.707 billion yuan in the first nine months of 2024 [1] - The bank's interest income showed strong performance with a 16.91% YoY increase in net interest income to 35.317 billion yuan, driven by both volume and price factors [1] - Non-interest income declined by 9.34% YoY to 15.436 billion yuan, mainly due to pressure on intermediary business income and slower growth in other non-interest income [1] - The bank's asset quality remained stable with a non-performing loan ratio of 0.76%, while its provision coverage ratio stood at 404.8% [1] Financial Performance - In Q3 2024, Ningbo Bank's operating revenue grew by 8.12% YoY, and net profit attributable to parent company increased by 10.25% YoY, with a 5.73 percentage point acceleration in growth rate compared to the previous quarter [1] - The bank's annualized net interest margin was 1.85% for the first nine months of 2024, a 2 basis points decline from the first half of 2024, but the rate of decline narrowed [1] - Total loans increased by 16.2% YoY, with corporate loans growing by 23.21% and personal loans increasing by 7.65% [1] - Total deposits grew by 18.99% YoY, with corporate and personal deposits increasing by 25.49% and 19.36% respectively [1] Business Structure - Corporate loans accounted for 55.97% of total loans, up 3.18 percentage points from the end of the previous year [1] - The bank's core tier 1 capital adequacy ratio stood at 9.43%, a slight decrease of 0.21 percentage points from the end of the previous year [1] Future Outlook - The report forecasts BVPS of 30.67/34.50/38.73 yuan for 2024-2026, corresponding to PB ratios of 0.85X/0.75X/0.67X [1] - The bank is expected to maintain its leading position in profitability, leveraging its strong presence in the Yangtze River Delta region and competitive advantage in small and micro business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][22][23] Core Views - The company has shown strong growth in interest income, with a notable increase in revenue and net profit for the first three quarters of 2024, achieving revenue of 50.753 billion yuan, up 7.4% year-on-year, and a net profit of 20.707 billion yuan, up 7.0% year-on-year [2][11] - The bank's interest income growth is impressive, driven by an increase in interest-earning assets and an improved asset-liability structure, while non-interest income remains under pressure due to market fluctuations [3][11] - The bank's management has effectively optimized costs and expenses, contributing positively to performance [3][11] - The bank's loan and deposit growth remains robust, with total loans reaching 1.4557 trillion yuan, up 19.6% year-on-year, and total deposits at 1.8638 trillion yuan, up 17.6% year-on-year [4][15] Summary by Sections Interest Income Growth and Cost Optimization - The bank's interest income has increased by 16.9%, supported by a 15.1 percentage point contribution from the growth of interest-earning assets [3][11] - Non-interest income has been pressured, with a decline in agency income impacting overall performance [3][11] - Cost management has improved, with a 6.2 percentage point contribution to performance from effective expense control [3][11] Corporate Lending and Deposit Growth - The bank's total loans and deposits have shown strong growth, with corporate loans continuing to support credit expansion [4][15] - The bank's deposit growth strategy includes enhancing financial technology capabilities and wealth management services [15][18] Structural Factors Supporting Net Interest Margin - The net interest margin for the first three quarters of 2024 is 1.85%, with a slight decrease from the first half of the year [4][18] - The bank's asset yield has improved due to a favorable shift in the asset structure, while the cost of interest-bearing liabilities has shown slight rigidity [4][18] Asset Quality and Non-Performing Loans - The non-performing loan ratio remains stable at 0.76%, with a coverage ratio of 405%, indicating strong risk mitigation capabilities [4][19][21] - The bank has increased its efforts in managing non-performing loans, maintaining a solid asset quality profile [19][21] Investment Recommendations - The bank is expected to achieve a net profit growth of 7.3%, 9.2%, and 9.7% for 2024-2026, with corresponding price-to-book ratios of 0.86, 0.76, and 0.68 [5][22][23]

证券研究报告 金融公司|公司点评|宁波银行（002142） 信贷结构表现优异，不良生成压力减小 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H 小幅+0.31pct，主要系公司息差业务表现亮眼。2024Q1- Q3 公司利息净收入同比+16.91%，增速较 2024H1 +2.16pct。2024Q1-Q3 公司归母净利润增速 较 2024H1+1.60pct，主要系净息差拖累减弱以及费用管控成效显著。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月29日 宁波银行(002142) 信贷结构表现优异，不良生成压力减小 | --- | --- | |--------------------------|----------------| | | | | 行 业： | 银行 / 城商行Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 25.99 元 | | ...

营收利润增速双回升，不良生成边际改善 ——宁波银行 24Q3 季报点评 核心观点 ⚫ 营收、利润增速双回升，净利息收入增速延续改善。截至 24Q3，宁波银行营收、 PPOP、归母净利润累计同比增速分别较 24H1 提升 0.3pct、3.4pct 和 1.6pct 至 7.4%、13.5%和 7.0%，拆分来看，得益于规模的稳健扩张和息差的韧性，净利息收 入增速环比继续提升 2.2pct 至 16.9%，已连续三个季度环比改善；净手续费收入依 然承压，增速环比下行 5.3pct 至-30.3%；受投资收益和公允价值变动收益波动的影 响，净其他非息收入增速环比下行 2.2pct 至 0.3%。减值损失计提力度加大影响 下，PPOP 增速改善幅度高于归母净利润增速。 ⚫ 贷款增速保持在 20%左右，对公贷款投放景气度较高。截至 24Q3，宁波银行总资 产增速环比下行 1.8pct 至 14.9%，贷款增速环比下行 1.0pct 至 19.6%，增速持续高 于总资产，其中对公贷款增速环比提升 3.1pct 至 27.4%，继续贡献主要增量，个贷 增速环比下行 3.4pct 至 15.2%。24Q3 净息差较 24H ...

2024 年 10 月 29 日 公 司 季 报 点 评 宁波银行(002142.SZ) 息差韧性凸显，资产质量保持优异 强烈推荐（维持） 事项： 股价：25.99 元 | --- | --- | |--------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 银行 | | 公司网址 | www.nbcb.com.cn | | 大股东 / 持股 | 宁波开发投资集团有限公司 /18.74% | | 实际控制人 | | | 总股本 ( 百万股 ) | 6,604 | | | | | 流通 A 股 ( 百万股 | ) 6,524 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 1,716 | | 流通 A 股市值 ( | 亿元 ) 1,695 | | 每股净资产 ( 元 ) | 29.89 | | 资产负债率 (%) | 92.7 | 行情走势图 宁波银行 — 沪深300指数 相关研究报告 【平安证券】宁波银行（002142.SZ）*半年报点评*营 收表现亮眼，息差保持韧性*强 ...