当前，银行业进入低利率、低息差、低盈利环境。无论是短期银行息差收窄和市场竞争，还是长期需求 不足，都对银行的稳健运营和经营策略提出更高要求。 穿越周期的稳健，源于对长期主义的坚守。宁波银行的实践证明，在行业变革与挑战中，唯有将战略定 力融入实体服务，以科技赋能提质增效，以价值创造回馈股东，才能在时代浪潮中稳立潮头。 面对新挑战，如何实现提质增效，成为银行业必须直面的关键难题。作为20家国内系统重要性银行之 一，宁波银行紧扣"专业化、数字化、平台化、国际化"经营战略，用专业创造价值，以责任诠释担当， 在服务实体的过程中，找到长远的驱动力。 恰逢2024年报发布之际，宁波银行表现如何？数据显示，该行在报告期内实现营业收入666.31亿元，同 比增长8.19%，实现归母净利润271.27亿元，同比增长6.23%，与已发布2024年业绩的上市银行相比，宁 波银行的营收和利润增速稳居同业前列。 在业绩稳步提升的同时，宁波银行还实施了积极的分红政策。据2024年度利润分配预案显示，该行拟向 普通股东每10股派发现金红利9元（含税），现金分红总额达59.43亿元，占归母净利润的22.77%，较 2023年大幅度提升6.8个 ...

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank [2][8]. Core Views - Ningbo Bank achieved a revenue of 66.63 billion, a year-on-year increase of 8.2%, driven by robust net interest income growth of 17.3% [2][3]. - The bank's net interest margin (NIM) for 2024 was 1.86%, with a year-on-year decline of only 2 basis points, indicating strong resilience compared to peers [3][4]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% at year-end, unchanged from the previous year [4][8]. Summary by Sections Financial Performance - For 2024, Ningbo Bank reported revenues of 66.63 billion, with net profit reaching 27.13 billion, reflecting year-on-year growth of 6.2% [2][9]. - The bank's return on equity (ROE) was 13.59%, a decrease of 1.49 percentage points from the previous year [2]. Loan and Asset Quality - Total assets and loans grew by 15.3% and 17.8% year-on-year, respectively, with corporate loans increasing by 24.4% [2][4]. - The year-end NPL ratio was stable at 0.76%, while the coverage ratio decreased to 389.4% [4][19]. Interest Margin and Income Sources - The net interest margin improved slightly by 1 basis point from the previous quarter, with a year-on-year decline of only 2 basis points [3][14]. - Non-interest income faced challenges, contributing negatively to overall profitability [2][8]. Future Outlook - The bank is expected to maintain high growth in scale and strong interest margin resilience, with revenue projections for 2025 at 71.9 billion, reflecting a growth rate of 7.9% [9][22]. - The report highlights potential risks from rising retail loan defaults and the impact of trade tensions on credit demand [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved an annual revenue growth rate of 8.2% and a net profit growth rate of 6.2% for 2024. The net interest income grew by 17.3%, driven by strong balance sheet expansion and a stable recovery in interest margins. However, non-interest income decreased by 9.9%, with no significant investment income released. The year-end other comprehensive income saw a substantial increase, indicating potential future revenue sources [2][6]. Summary by Sections Performance - The company's revenue growth accelerated in Q4, with a full-year interest income growth of 17.3%, attributed to high growth in scale and relatively stable interest margins. Non-interest income decreased by 9.9%, with fee income down by 19.3% and investment income down by 6.2%. The net profit slightly decreased due to a rise in the tax rate, while the cost-to-income ratio improved and credit costs decreased, enhancing profitability [11][10]. Scale - The company experienced significant loan growth of 17.8% for the year, expected to lead the industry. The year-end corporate, bill, and retail loans grew by 24.4%, 13.6%, and 10.0%, respectively. The growth in corporate loans was primarily in leasing, wholesale, and real estate sectors, while retail loans, including mortgages and personal consumption loans, showed strong growth [11][10]. Interest Margin - The net interest margin for the year was 1.86%, showing a recovery of 1 basis point from the previous quarter and a decline of only 2 basis points year-on-year, outperforming peers. The loan yield was 4.84%, with a decrease in personal loan yields. Deposit costs improved, with an annual deposit cost rate of 1.94%, indicating a downward trend in deposit costs expected to continue into 2025 [11][10]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76% at year-end, with a decline in the provision coverage ratio to 389%. The annual NPL generation rate was 1.26%, with a slight increase in Q4, primarily due to retail loan pressures. The company maintained strong asset quality in corporate loans, particularly in real estate [11][10]. Investment Recommendations - The company significantly increased its dividend payout ratio to 22.8%, up 7 percentage points year-on-year, corresponding to a dividend yield of 3.8% for 2024. The strong revenue growth, high net interest income, and stable interest margins indicate a positive outlook. The company is positioned for sustainable growth, with a current valuation of 0.68x 2025 PB, maintaining a "Buy" rating [11][10].

4月9日晚间，宁波银行发布2024年报显示，其总资产首破3万亿元大关，以15.25%的同比增速领跑行 业。 在规模跃升的同时，其资产质量也持续得到改善：0.76%的不良贷款率连续17年稳居1%以下，389.35% 的拨备覆盖率构筑起行业最高等级风险防线，净利润271.27亿元蝉联浙江银行榜首，展现规模、质量、 效益的黄金三角平衡。 这份"优等生"答卷的背后，是差异化战略的十年坚守。宁波银行精准卡位"大银行做不了、小银行做不 好"的策略，以"专业化、数字化、平台化、国际化"四化体系重构增长逻辑。 当银行业步入存量竞争时代，这家城商行的逆周期表现，重新定义中小银行的高质量发展范式，为城商 行转型提供了可复制的"宁波样本"。 总资产破3万亿：规模与质量的平衡之道 2024年，宁波银行总资产首次突破3万亿元，这一里程碑不仅是规模扩张的体现，更是其"规模增长与质 量提升"双轮驱动战略的成功实践。 从核心指标来看，宁波银行的总资产规模达到31,252.32亿元，同比增长15.25%，增速显著领先于上海 银行（4.57%）和南京银行（13.25%）。这一增速不仅反映了其在规模扩张上的强劲动力，更印证了 其"规模与质量并重" ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The revenue growth rate shows marginal improvement, with resilience in net interest margin [10] - The company has adjusted its assumptions, slightly increasing net interest margin and decreasing non-interest income growth forecasts, predicting a net profit growth of 6.8%/7.7%/8.7% for 2025/2026/2027 [3][10] - The target price is set at 27.75 CNY per share, corresponding to a price-to-book (PB) ratio of 0.79 for 2025, maintaining a 20% discount to the historical average PB of 0.99 [3][10] Financial Performance Summary - Revenue (in million CNY) is projected to grow from 61,585 in 2023 to 87,285 in 2027, with year-on-year growth rates of 6.4%, 8.2%, 7.9%, 9.6%, and 10.7% respectively [5] - Net profit attributable to the parent company is expected to increase from 25,535 in 2023 to 33,901 in 2027, with growth rates of 10.7%, 6.2%, 6.8%, 7.7%, and 8.7% [5] - The company’s total assets and loan growth rates are projected to be 15.3% and 17.8% respectively as of the end of 2024 [10] - The non-performing loan (NPL) ratio remains stable at 0.76%, with a dividend payout ratio increasing to 21.9% in 2024 [10]

营收增速边际回升，息差韧性凸显 ——宁波银行 2024 年年报点评 核心观点 盈利预测与投资建议 ⚫ 结合财报数据，适度上调息差、下调非息收入增速等假设，预测公司 25/26/27 年归 母净利润同比增速为 6.8%/7.7%/8.7%，BVPS 为 35.01/38.75/42.82 元（25/26 年 前预测值 34.08/38.27 元），当前 A 股股价对应 25/26/27 年 PB 为 0.67/0.60/0.55 倍。公司近三年 PB（FY1）均值为 0.99倍，维持20%的折价幅度，对应 25年 0.79 倍 PB，目标价 27.75 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | 屈俊 | qujun@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523060001 | | 于博文 | yubowen1@orientsec.com.cn | | | 执业证书编号：S0860524020002 | | | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 10 年 月 日 宁波银行（002142.SZ） 分红比例提升，存贷双位数高增 事件：宁波银行披露 2024 年报，2024 年实现营收 666 亿元，同比增长 8.19%，归母净利润 271 亿元，同比增长 6.23%。2024Q4 末不良率、拨 备覆盖率分别为 0.76%、389.35%，较上季度末分别下降持平、下降 15.5pc。分红政策上，2024 年宁波银行以每 10 股派发现金股利 9 元， 全年分红比例达 22.77%，较 23 年提升 6.8pc，彰显公司重视投资者回 报。 1、业绩表现：净利息收入增长提速，中收降幅收敛 1）利息净收入：同比增长 17.32%，较前三季度增速提升 0.41pc、较 23 全年大幅提升 8.3pc，增速绝对值在目前已披露年报的上市银行中居首。 2024A 净息差为 1.86%，较前三季度微增 1bp，全年息差降幅仅 2bps、 同比收敛幅度较大（23 年下降 14bps），主要得益于负债成本改善力度较 大。 A、资产端：2024A 生息资产、贷款收益率分别为 3.97%、4.84%，较 2 ...

4月9日晚间，宁波银行（002142）(002142.SZ)交出2024年年度业绩：公司总资产31,252.32亿元，比年 初增长15.25%，全年营业收入666.31亿元，同比增长8.19%，实现归属于母公司股东的净利润271.27亿 元，同比增长6.23%， 当下复杂多变的世界局势和经济环境下，面对宏观局势波动，宁波银行以稳健的营业收入、稳定的息差 水平，以及稳步提升的分红比例交出一份"稳健"和"韧性"的成绩单，更以严格的风险管控和优秀的资本 充足率水平，铸就了未来的长远发展，奠定了无限的增长潜力。 营收稳健提速盈利结构不断优化 年报数据显示，2024年，宁波银行营业收入666.31亿元，同比增长8.19%；其中，2024年，宁波银行实 现净利息收入47,993百万元，同比增长17.32%；非利息收入186.38亿元，同比下降9.87%，在营业收入 中占比为27.97%。 在营收保持较快增长的情况下，2024年宁波银行的利润增速较为稳定。2024年实现归属于母公司股东的 净利润271.27亿元，同比增长6.23%。 实现稳健的经营业绩，与银行的经营策略密切相关。在国内银行业，宁波银行因自身的特色经营成为城 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 10 年 月 日 宁波银行（002142.SZ） 分红比例提升，存贷双位数高增 事件：宁波银行披露 2024 年报，2024 年实现营收 666 亿元，同比增长 8.19%，归母净利润 271 亿元，同比增长 6.23%。2024Q4 末不良率、拨 备覆盖率分别为 0.76%、389.35%，较上季度末分别下降持平、下降 15.5pc。分红政策上，2024 年宁波银行以每 10 股派发现金股利 9 元， 全年分红比例达 22.77%，较 23 年提升 6.8pc，彰显公司重视投资者回 报。 1、业绩表现：净利息收入增长提速，中收降幅收敛 2024 年宁波银行营业收入、归母净利润增速分别为 8.19%、6.23%，分 别较前三季度增速提升 0.75pc、下降 0.78pc，其中营收增速提升主要得 益于息差同比降幅收敛（净利息收入增长提速）、中收降幅缩小，具体来 看： 1）利息净收入：同比增长 17.32%，较前三季度增速提升 0.41pc、较 23 全年大幅提升 8.3pc，增速绝对值在目前已披露年报的上市银行中居首。 2024A 净息差 ...

转自：南京日报 4月9日，新质生产力产业投融资高峰论坛暨宁波银行LPxGP春季对接会活动在南京成功举办。本次活动 由宁波银行主办，江苏投资人中心参与支持,来自北京、上海、广东、江苏、浙江等全国各地LP、GP、 创业项目、地方政府与招商代表参会，近300位行业嘉宾齐聚一堂，共话新质生产力发展，持续激活产 业与资本的双向奔赴！ 会上，宁波银行党委副书记付文生在致辞中指出：当前行业面临"退出难、募资难"的挑战，但危机中亦 孕育着新机。在国家政策推动下，人工智能场景加速落地、科技并购释放万亿级机遇，而《公平竞争审 查条例》的出台，更催生了政府与市场化GP共建行业子基金、央地联动招商等创新模式。近年来，宁 波银行秉持"真心为客户好"的服务理念，以"跳出银行做银行"作为服务的落脚点，构建了"专业化、数 字化、平台化、国际化"的四化服务体系，通过搭建GP-LP对接平台，凝聚产业金融合力、共拓新质生 产力高质量发展。 路演分享环节，宁波银行总行投资银行部总经理柴飞犇、南京大学商学院教授耿强、中信证券并购部负 责人郭丽华，分别就《共享平台资源，共建科创生态》、《两会之后的宏观政策解读》、《并购市场环 境与政策解读》进行主题分享 ...