Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][16] Core Views - The company has demonstrated resilience in net interest margin and maintained excellent asset quality [1] - Revenue growth has rebounded, with net interest income increasing against the trend, while non-interest income has slightly declined [4] - The company is expected to maintain high profitability levels, supported by a diversified shareholding structure and a stable management team [9] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 50.8 billion yuan, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 20.7 billion yuan, up 7.0% year-on-year [3][4] - The annualized weighted average ROE was 14.05% as of the end of Q3 2024 [3] - Total assets reached 3.07 trillion yuan, with loans amounting to 1.46 trillion yuan and total deposits of 1.86 trillion yuan [3] Margin and Growth Metrics - The net interest margin for Q3 2024 was 1.85%, with a slight decrease of 4 basis points year-on-year [5] - The company’s total asset size grew by 14.9% year-on-year, with loan growth at 19.6% [5] - Total deposits increased by 17.6% year-on-year, maintaining a strong growth rate [5] Asset Quality Indicators - The non-performing loan (NPL) ratio remained stable at 0.76%, indicating low absolute levels of bad loans [8] - The annualized NPL generation rate for the first three quarters was 1.16% [8] - The coverage ratio for provisions was 405%, reflecting a solid buffer against potential loan losses [8] Future Earnings Projections - The company’s earnings per share (EPS) for 2024-2026 are projected to be 4.10, 4.49, and 4.95 yuan, respectively, with corresponding growth rates of 6.1%, 9.6%, and 10.2% [9][12] - The price-to-book (P/B) ratios for the same period are expected to be 0.89x, 0.78x, and 0.69x, indicating attractive valuation levels [9]

证 券 研 究 报 告 宁波银行（002142）2024 年三季报点评 推荐（维持） 零售回暖息差环比企稳、资产质量保持优异 目标价：29.96 元 | --- | --- | --- | --- | |--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 银行 -40% -20% 0% 20% 40% 10-3011-3012-3101-3102-2903-3104-3005-3106-3007-3108-3109-30 宁波银行 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） 一年内最高/最低（元） 市净率 息率（分红/股价） 流通 A 股市值（百万元） 上证指数/深证成指 | 25.99 28.27/18.35 0.9 2.31 169,548 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 20 ...

Investment Rating - Buy (maintained) with a current price of 25.99 CNY [2] Core Views - The company's revenue and profit growth rates have improved quarter-on-quarter, supported by strong balance sheet expansion and interest income [3] - Net interest income increased by 16.9% YoY, with a 2.2 percentage point improvement compared to the first half of 2024 [3] - Non-interest income declined by 9.3% YoY, with a 3.6 percentage point widening in the decline compared to the first half of 2024 [3] - Loan growth remained robust, with loans accounting for 53.8% of interest-bearing assets, up 0.8 percentage points from the previous quarter [4] - Deposit growth contributed significantly to liability expansion, with corporate deposits growing by 16.3% YoY [5] - Net interest margin (NIM) narrowed by 2 basis points to 1.85% in Q3 2024, but liability costs have improved quarter-on-quarter [5][6] - Non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 404.8%, still at a high industry level [8] - Capital adequacy ratios declined slightly due to strong asset expansion, with core Tier 1 capital adequacy at 9.43% [8] Financial Performance - Revenue for the first three quarters of 2024 reached 50.75 billion CNY, up 7.4% YoY, with net profit attributable to shareholders at 20.71 billion CNY, up 7% YoY [2] - Weighted average return on equity (ROE) was 14.51%, down 1.43 percentage points YoY [2] - Net interest income grew by 16.9% YoY, while non-interest income declined by 9.3% YoY [3] - Loan growth was 19.6% YoY, with corporate loans increasing by 38 billion CNY and retail loans by 22.8 billion CNY in Q3 [4] - Deposit growth was 17.6% YoY, with corporate deposits increasing by 9.7 billion CNY and retail deposits by 11.7 billion CNY in Q3 [5] Asset Quality and Capital - NPL ratio remained stable at 0.76%, with a provision coverage ratio of 404.8%, down 15.8 percentage points from the previous quarter [8] - Core Tier 1 capital adequacy ratio declined to 9.43%, down 18 basis points from the previous quarter [8] - Risk-weighted assets grew by 19% YoY, reflecting strong asset expansion [8] Valuation and Forecast - EPS forecasts for 2024-2026 were revised down to 4.16, 4.50, and 4.90 CNY, respectively, reflecting pressure on asset yields [9] - Current price-to-book (P/B) ratios for 2024-2026 are 0.86x, 0.76x, and 0.68x, respectively [9] - The company is expected to maintain strong growth momentum in asset scale, supported by its diversified profit centers and focus on high-quality regions [9]

宁波银行（002142.SZ）2024 年三季报点评 营收增长提速，息差韧性较强 2024 年 10 月 29 日 [盈利预测与财务指标 Table_Forcast] 事件：10 月 28 日,宁波银行发布 24Q3 财报。24Q1-3 实现营收 508 亿元， YoY+7.4%；归母净利润 207 亿元，YoY+7.0%；不良率 0.76%、拨备覆盖率 405%。 ➢ 营收、归母净利润增速均边际提升。宁波银行 24Q1-3 营收、归母净利润同 比增速较 24H1 分别提升 0.3pct、1.6pct。营收的主要亮点在于息差韧性较强、 对公信贷延续较高增速，支撑 24Q1-3 净利息收入同比+16.9%，增速较 24H1 提升 2.2pct。非息收入方面，中收延续下滑，24Q1-3 中收同比-30.3%，降幅较 24H1 扩大 5.3pct；其他非息收入同比+0.3%，增速较 24H1 下降 2.2pct。同 时，宁波银行今年前三季度贷款核销力度较去年同期明显加大，拨备计提力度也 随之提升，24Q1-3 信用减值损失同比+17.6%。 ➢ 对公信贷延续高增，净息差有韧性。规模稳步扩张，24Q3 末宁波银行总资 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——宁波银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 宁波银行 2024 年前三季度营收增速符合预期，净利润增速略高于预期，存贷款维持 较高增速，资产质量压力边际缓和。上调目标价至 30.8 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：根据财报调整公司 2024-2026 年净利润增速预测为 7.4%、 6.9%、7.1%，对应 BVPS 为 30.80(+0.17)、34.48(+0.10)、38.38(-0.16) 元/股。考虑到一揽子稳经济政策密集出台，利好银行风险缓释和信 贷需求恢复，推动板块估值回升；同时宁波银行经营灵活，市场化 程度高，客户及资产获取能力强，在经济景气回升中业绩改善弹性 更大。上调目标价至 30.8 元，对应 2024 年 1 倍 PB，维持增持评级。 24Q3 营收增速符合预期，净利润增速略高于预期，主要依托管理费 用支出减少让渡 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Views - The company's operating income for the first three quarters of 2024 reached 50.8 billion yuan, a year-on-year increase of 7.4%, with a stable growth rate [1]. - The net profit attributable to shareholders for the same period was 20.7 billion yuan, also reflecting a year-on-year growth of 7.0% [1]. - The total assets as of the end of Q3 2024 grew by 14.9% year-on-year to 3.07 trillion yuan, with loan and deposit growth rates of 19.6% and 18.1%, respectively [1]. - The net interest margin remained stable at 1.85%, with net interest income increasing by 16.9% year-on-year [1]. - The non-performing loan ratio stood at 0.76%, with a rise in the attention rate to 1.08% [1]. Summary by Sections Financial Performance - The company achieved a weighted average return on equity (ROE) of 14.1% for the first three quarters, a decrease of 1.5 percentage points from the previous year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 27.4 billion, 29.5 billion, and 31.9 billion yuan, with growth rates of 7.3%, 7.7%, and 8.1% respectively [1][3]. Valuation Metrics - The diluted earnings per share (EPS) for 2024-2026 are projected to be 4.03, 4.35, and 4.71 yuan, with corresponding price-to-earnings (PE) ratios of 6.4, 6.0, and 5.5 times [1][3]. - The price-to-book (PB) ratios for the same period are expected to be 0.86, 0.77, and 0.69 times [1][3]. Asset Quality - The company reported a non-performing loan generation rate of 1.26%, an increase of 0.37 percentage points year-on-year [1]. - The provision coverage ratio decreased to 405%, down 16 percentage points from the previous quarter and 76 percentage points from the beginning of the year [1].

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [4] Core Views - Ningbo Bank's performance in Q3 2024 shows solid growth, with net interest income increasing by 17% and a stable non-performing loan ratio of 0.76% [1][2] - The bank's total revenue for the first three quarters reached 50.8 billion yuan, a year-on-year increase of 7.4%, while net profit attributable to shareholders was 20.7 billion yuan, up 7.0% year-on-year [1] - The bank's cost-to-income ratio improved significantly, decreasing by 3.8 percentage points to 33.4% [1] Financial Performance - **Net Interest Income**: Increased by 16.9% year-on-year, with a net interest margin of 1.85%, showing a slight decline of 2 basis points [1] - **Non-Interest Income**: Decreased by 9.3% year-on-year, primarily due to a 30.3% drop in net fee income [1] - **Cost-to-Income Ratio**: Improved to 33.4%, indicating effective cost management [1] Asset Quality - **Non-Performing Loan Ratio**: Remained stable at 0.76% as of September, with a non-performing loan generation rate of 0.96%, showing improvement [2] - **Provision Coverage Ratio**: Stood at 405%, reflecting a strong buffer against potential loan losses [2] Asset and Liability Management - **Total Assets**: Reached 3.07 trillion yuan, a year-to-date increase of 13.1% [3] - **Loan Growth**: Total loans amounted to 1.46 trillion yuan, up 16.2% year-to-date, with significant growth in retail loans [3] - **Deposit Growth**: Deposits increased by 19.0% year-to-date, totaling 1.86 trillion yuan [3] Investment Recommendation - The report suggests that Ningbo Bank's overall performance is solid and stable, with expectations for continued stability in annual performance. The bank is positioned for both stability and growth in the current environment, justifying the "Buy" rating [3]

Financial Performance - The company's operating revenue for Q3 2024 reached RMB 16,316 million, an increase of 8.12% year-on-year, while the revenue for the first nine months of 2024 was RMB 50,753 million, up 7.45% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was RMB 7,058 million, reflecting a growth of 10.25% year-on-year, and for the first nine months, it totaled RMB 20,707 million, an increase of 7.02%[3]. - Basic earnings per share for Q3 2024 were RMB 1.01, an increase of 4.12% year-on-year, while for the first nine months, it was RMB 3.08, up 5.12%[3]. - The total comprehensive income for Q3 2024 was RMB 7,739 million, an increase from RMB 5,987 million in Q3 2023[36]. - The total comprehensive income for the first nine months of 2024 was RMB 22,397 million, an increase from RMB 18,621 million in the same period of 2023[37]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 3,067,666 million, representing a 13.13% increase from the end of 2023[5]. - The total equity attributable to shareholders of the parent company was RMB 222,181 million, up from RMB 201,195 million year-over-year[33]. - The bank's total liabilities and equity reached RMB 3,067,666 million, reflecting a strong growth trajectory[33]. - The bank's total assets increased to RMB 3,000 billion as of September 2024, reflecting a growth of 10% year-over-year[40]. Customer Loans and Deposits - Customer loans and advances reached RMB 1,455,705 million, marking a 16.20% increase compared to the end of 2023[5]. - Customer deposits totaled RMB 1,863,759 million, up 18.99% from the end of 2023[5]. - The net increase in customer deposits and interbank placements was RMB 331,568 million for the first nine months of 2024, compared to RMB 267,978 million in the same period of 2023[40]. Profitability Ratios - The weighted average return on equity (annualized) decreased by 1.47 percentage points to 14.05% for Q3 2024, and by 1.43 percentage points to 14.51% for the first nine months[3]. - The annualized weighted average return on equity was 14.51%, while the total asset return rate stood at 0.96%[25]. - The provision coverage ratio was 404.80%, indicating strong risk mitigation capabilities[25]. Impairment and Loss Provisions - The provision for loan losses increased to RMB 9,253 million during the period[16]. - The total impairment provision for financial assets reached RMB 4,210 million, with a current period provision of RMB 342 million[17]. - The bank's credit impairment losses for the first nine months of 2024 were RMB 9,573 million, compared to RMB 8,137 million in the same period last year[33]. - The total impairment provision for debt investments was RMB 1,577 million, with a current period provision of RMB 292 million[17]. Shareholder Information - The company reported a total of 131,633 common shareholders at the end of the reporting period, with the top ten shareholders holding a combined 56.79% of shares[19]. - Ningbo Development Investment Group Co., Ltd. holds 18.74% of shares, making it the largest shareholder with 1,237,489,845 shares[19]. - Singapore Overseas Chinese Bank holds 18.69% of shares, totaling 1,233,993,375 shares, with 75,819,056 shares under lock-up conditions[19]. - The company has a total of 10 preferred shareholders, with the largest holding 17.88% of the preferred shares, amounting to 8,670,000 shares[22]. Operational Efficiency - The company reported a net cash flow from operating activities of RMB 125,004 million for the first nine months, a decrease of 16.09% year-on-year[3]. - Cash flow from operating activities for the first nine months of 2024 was RMB 125,004 million, down from RMB 148,980 million in the same period of 2023[40]. - The net cash flow from financing activities was RMB 20,681 million in Q3 2024, compared to a net outflow of RMB 80,895 million in Q3 2023[41]. Strategic Focus - The company emphasized a strategy focused on "serving the real economy" and enhancing financial technology capabilities[24]. - The bank plans to expand its digital banking services and enhance its technology infrastructure in the upcoming quarters[37]. Other Financial Metrics - Non-recurring gains and losses for Q3 2024 amounted to a net loss of RMB 14 million, compared to a loss of RMB 80 million for the first nine months[7][8]. - Commission and fee expenses increased by 40.41% to RMB 1,237 million compared to the same period last year[9]. - Other income decreased by 39.46% to RMB 336 million, primarily due to reduced subsidies for small and micro enterprises[9]. - The bank's investment income for the first nine months of 2024 was RMB 8,923 million, down from RMB 9,459 million in the same period last year[33].

1 审议通过了《宁波银行股份有限公司 2024 年第三季度报告》。 经审核，监事会认为公司编制《宁波银行股份有限公司 2024 年第 三季度报告》的程序符合法律、行政法规和中国证监会的规定， 报告内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。 本议案同意票 7 票，反对票 0 票，弃权票 0 票。 特此公告。 宁波银行股份有限公司监事会 证券代码：002142 证券简称：宁波银行 公告编号：2024-044 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 第八届监事会第六次临时会议决议公告 本公司及监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、误导性陈述或重大遗漏。 宁波银行股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日以电子邮件及书面方式向全体监事发出关于召开第八届监事 会第六次临时会议的通知，并于 2024 年 10 月 28 日进行了表决。 公司应参加表决监事 7 人，实际参加表决监事 7 人。会议召开符 合《公司法》《公司章程》的规定，本次会议合法有效。会议以通 讯表 ...