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 ...

公司研 究 证 券研究 报 告 城商行 2024年04月30日 宁 波银行（002142）2024年一季报 推 荐 （维持） 目标价：28.15元 存贷开门红，息差逆势提升支撑营收 当前价：22.84元 事项： 华创证券研究所  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 证券分析师：贾靖 6.29%（2023年+10.66%）。一季度净息差1.90%，不良率0.76%，拨备覆盖率 邮箱：jiajing@hcyjs.com 431.63%。 执业编号：S0360523040004 评论： 证券分析师：徐康  Q1息差继续环比上行支撑净利息收入同比高增，净手续费收入仍有一定承压。 1）从细分营收结构看，Q1净利息收入/净手续费收入/其他非息收入分别同比 电话：021-20572556 +12.18%/-22.84%/+2.97%，其中Q1单季净利息收入115.02亿元，在Q4本身 邮箱：xukang@hcyjs.com 增长就不弱情况下继续环比+7.5%。我们用余额测算的单 ...

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]

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 宁波银行（002142）公司年报点评 2024年04月12日 [Table_InvestInfo] 宁波银行 2023 年年报点评：个贷增长继续 投资评级 优于大市 维持 提速，零售 AUM 近万亿 股票数据 [0T4a月ble12_日St收oc盘k价In（fo元] ） 21.16 [Table_Summary] 投资要点：宁波银行发布 2023 年报，营收同比增长 6.40%，归母净 52周股价波动（元） 18.80-29.62 股本结构 利润同比增长 10.66%，与业绩快报一致。公司个贷尤其是消费贷增 [总Ta股b本le（_C百a万p股ita）lI nfo] 6604 长迅速，财富管理做大做强，我们维持公司“优于大市”评级。 流通A股（百万股） 6525 B股/H股（百万股） 0/0 相关研究  个贷增长继续提速。23年末个人贷款及垫款余额较22年同比增长29.6%，超过 [《Ta宁b波le银_R行e 2p 0o 23rtI年nf半o年] 报点评：营收增 23Q3同比增速（26.9%），个贷占比较22年提升3.1pct至40.5%。 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨宁波银行（ ） 002142.SZ [零Ta售bl逆e_势Ti强tle劲] 增长，分红比例小幅提升 ——宁波银行 年年报点评 2023 报告要点 [宁Ta波bl银e_行Su2m0m23ar全y]年营收增速6.4%，利息净收入增速9%，手续费净收入下滑23%，投资等其 他非息收入22Q4低基数下增长15.7%支撑营收，归母净利润同比增速10.7%。全年贷款增长 19.8%，Q4 环比增长 3%，对公贷款全年增长 17%，按揭、消金发力拉动零售贷款全年增长 30%。全年净息差1.88%，较前三季度-1BP，Q4降幅收窄。年末不良率0.76%环比持平，全 ...

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [宁Table_波Title] 银行（002142.SZ） [公Tab司le_I评nve级st] 买入 当前价格 21.12元 息差环比企稳，等待复苏 alpha 合理价值 36.43元 前次评级 买入 [Table_Summary] 报告日期 2024-04-10 核心观点： ⚫ 宁波银行发布2023年度报告。23年营收、PPOP、归母净利润同比分 [相Tab对le_P市icQ场uote表] 现 别变动+6.4%、+3.2%、+10.7%，增速较23Q1~3分别变动+0.95pct、 +1.93pct、-1.89pct。从累计业绩驱动来看，规模增长、其他收支、拨 10% 2% 备计提、有效税率形成正贡献，净息差收窄、净手续费收入下降、成本 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -7% 收入比上升等因素形成一定拖累。（详细图表见正文） -15% ⚫ 亮点：（1）单季息差环比企稳。公司23A净息差为1.88%，环比23Q1- -24% -32% 3下降1bp，降幅小于同业。我们测算23Q4单季度息差1.86 ...