Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 33.65 [9][11]. Core Views - The company reported a revenue growth of 8.2% and a net profit growth of 6.2% for 2024, with an improvement in revenue growth rate compared to the first three quarters of the year [1]. - The bank has shown strong asset expansion, with total assets, loans, and deposits increasing by 15.2%, 17.8%, and 17.2% year-on-year, respectively [2]. - The bank's net interest margin has remained resilient, with a decline of only 3 basis points in the first three quarters of 2024, which is better than the industry average [3]. - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 389%, indicating a solid risk management framework [4]. - The bank's capital adequacy ratio improved to 15.32% by the end of 2024, reflecting strengthened capital position [3]. Summary by Sections Financial Performance - For 2024, the company forecasts a revenue of RMB 66,632 million and a net profit of RMB 27,127 million, with expected growth rates of 8.2% and 6.2%, respectively [7]. - The bank's return on equity (ROE) is projected to decline to 13.59% in 2024, down by 1.49 percentage points year-on-year [1][7]. Asset Quality - The NPL generation rate for the first nine months of 2024 is estimated at 0.97%, an increase of 0.26 percentage points from 2023, primarily due to retail loan risks [4]. - The bank's provision coverage ratio has decreased but remains above industry standards, providing room for profit release [4]. Capital and Valuation - The bank's target price is set at RMB 33.65, corresponding to a price-to-book (PB) ratio of 0.95 for 2025 [5]. - The forecasted book value per share (BVPS) for 2025 is RMB 35.42, indicating a strong growth trajectory [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's 2024 performance shows stable growth, with a revenue of 66.6 billion yuan, representing an 8.2% year-on-year increase, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.2% year-on-year [1][2] - The asset scale continues to grow rapidly, with total assets reaching 3.13 trillion yuan at the end of 2024, a 15.3% increase from the previous year [1] - The company maintains a high provision coverage ratio of 389%, despite a decline of 72 percentage points from the previous year, indicating a stable asset quality [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 66.6 billion yuan, an increase of 8.2% year-on-year, and a net profit of 27.1 billion yuan, reflecting a 6.2% growth [1][2] - The weighted average return on equity for 2024 was 13.6%, down 1.5 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio remained stable at 0.76% as of the end of 2024, unchanged from the previous year [2] - The provision coverage ratio decreased to 389%, indicating some pressure on asset quality, although it remains at a relatively high level [2] Earnings Forecast - The company is expected to achieve net profits of 27.4 billion yuan, 29.5 billion yuan, and 31.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.3%, 7.7%, and 8.1% [3][4] - The diluted EPS is projected to be 4.03 yuan, 4.35 yuan, and 4.71 yuan for the same years [3][4] Valuation Metrics - The current price-to-earnings (PE) ratio is 6.4, 5.9, and 5.5 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratio is 0.85, 0.76, and 0.68 [3][4]

Financial Performance - In 2024, the company achieved operating revenue of RMB 66.632 billion, an increase of 8.20% compared to 2023[3] - The net profit attributable to shareholders of the parent company was RMB 27.127 billion, reflecting a growth of 6.23% year-on-year[3] - The basic earnings per share rose to RMB 3.95, an increase of 5.33% from the previous year[3] Assets and Liabilities - As of December 31, 2024, total assets reached RMB 312.5166 billion, up 15.25% from the previous year[3] - Customer deposits totaled RMB 183.6346 billion, marking a 17.24% increase compared to the end of 2023[3] - The total amount of loans and advances was RMB 147.6063 billion, which is a 17.83% increase year-on-year[3] Loan Quality and Risk Management - The non-performing loan ratio remained stable at 0.76%, unchanged from the previous year[4] - The provision coverage ratio decreased to 389.25%, down 71.79 percentage points from the previous year[4] Capital Adequacy - The capital adequacy ratio increased to 15.32%, up 0.31 percentage points compared to the end of 2023[4] - The weighted average return on equity decreased to 13.59%, down 1.49 percentage points from 2023[4]

Group 1: Competitive Advantage - The bank adopts a differentiated business strategy to adapt to changes in the operating environment, continuously accumulating comparative advantages to promote high-quality development [2] - Key strategies include deepening the main business line for sustainable growth, strengthening professional operations to solidify core advantages, accelerating technological transformation to empower management, and maintaining a risk baseline to ensure stable operations [2] Group 2: Loan Allocation - The bank focuses its loan allocation on advanced manufacturing, private small and micro enterprises, and import-export businesses, providing comprehensive financial services to a wide range of real economy clients [2] Group 3: Services for Small and Micro Clients - The bank continuously explores new comprehensive operating models for small and micro clients, innovating financial products to meet their needs and providing more professional financial services [2] Group 4: Compliance and Communication - During the reception process, the bank's personnel engaged in thorough communication with investors, strictly adhering to relevant regulations without disclosing any undisclosed significant information [2]

宁波银行股份有限公司章程 2025 年 1 月 13 日宁波市市场监督管理局备案通过 二〇二五年一月 | 第一章 总则 . | | --- | | 第二章 党组织 . | | 第三章 经营宗旨和范围 . | | 第四章 股份 | | 第一节 股份发行 | | 第二节 股份增减和回购 . | | 第三节 股份转让 | | 第五章 股东和股东大会 | | 第一节 股东 | | 第二节 股东大会的一般规定 . | | 第三节 股东大会的召集 . | | 第四节 股东大会的提案与通知 | | 第五节 股东大会的召开 22 | | 第六节 股东大会的表决和决议 25 | | 第六章 董事会 . 31 | | 31 第一节 董事 | | 第二节 独立董事 . | | 第三节 董事会 . | | 第四节 董事长 . | | 第五节 董事会专门委员会. | | 第六节 董事会秘书 50 | | 第七章 行长及其他高级管理人员 . | | --- | | 第八章 监事会 . | | 第一节 监事 53 | | 第二节 外部监事 | | 第三节 监事会 55 | | 第九章 财务会计制度、利润分配和审计 | | 第一节 财务会计 ...

Group 1: Competitive Advantage - The bank adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on sustainable development, core advantages, technological transformation, and risk management [2]. Group 2: Loan Allocation - The bank's loan focus is on advanced manufacturing, private small and micro enterprises, and import-export businesses, providing comprehensive financial services to clients in these sectors [2]. Group 3: Services for Small and Micro Clients - The bank continuously explores new comprehensive business models for small and micro clients, innovating financial products to meet their needs and offering specialized financial services [2]. Group 4: Investor Relations Activity - The investor relations activity involved thorough communication between the company's reception team and investors, adhering to disclosure regulations without leaking any undisclosed significant information [2].

Group 1: Competitive Advantage - The bank adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on sustainable development, strengthening core advantages, accelerating technological transformation, and ensuring stable operations through risk management [2]. Group 2: Risk Management - The bank emphasizes a comprehensive risk management system, implementing a unified credit policy at the business entry level, conducting ongoing industry research for risk identification, and maintaining independent credit approval processes [2]. Group 3: Services for Small and Micro Enterprises - The bank continuously explores new comprehensive business models for small and micro clients, innovating financial products to meet their needs and providing specialized financial services [2]. Group 4: Investor Communication - During the investor communication activity, the company ensured full compliance with disclosure regulations, with no significant undisclosed information leaked [2].

浙江波宁律师事务所 SHEJIANG BONING LAW FISM 地址:中国宁波市高新区光华路 299 弄 37 号研发园C区 15 幢 4 楼 ADD: 4F No37 Lane 299 Guanghua Road National Hi-tech Zone , Ningbo, China. 邮编:315048 Postal Code: 315048 传真:+(86)574-2783-6060 Fax: +(86)574-2783-6060 电话:+(86)574-2783-6016 Tel: +(86)574-2783-6016 网址:www.nbbnlaw.com Web: www.nbbnlaw.com 浙江波宁律师事务所 关于宁波银行股份有限公司 2025 年第一次临时股东大会之 法律意见书 致:宁波银行股份有限公司 浙江波宁律师事务所(以下简称"本所")接受宁波银行股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》 (以下简称《公司法》)、《中华人民共和国商业银行法》《上市公 司股东大会规则》《银行保险机构公司治理准则》等现行有效的法律、 行政法规、规范性文件和《宁波银行股 ...

Market Performance - The banking sector showed an upward trend in the afternoon session, with Ningbo Bank rising over 3%, Qingdao Bank and Shanghai Rural Commercial Bank gaining around 2%, and other banks like Industrial Bank, Suzhou Bank, Nanjing Bank, and Bank of China also performing well [1] Policy Developments - The People's Bank of China held its fourth-quarter monetary policy committee meeting and 2025 work conference, emphasizing the continuation of the central economic work conference's policy stance [1] - Key points from the meetings include "increasing the intensity of monetary policy regulation," "opportunistic RRR and interest rate cuts," "guiding financial institutions to increase monetary and credit supply," "preventing capital idling," and "improving the foundational system of real estate finance" [1] Analyst Insights - CITIC Securities noted that the meeting's language suggests that the intensity of monetary policy is expected to remain strong, with the possibility of RRR and interest rate cuts being advanced [1] - The firm recommends focusing on the potential for cost savings in bank liabilities and the strength of credit growth at the beginning of the year [1] - Despite potential short-term fluctuations due to the mid-term dividend season and the withdrawal of speculative funds, stable return assets remain scarce, and there is still room for absolute return funds to increase their positions in the banking sector [1] - The firm expects a rebalancing period for policy, economy, market, and expectations to begin next week, with dividend assets remaining a strong short-term direction and the banking sector still offering clear value [1] Stock Recommendations - Short-term portfolio recommendations include banks with high dividend yield labels [1] - Medium to long-term portfolio recommendations suggest focusing on banks with long-term absolute return potential [1]

Group 1: Competitive Advantage - The bank adopts a differentiated business strategy to adapt to changes in the operating environment and accumulate comparative advantages for high-quality development [2] - Key strategies include: deepening the main business line for sustainable growth, strengthening professional operations to solidify core advantages, accelerating technological transformation to empower management, and maintaining a risk baseline for stable operations [2] Group 2: Loan Allocation - The bank focuses its loan allocation on advanced manufacturing, private small and micro enterprises, and import-export businesses to meet the financial service needs of clients in its operating region [2] Group 3: Risk Management - The bank adheres to the philosophy that "operating a bank is managing risks" and continuously improves a comprehensive risk management system that is inclusive of all personnel and processes [2] - Key measures include implementing a unified credit policy at the business entry level, conducting ongoing industry research for risk identification, and enforcing independent credit approval during the business approval process [2] Group 4: Investor Relations Activity - The investor relations activity involved thorough communication between company representatives and investors, adhering strictly to disclosure regulations without any significant undisclosed information leaks [2]