证券代码：002142 证券简称：宁波银行 编号:2024-23 宁波银行股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------------------------------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | 特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | ...

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank (002142 SZ) [4] Core Views - Ningbo Bank's H1 2024 revenue growth accelerated to 7 1% (Q1 5 8%) with net profit attributable to shareholders growing 5 4% (Q1 6 3%) [2] - Net interest income grew 14 7% YoY, leading the industry, driven by strong net interest margin resilience and rapid expansion of interest-earning assets [2][5] - Non-interest income declined 5 7% YoY, mainly due to a 24 9% drop in fee income, impacted by capital market volatility and changes in investor risk appetite [5] - The NPL ratio remained stable at 0 76% in Q2 2024, with the pre-write-off NPL formation rate steady at 1 28%, better than market expectations [2][5] Business Performance - Loans grew 12 5% YoY in H1 2024, with corporate, bill, and retail loans increasing by 17 5%, 29 9%, and 3 1% respectively [5] - Deposits surged 17 6% YoY, with the proportion of demand deposits decreasing by 1 8 percentage points to 31 2% [5] - The net interest margin stood at 1 87% in H1 2024, down 3bps QoQ but only 1bp lower than the full-year 2023 level, reflecting strong resilience [5][6] Asset Quality - The NPL ratio remained stable at 0 76% in Q2 2024, with the pre-write-off NPL formation rate steady at 1 28% [5] - The provision coverage ratio declined by 11 percentage points to 421% in Q2 2024 [2] - Credit impairment provisions increased by 8 9% YoY, with loan-related provisions up 6 7% [6] Financial Projections - Full-year 2024 revenue growth is projected at 7 0%, with net profit attributable to shareholders expected to grow 6 4% [6] - The bank's valuation stands at 0 66x 2024 PB, near historical lows [6] Industry Context - The bank's net interest margin resilience and asset quality stability outperform peers, driven by optimized asset-liability structure and rapid loan expansion [5][6] - Retail loan risks have risen industry-wide, but Ningbo Bank's NPL formation rate has stabilized, reflecting better-than-expected risk management [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 7.1% in the first half of 2024, with net profit increasing by 5.4%. The growth rate for net profit has shown a marginal decline due to increased provisioning and higher tax expenses [5][8] - Interest income has grown by 14.7% year-on-year, while non-interest income has decreased by 5.8% [5][20] - The asset quality remains stable with a non-performing loan ratio of 0.76% and a provisioning coverage ratio of 420.55% [22][23] Financial Performance - Total revenue (in million) for 2022A was 57,872, 2023A was 61,572, and projections for 2024E, 2025E, and 2026E are 64,789, 67,886, and 70,958 respectively [4] - Net profit (in million) for 2022A was 23,075, 2023A was 25,535, and projections for 2024E, 2025E, and 2026E are 27,505, 29,662, and 32,008 respectively [4] - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 6.09, 5.64, and 5.21 respectively [4] Revenue Breakdown - The company’s net interest income increased by 14.7% year-on-year, while non-interest income saw a decline of 5.8% [5][20] - Fee income has continued to decline, with a year-on-year decrease of 24.9% in the first half of 2024 [5][20] Asset and Liability Management - The company experienced a slowdown in retail loan growth, with total new loans in Q2 2024 amounting to 47.22 billion, a decrease of 24.57 billion year-on-year [6][15] - Deposits increased by 1.2% quarter-on-quarter, with a total increase of 22.41 billion in Q2 2024 [15][19] Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a slight increase in the proportion of loans under special attention to 1.02% [22][24] - The company disclosed specific non-performing loan ratios for retail loans, with consumer loans at 1.56%, operational loans at 3.04%, and mortgage loans at 0.6% [23][24] Investment Recommendation - The company is projected to have price-to-book ratios of 0.77X, 0.68X, and 0.61X for 2024E, 2025E, and 2026E respectively, indicating a strong growth potential [25][26]

Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [1][5] Core Insights - Interest income shows high growth, with revenue and net profit for H1 2024 increasing by 7.1% and 5.4% year-on-year, respectively. The profit growth is primarily affected by credit impairment and rising tax rates [1][4] - Strong expansion in scale, with loan growth reaching 21%, supported by both corporate and retail sectors. New loans exceeded 150 billion yuan in H1 2024 [1][4] - The narrowing decline in net interest margin, with a net interest margin of 1.87% for H1 2024, reflecting a slight decrease compared to the previous year [1][4] Revenue and Profitability - H1 2024 revenue reached 34.4 billion yuan, with a year-on-year growth of 7.1%. The net profit attributable to shareholders was 13.6 billion yuan, up 5.4% year-on-year [3][4] - Net interest income increased by 14.7% year-on-year, while fee income decreased by 25% due to a decline in agency business [1][4] Loan Growth and Asset Quality - Total loans increased by 21% year-on-year, with corporate loans growing by 24.3% and retail loans by 18.6% [1][4] - The non-performing loan (NPL) ratio remained stable at 0.76%, with a slight increase in the attention rate to 1.02% [2][4] Capital Adequacy - As of H1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.61%, 10.85%, and 15.28%, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 34.437 billion yuan and a net profit attributable to shareholders of 13.649 billion yuan for H1 2024, representing year-on-year growth of 7.13% and 5.42% respectively [1]. - The annualized weighted average ROE is 14.74%, a decrease of 1.41 percentage points year-on-year [1]. - Interest income showed strong performance with a net interest income of 23.154 billion yuan, up 14.75% year-on-year, while the net interest margin (NIM) was 1.87%, down 6 basis points [1]. - The company experienced robust loan growth, with total loans increasing by 12.5% year-to-date, including a 17.46% increase in corporate loans and a 3.14% increase in retail loans [1]. - Non-interest income decreased by 5.71% year-on-year to 11.283 billion yuan, primarily due to a decline in agency business and wealth management income [1]. Financial Performance Summary - For H1 2024, the company achieved a net interest income of 23.154 billion yuan, with a net interest margin of 1.87% [1][10]. - The company’s total deposits grew by 17.63% year-to-date, with corporate and individual deposits increasing by 18.02% and 16.53% respectively [1]. - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 420.55%, indicating strong risk mitigation capabilities [2]. - The company is focused on expanding its retail and light capital business, leveraging its competitive position in the Yangtze River Delta region [2]. Financial Forecasts - The projected operating revenue for 2024 is 66.648 billion yuan, with a net profit attributable to shareholders forecasted at 27.335 billion yuan [8]. - The expected growth rates for operating revenue and net profit for 2024 are 8.22% and 7.05% respectively [8][12]. - The forecasted BVPS for 2024 is 30.40 yuan, with corresponding P/B ratios of 0.66X [2][8].

证券代码：002142 证券简称：宁波银行 公告编号：2024-038 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关于职工监事变更的公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2024 年 8 月 29 日，宁波银行股份有限公司（以下简称"公司"） 监事会收到郁清女士的辞呈。因工作原因，郁清女士辞去职工监事 及监事会监督委员会委员职务。郁清女士辞任后，继续担任公司审 计部总经理职务。郁清女士确认与公司监事会无不同意见，亦无其 他事项需要通知公司股东。截至本公告日，郁清女士未持有公司股 份。公司监事会对郁清女士在任职期间为公司所做出的贡献表示衷 心感谢。 同日，公司监事会接到公司工会委员会通知，公司已依法通过 职工民主选举陈锦晓先生为公司第八届监事会职工监事，任期自 2024 年 8 月 29 日起生效，至第八届监事会届满之日止。 特此公告。 陈锦晓先生历任公司总行财务会计部宁波地区管理部高级经 理助理、高级副经理（主持工作），深圳分行财务会计部副总经理、 总经理，无锡分行财务会计部总经理，2022 ...

证券研究报告 金融公司|公司点评|宁波银行（002142） 营收增速边际改善，不良生成压力减小 glzqdatemark1 证券研究报告 |报告要点 宁波银行公布 2024 年半年报，2024H1 公司实现营收 344.37 亿元，同比+7.13%，增速较 2024Q1 +1.36pct；实现归母净利润 136.49 亿元，同比+5.42%，增速较 2024Q1 -0.87pct。 |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 宁波银行(002142) 营收增速边际改善，不良生成压力减小 股价相对走势 -40% -23% -7% 10% 2023/8 2023/12 2024/4 2024/8 宁波银行 沪深300 相关报告 1、《宁波银行（002142）：息差逆势回升，信 贷增长强劲》2024.05.09 2、《宁波银行（002142）：信贷投放高景气， 代理类业务拖累整体中收》2024.04.10 扫码查看更多 事件 宁波银行公布 2024 年半年报，2024H1 公司实现营收 344.37 亿元，同比+7.13%， 增速较 2024Q1 ...

宁波银行半年考：内生增长驱动，盈利表现稳健，成长与分 红兼顾 导语：目前，市场对于它的估值定价来到了十年以来的最低水平。 作者: 市值风云 App: beyond 再次关注到宁波银行 (002142.SZ，该行/公司) 有这样两个原因，一是风云君 曾在 2021 年 4 月对全部上市银行股做过综合财务指标打分, 在那次全面打分排 名中，宁波银行排在全部上市银行的第二名。 而目前，宁波银行的估值水平 (以 PB 来衡量) 相比当时有大幅下降，从 2021 年高点 1.8 倍 PB 降至目前的 0.75 倍 PB——一方面是因为股价下降，另一方面 是受益于自身盈利增长。 | --- | --- | --- | |-------|-----------------|-------| | 排名 | 总得分排名 银行 | 台分 | | | 招商银行 | 57.9 | | | 宁波银行 | 57.4 | | | 银行 | 48.6 | | 4 | 冠句 | 47.9 | | 5 | 展行 | 46.7 | | e | 冠门 | 46.4 | | 7 | 混行 | 45.4 | | 8 | | 45.2 | | 9 | | ...

Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank [2][3]. Core Views - Ningbo Bank's revenue for the first half of 2024 reached 34.4 billion yuan, a year-on-year increase of 7.1%, with net profit attributable to shareholders at 13.6 billion yuan, up 5.4% year-on-year [2]. - The bank's net interest income grew significantly by 14.7% year-on-year, supported by strong credit expansion and resilient interest margins [2]. - The bank's total assets and loan amounts increased by 16.7% and 20.6% year-on-year, respectively, reflecting robust credit demand in the Yangtze River Delta region [2]. - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 421%, indicating strong risk mitigation capabilities [2]. Summary by Sections Financial Performance - Revenue for H1 2024 was 34.4 billion yuan, with a year-on-year growth of 7.1% [2]. - Net profit attributable to shareholders was 13.6 billion yuan, reflecting a 5.4% increase year-on-year [2]. - The bank's net interest income increased by 14.7% year-on-year, with a slight improvement in growth rate compared to Q1 2024 [2]. Credit and Asset Quality - Total assets and loans grew by 16.7% and 20.6% year-on-year, respectively, with corporate loans increasing by 24.3% [2]. - The non-performing loan ratio was stable at 0.76%, while the provision coverage ratio was maintained at 421% [2]. Future Projections - EPS for 2024-2026 is projected to be 4.13, 4.52, and 4.98 yuan, respectively, with a price-to-book ratio of 0.7 times for the closing price on August 29, 2024 [3].

公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2024 年 08 月 28 日 收盘价（元） 20.50 一年内最高/最低（元） 29.08/18.80 市净率 0.7 息率（分红/股价） 2.93 流通 A 股市值（百万元） 133,734 上证指数/深证成指 2,837.43/8,078.82 注："息率"以最近一年已公布分红计算 2024 年 08 月 29 日 宁波银行 (002142) ——实际税率阶段性影响拖累利润，期待业绩重振成长 报告原因：有业绩公布需要点评 买入（维持） 事件：宁波银行披露 2024 年中报，1H24 实现营收 344.4 亿元，同比增长 7.1%，实现归母净 利润 136.5 亿元，同比增长 5.4%。2Q24 不良率季度环比持平 0.76%，拨备覆盖率季度环比下 降 11.1pct 至 420.5%。营收提速超预期，业绩及资产质量符合预期。 ⚫ 利息净收入高增支撑营收高质量提速，实际税率上升阶段性拖累利润：1H24 宁波银行营 收同比增长 7.1%（前瞻中预期为 5.2%，1Q24 为 5.8%），归母净利润同比增长 5.4%（前 瞻中预期为 6 ...