[Table_Page] 季报点评|城商行Ⅱ 证券研究报告 [宁Table_波Title] 银行（002142.SZ） [公Tab司le_I评nves级t] 买入 当前价格 22.84元 信贷规模高增，息差企稳回升 合理价值 36.43元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 宁波银行发布2024年一季度报告，我们点评如下：24Q1营收、PPOP、 [相Tab对le_P市icQ场uote表] 现 归母净利润同比分别增长5.8%、8.8%、6.3%，增速较23年分别变动 -0.63pct、+5.65pct、-4.37pct。从业绩驱动来看，规模增长、成本收入 10% 2% 比下降、拨备计提形成正贡献，净息差收窄、净手续费收入下降、其他 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -7% 收支、有效税率上升形成一定拖累。 -15% ⚫ 亮点：（1）信贷规模高增。24Q1贷款同比增长24.2%，较23Q1/23年 -24% -32% 末分别上升 6.23pct/4.42pct。结构上，对公、零售贷款同比分别增长 ...

公 银行 司 2024年 4月 30日 报 宁波银行(002142.SZ) 告 息差表现亮眼，信贷扩张保持积极 强烈推荐（维持） 事项： 宁波银行发布2024年一季报，1季度实现营业收入175亿元，同比增长5.8%， 股价：22.84 元 1季度实现归母净利润70.13亿元，同比正增6.3%。1季度年化加权平均ROE 为 15.51%。截至 2024 年1 季度末，公司总资产规模达到2.89 万亿元，较年 公 主要数据 初增长6.51%，其中贷款较年初增长8.73%，存款较年初增长16.2%。 司 行业 银行 平安观点： 季 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%  净利息收入表现亮眼，盈利表现整体稳健。公司1季度拨备计提力度的提 报 实际控制人 升使得归母净利润增速较23年全年下降4.4个百分点至6.3%，1季度信 点 总股本(百万股) 6,604 用减值损失同比增长 5.5%（-14.3%，23A），盈利水平虽有所下降，但 流通A股(百万股) 6,525 评 流通B/H股(百万股) 仍保持较快水平。营收整体保持稳健，1季度营收同比增长5.8%（6. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 22.84 CNY [1] Core Views - The company reported a revenue of 17.51 billion CNY in Q1 2024, representing a year-on-year growth of 5.8%, and a net profit attributable to shareholders of 7.01 billion CNY, up 6.3% year-on-year [5][6] - The annualized weighted average return on equity (ROE) was 15.51%, a decrease of 1.39 percentage points year-on-year [5] - The bank's loan growth accelerated, with a year-on-year increase of 24.2%, and the total interest-earning assets increased by 30 billion CNY compared to the previous year [6][8] Summary by Sections Financial Performance - Revenue and net profit growth rates for Q1 2024 were 5.8% and 6.3% respectively, with pre-provision profit growth at 8.8% [6] - The net interest income and non-interest income growth rates were 12.2% and -4.7% respectively [6] - The company achieved a net interest margin of 1.9%, which improved by 2 basis points compared to 2023 [7] Loan and Deposit Growth - The bank's loan balance increased by 1,579 billion CNY in Q1 2024, with a year-on-year growth rate of 18.4% [6] - Retail deposits maintained a high growth rate, with the deposit ratio rising to nearly 70% [6][8] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a total NPL balance of 10.33 billion CNY [8] - The provision coverage ratio was 431.6%, indicating strong risk mitigation capabilities [8] Capital Adequacy - The risk-weighted asset growth rate was 20.4%, with a slight decline in capital adequacy ratios [8][14] - The core tier 1 capital ratio was reported at 9.26%, down from the previous year [14] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is 4.26 CNY, 4.78 CNY, and 5.31 CNY respectively [8][15] - The current price-to-book (PB) ratios for 2024-2026 are projected at 0.75, 0.66, and 0.58 [8][15]

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank with a target price of 27.31 CNY per share, based on a 35% discount to the historical PB (FY1) central value of 1.32x, resulting in a 24-year PB of 0.90x [2][4] Core Views - Revenue structure optimization with marginal improvement in net interest income growth: Net interest income growth increased by 3.2pct to 12.2% YoY in 24Q1, driven by scale expansion and stable interest margins [1] - Corporate loan growth supports accelerated credit expansion: Corporate loans grew by 5.5pct YoY, contributing significantly to the total loan growth of 24.2% in 24Q1 [1] - Net interest margin (NIM) rebounded by 2bp to 1.90% in 24Q1, attributed to stabilized asset yields and the impact of deposit rate adjustments [1] - Asset quality remains stable with a non-performing loan (NPL) ratio of 0.76%, while the provision coverage ratio decreased by 29.4pct to 431.6% [1] Financial Performance and Projections - Revenue, PPOP, and net profit attributable to shareholders grew by -0.6pct, 5.6pct, and -4.4pct YoY, respectively, in 24Q1 [1] - Net fee income continued to face pressure, declining by 0.1pct to -22.8% YoY, while net other non-interest income growth fell by 12.7pct to 3.0% [1] - Corporate deposits showed resilience, accounting for 74.0% of total deposits, up 0.4pct from the end of 2023 [1] - The report forecasts net profit attributable to shareholders to grow by 9.6%/9.1%/9.6% YoY in 2024/2025/2026, with EPS of 4.12/4.51/4.95 CNY and BVPS of 30.34/34.30/38.64 CNY [2] Valuation Metrics - The current stock price corresponds to 24/25/26 PB of 0.75x/0.67x/0.59x [2] - Historical valuation suggests a 24-year PB of 0.90x, implying a target price of 27.31 CNY per share [2] Key Financial Indicators - Total assets and loan balances grew by -0.3pct and 4.4pct YoY, respectively, in 24Q1 [1] - Corporate loans grew by 5.5pct YoY, while personal loans declined by 2.3pct [1] - Total liabilities and deposits grew by -0.3pct and -6.0pct YoY, respectively, with corporate deposits showing relative resilience [1] - The credit cost ratio increased by 42bp to 1.20% in 24Q1 [1]

公司研究 | 季报点评 宁波银行 002142.SZ 买入（维持） 对公贷款高增，息差企稳回升 股价（2024年04月29日） 22.84元 目标价格 27.31元 52周最高价/最低价 29.62/18.8元 ——宁波银行24Q1季报点评 总股本/流通A股（万股） 660,359/652,503 A股市值（百万元） 150,826 核心观点 国家/地区 中国 行业 银行 ⚫ 营收结构优化，净利息收入增速边际改善。截至24Q1，宁波银行营收、PPOP、归 报告发布日期 2024年04月30日 母净利润累计同比增速分别较23年末变动-0.6pct、5.6pct以及-4.4pct。拆分来看， 得益于规模扩张和息差企稳回升的共同作用，净利息收入同比增速较23年末提升 3.2pct至12.2%；净手续费收入继续承压，同比增速较23年末微幅下滑0.1pct至 1周 1月 3月 12月 绝对表现% 3.58 10.71 3.91 -14.86 -22.8%；净其他非息收入同比增速较23年末回落12.7pct至3.0%，尽管投资收益 相对表现% 0.95 8.27 -5.77 -4.8 和公允价值变动均有较好增长，但一定程 ...

证券研究报告 | 2024年04月30日 宁波银行（002142.SZ）2024 年一季报点评 买入 营收增长稳定，息差环比回升 核心观点 公司研究·财报点评 营收增速稳定，净利润增速回落。2024年一季度实现营业收入175亿元，同 银行·城商行Ⅱ 比增长5.8%，增速较去年年报回落0.6个百分点，变化不大。一季度归母净 证券分析师：陈俊良 证券分析师：王剑 利润70亿元，同比增长6.3%，增速较去年年报回落4.4个百分点，主要是 021-60933163 021-60875165 chenjunliang@guosen.com.cn wangjian@guosen.com.cn 因为资产减值损失同比增长幅度较去年年报明显提高。 S0980519010001 S0980518070002 资产增长稳定，贷款投放增加。2024年一季末总资产同比增长14.3%至2.89 证券分析师：田维韦 021-60875161 万亿元，增速有所回落，逐渐回归到内生增长的合理水平附近。其中存款同 tianweiwei@guosen.com.cn 比增长15.2%至1.84万亿元，贷款同比增长24.2%至1.36万亿元。一季度 ...

Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank (002142) with a target price of 28.15 CNY [1]. Core Views - In Q1 2024, Ningbo Bank achieved operating revenue of 17.509 billion CNY, a year-on-year increase of 5.78%, and a net profit attributable to shareholders of 7.013 billion CNY, up 6.29% year-on-year [1]. - The net interest margin for Q1 was 1.90%, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 431.63% [1]. - The bank's net interest income increased by 12.18% year-on-year, while net fee income decreased by 22.84% [1]. - The bank's loan growth was robust, with a year-on-year increase of 24.2%, and total deposits increased by 14.8% year-on-year [1]. Financial Performance Summary - **Revenue and Profitability**: - Total operating revenue for 2023 is projected at 61.572 billion CNY, with a growth rate of 6.40%. For 2024E, it is expected to be 64.588 billion CNY, with a growth rate of 4.90% [5]. - Net profit attributable to shareholders for 2023 is projected at 25.535 billion CNY, with a growth rate of 10.70%. For 2024E, it is expected to be 27.756 billion CNY, with a growth rate of 8.70% [5]. - **Key Financial Ratios**: - The bank's price-to-earnings (P/E) ratio for 2024E is 5.58, and the price-to-book (P/B) ratio is 0.77 [5]. - The net interest margin is projected to be 1.51% for 2024E, with a loan yield of 4.90% [5]. - **Asset Quality**: - The non-performing loan ratio is expected to remain stable at 0.76% through 2026E, with a provision coverage ratio decreasing to 415% by 2024E [5]. Investment Outlook - The report highlights that Ningbo Bank's fundamentals are solid, with a diversified profit center ensuring stable and sustainable profitability. Key factors for its high growth include a developed regional economy, flexible market mechanisms, professional management, and a mature risk control system [1].

宁波银行(002142) 2024 年一季报 存贷开门红，息差逆势提升支撑营收 事项: ty 4月29日晚,宁波银行披露 2024年一季报,2024年一季度公司实现营业收入 175.09 亿元,同比+5.78%(2023年+6.4%);归母净利润 70.13 亿元,同比增 6.29%(2023年+10.66%)。一季度净息差 1.90%,不良率 0.76%,拔备覆盖率 431.63%。 评论: � Q1.总基继续环比上行支撑净利息收入周比高增,冲手续费收入的有一定承压。 1）从舞分营收结构看，Q1 净利息收入/净手续费收入/其他非急收入分别同6 +12.18%/-22.84%/+2.97%，其中 Q1 单季净利息收入 115.02 亿元，在 Q4 本身 增长就不弱情况下继续环比+7.5%。我们用余额测算的单季年化净息差 1.90%, 环比 Q4 上升 3bps。其中资产端收益率仍有承压,环比下行 10bp 至 4.11%, 预计主要是2月5年期 LPR 进一步下调 25bps,带动新发货款利率仍有下行。 宁波资产端按揭占比相对较低,2023年按揭占比总贷款仅 7%,Q1 受到重定 价的冲击相对有限。负债端付息 ...

宁波银行（002142.SZ）2024年一季报点评 信贷量价齐升，净利息收入同比+12.2% 2024年04月29日 事件：4 月 29 日，宁波银行发布 24Q1 业绩。24Q1 实现营收 175 亿元， 推荐 维持评级 YoY+5.8%;归母净利润70亿元,YoY+6.3%;不良率0.76%，拨备覆盖率432%。 当前价格： 22.84元 ➢ 业绩整体稳健增长，净利息收入增速亮眼。宁波银行24Q1营收同比+5.8%、 归母净利润同比+6.3%，增速分别较 23 年末-0.6pct、-4.4pct。具体来看，量 价表现共同支撑下，净利息收入同比+12.2%。中收仍为营收的主要拖累项目， [Table_Author] 24Q1 同比-22.8%。24Q1 其他非息收入同比+3.0%，不过增速较 23 年下行 12.7pct。 ➢ 信贷投放高增长，息差边际回升。1）信贷投放提速，24Q1 宁波银行贷款 总额同比+24.2%，增速较23年末+4.4pct。24Q1新增信贷投放1094亿元， 较去年同期多增585亿元，而宁波银行信贷投放的高景气背后，或反映了长三角 分析师 余金鑫 区域对经济复苏更先一步的感知。结构 ...

Financial Performance - Revenue for Q1 2024 increased by 5.78% to 17,509 million RMB compared to the same period last year[3] - Net profit attributable to shareholders rose by 6.29% to 7,013 million RMB year-over-year[3] - Net profit attributable to parent company shareholders reached 7.013 billion yuan, a year-on-year increase of 6.29%[21] - Total operating income was 17.509 billion yuan, up 5.78% year-on-year[21] - Revenue for the first quarter of 2024 reached RMB 17,509 million, a 5.8% increase compared to RMB 16,553 million in the same period last year[26] - Net profit attributable to shareholders of the parent company for Q1 2024 was RMB 7,013 million, a 6.3% increase from RMB 6,598 million in Q1 2023[26] - Total comprehensive income for Q1 2024 was RMB 9,000 million, a 33.1% increase compared to RMB 6,761 million in Q1 2023[26] - Basic earnings per share for Q1 2024 were RMB 1.06, up 6% from RMB 1.00 in Q1 2023[27] Asset and Liability Management - Total assets grew by 6.51% to 2,888,206 million RMB as of March 31, 2024[5] - Total assets amounted to 2,888.206 billion yuan, an increase of 6.51% from the beginning of the year[21] - Total liabilities amounted to 2,676.996 billion yuan[24] - Total equity attributable to parent company shareholders was 210.175 billion yuan[25] - Customer loans and advances increased by 8.73% to 1,362,110 million RMB compared to the end of 2023[5] - Total customer loans increased by RMB 109.392 billion to RMB 1,362.110 billion as of March 31, 2024 compared to December 31, 2023[14] - Total loans reached 1,362.110 billion yuan, up 8.73% from the beginning of the year[21] - Customer deposits surged by 16.20% to 1,819,988 million RMB year-to-date[5] - Total deposits were 1,819.988 billion yuan, a 16.20% increase from the beginning of the year[21] - Customer deposits and interbank deposits increased by RMB 241,110 million in Q1 2024, compared to RMB 285,141 million in Q1 2023[28] - Loan loss provisions increased by RMB 788 million to RMB 44.585 billion as of March 31, 2024 compared to December 31, 2023[15] Capital and Liquidity Ratios - Capital adequacy ratio stood at 14.26% as of March 31, 2024, meeting the regulatory requirement of ≥10.75%[9][11] - Core tier 1 capital adequacy ratio was 9.26% as of March 31, 2024, above the regulatory minimum of 7.75%[9][11] - Liquidity coverage ratio reached 240.04% as of March 31, 2024, significantly exceeding the regulatory requirement of ≥100%[9][13] - Leverage ratio decreased to 5.54% as of March 31, 2024 from 6.00% as of December 31, 2023[12] - Cost-to-income ratio improved to 31.53% as of March 31, 2024 from 38.99% as of December 31, 2023[9] Asset Quality - Non-performing loan ratio remained stable at 0.76% as of March 31, 2024, well below the regulatory threshold of ≤5%[9] - Provision coverage ratio was 431.63% as of March 31, 2024, far above the regulatory minimum of ≥150%[9] - Non-performing loan ratio remained stable at 0.76%[21] - Provision coverage ratio stood at 431.63%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 166,638[17] - Ningbo Development Investment Group holds 18.74% of shares, totaling 1,237,489,845 shares[17] - Overseas Chinese Bank Limited holds 18.69% of shares, totaling 1,233,993,375 shares[17] - Youngor Fashion Co., Ltd. holds 10.00% of shares, totaling 660,360,057 shares[17] - Hong Kong Securities Clearing Company holds 3.90% of shares, totaling 257,819,012 shares[17] - Total number of preferred shareholders at the end of the reporting period is 35[19] - Huabao Trust Co., Ltd. holds 21.18% of preferred shares, totaling 31,450,000 shares[19] - Everbright Securities Asset Management holds 10.10% of preferred shares, totaling 15,000,000 shares[19] - Ping An Life Insurance Co., Ltd. holds 9.45% of preferred shares, totaling 14,040,000 shares[19] - Jiangsu International Trust Co., Ltd. holds 6.71% of preferred shares, totaling 9,960,000 shares[19] - Major shareholder Yager Fashion increased its stake by 42,670,934 shares, representing 0.65% of total shares[22] Financial Assets and Investments - Fair value changes in financial assets increased by 120.89% to 698 million RMB due to higher precious metal valuations[8] - Repurchase agreements (buying back financial assets) soared by 322.19% to 39,057 million RMB[8] - Other assets expanded by 202.92% to 17,742 million RMB due to increased clearing funds[8] - Other comprehensive income rose by 33.91% to 7,768 million RMB driven by bond valuation gains[8] - Net interest income for Q1 2024 was RMB 11,502 million, up 12.2% from RMB 10,253 million in Q1 2023[26] - Net interest margin (annualized) was 1.90% as of March 31, 2024, down from 1.88% as of December 31, 2023[9] Cash Flow - Net cash flow from operating activities in Q1 2024 was RMB 95,445 million, a 34.8% decrease from RMB 146,356 million in Q1 2023[28] - Investment activities resulted in a net cash outflow of RMB 33,018 million in Q1 2024, compared to RMB 37,723 million in Q1 2023[28] - Financing activities resulted in a net cash outflow of RMB 30,330 million in Q1 2024, a 61.4% decrease from RMB 78,692 million in Q1 2023[28] - The beginning cash and cash equivalents balance for the first quarter of 2024 was 57,227 million[29] - The ending cash and cash equivalents balance for the first quarter of 2024 was 89,298 million[29] Return on Equity - Weighted average ROE (annualized) decreased by 1.39 percentage points to 15.51%[3]