2024 年 11 月 29 日 中国农业银行股份有限公司 2024 年度第三次临时股东大会 文件目录 | 1：选举吴联生先生继续担任中国农业银行股份有限公司独立董 | 议案 | | | --- | --- | --- | | 事 | | 1 | | 2：选举刘晓鹏先生继续担任中国农业银行股份有限公司非执行 | 议案 | | | 董事 | | 16 | | 2024 | 议案 3：中国农业银行股份有限公司 | 年度中期利润分配方案.19 | | 2024 | 议案 4：中国农业银行股份有限公司 | 年度对外捐赠预算安排.20 | | 2023 | 议案 5：中国农业银行股份有限公司 | 年度董事薪酬标准方案.21 | | 2023 | 议案 6：中国农业银行股份有限公司 | 年度监事薪酬标准方案.24 | | 7：中国农业银行股份有限公司金融债券发行计划事宜 26 | 议案 | | 中国农业银行股份有限公司 2024 年度第三次临时股东大会 中国农业银行股份有限公司 2024 年度第三次临时股东大会 会议资料 中国农业银行股份有限公司 2024 年度第三次临时股东大会 各位股东： 根据《中华人民共和国公司法》 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-049 号 中国农业银行股份有限公司 关于召开 2024 年度第三次临时股东大会的通知 （一） 股东大会类型和届次 2024 年度第三次临时股东大会 召开的日期时间：2024 年 11 月 29 日 14 点 50 分 召开地点：北京市东城区建国门内大街乙 18 号本行总行 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 1 股东大会召开日期：2024年11月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 中国农业银行股份有限公司董事会及全体董事保证本公告内容不存在任 何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 网络投票起止时间：自 2024 年 11 月 29 日 至 2024 年 11 月 29 日 采用上海证券交易所网络投票系 ...

Core Viewpoint - The company, Guangdian Yuntong, has been awarded the contract for the "Agricultural Bank of China 2024 Self-service Equipment Project (Package One) Cash Deposit and Withdrawal Integrated Machine" [1] Summary by Categories Company Announcement - The company received a "Notice of Winning Bid" from China Communications Construction Group [1] - The company's bid amount was 921 million yuan (excluding tax) [1] - The company's winning share for the project is over 60% [1]

Investment Rating - The investment rating for Agricultural Bank of China (601288) is "Outperform the Market" and is maintained [1] Core Views - The report highlights that Agricultural Bank of China has maintained robust profitability, with a revenue growth rate of +1.3% and a net profit growth rate of +3.4% for the first three quarters of 2024. The revenue in Q3 2024 increased by +3.4% year-on-year, while the net profit rose by +5.9% compared to Q3 2023, indicating an upward trend from Q2 2024 [4][5] - The asset quality remains stable, with a non-performing loan ratio of 1.32% in Q3 2024, unchanged from the previous quarter. The provision coverage ratio stands at 302.36%, reflecting a strong risk mitigation capability [4] - The net interest income growth has improved, with a year-on-year increase of +2.6% in Q3 2024, compared to +1.0% in Q2 2024. The net interest margin for Q1-3 2024 is reported at 1.42% [4] Summary by Sections Financial Performance - For the first three quarters of 2024, Agricultural Bank's revenue growth was +1.3%, and net profit growth was +3.4%. In Q3 2024, revenue and net profit increased by +3.4% and +5.9% year-on-year, respectively [4] - The bank's total loan amount increased by +10.54% year-on-year as of the end of Q3 2024, with corporate loans up by +11.52% and personal loans by +8.26% [5] - The forecast for EPS from 2024 to 2026 is projected at 0.74, 0.76, and 0.79 yuan, with net profit growth rates of 2.58%, 2.52%, and 3.72% respectively [5] Valuation - The report estimates a reasonable value range for the bank between 5.18 and 5.54 yuan, based on the DDM model and PB-ROE model, with corresponding PE ratios for 2024 estimated at 5.85-7.48 times [5][6] - The bank's average return on equity (ROE) is projected to decline from 11.30% in 2023 to 9.66% by 2026 [6][15] Market Comparison - The report includes a comparison of Agricultural Bank's valuation metrics with peer banks, indicating a PB ratio of 0.70 times for 2024E, which is higher than the average of comparable companies [7][15]

致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Accumulate" rating for Agricultural Bank of China [4][3]. Core Views - Agricultural Bank of China exceeded expectations in Q3 2024 performance, with revenue growth accelerating quarter by quarter and net profit growth leading among state-owned banks, indicating strong performance quality [3]. - The net profit growth forecasts for Agricultural Bank of China for 2024-2026 have been adjusted to 3.64%, 4.32%, and 4.56%, respectively, with a target price raised to 5.51 yuan, corresponding to a 0.75x PB for 2024 [3][4]. - The bank's Q3 2024 revenue growth was 3.4% year-on-year, with net interest income growth at 2.6%, driven by stabilized interest margins [3]. - The bank's total assets grew by 12.5% year-on-year as of Q3 2024, with loans increasing by 10.5% [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 694.8 billion yuan, with a net profit of 269.4 billion yuan, reflecting a 5.9% increase [3][10]. - The bank's net interest margin for the first three quarters was 1.45%, remaining stable compared to the first half of the year [3]. Asset Quality - As of Q3 2024, the non-performing loan ratio was 1.32%, unchanged from Q2, with a provision coverage ratio of 302.4% [3][10]. - The bank's risk compensation ability remains high, with a provision-to-loan ratio of 3.99% [3]. Growth and Expansion - The bank's total assets reached approximately 39.87 trillion yuan, with loans totaling about 22.61 trillion yuan and deposits at approximately 28.90 trillion yuan [6][10]. - The bank's retail loan segment saw a net increase of 996 billion yuan in Q3 2024, while corporate loans decreased by 73 billion yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.75 CNY, indicating a potential upside of 20% from the current price of 4.78 CNY [6][4][21] Core Insights - The company has shown a steady increase in revenue and net profit, with total revenue for the first three quarters of 2024 reaching approximately 540.2 billion CNY, representing a year-over-year growth of 1.29% [2][10] - The net interest margin has stabilized at 1.45% for the first three quarters of 2024, suggesting a potential easing of margin pressure in the future [2][10] - Asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302.4% as of Q3 2024 [19][20] Financial Performance Summary - Revenue and net profit growth accelerated in 2024, with net profit reaching 214.4 billion CNY, a year-over-year increase of 3.38% [2][3] - The structure of revenue has shifted, with net interest income accounting for 81.04% of total revenue, while non-interest income grew by 2.69% to 102.4 billion CNY [2][10] - The company’s total interest-earning assets amounted to 427.8 billion CNY, reflecting a quarter-over-quarter increase of 3.9% [14][19] Asset and Liability Management - As of Q3 2024, the company’s interest-bearing liabilities totaled 391.6 billion CNY, up 4.2% from the previous half [14][19] - The liquidity coverage ratio has improved, indicating enhanced capacity to manage potential operational pressures, with ratios of 131.2%, 120.3%, and 126.7% over the three quarters [11][19] Profitability Forecast - The company is projected to achieve net profit growth of 2.56%, 3.16%, and 6.36% for the years 2024, 2025, and 2026, respectively [21][22] - The earnings per share (EPS) is expected to increase from 0.79 CNY in 2024 to 0.87 CNY by 2026 [22]

Financial Data and Key Indicators Changes - The net profit for Q3 2024 was RMB 215.3 billion, representing a 3.6% increase in operating income year-over-year [4] - Net interest income reached RMB 137.8 billion, up 1% year-over-year, with a net interest margin of 1.45%, remaining stable compared to H1 [4][5] - The domestic loan balance increased by RMB 2.21 trillion, up 8.2% year-over-year [4] Business Line Data and Key Indicators Changes - Personal loan balance stood at RMB 8.75 trillion, while corporate finance reached RMB 14.3 trillion, an increase of RMB 1.54 trillion [5] - Country loans increased by RMB 956.3 billion, up 10.9%, which is 1.7 percentage points higher than the overall bank growth [5] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio was 1.32%, down by 0.01 percentage points compared to H1, indicating stable asset quality [20] - The provisioning coverage ratio remained above 800%, providing a strong cushion against risks [8] Company Strategy and Development Direction - The company aims to focus on key businesses, enhance revenue, and maintain asset quality stability while optimizing the asset structure [10][11] - Future strategies include strengthening support for the real economy, improving digital management capabilities, and enhancing risk control measures [22][33] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic recovery and the positive impact of macroeconomic policies on bank operations [9] - The company anticipates continued pressure on operating profits but remains committed to achieving stability in performance for the year [10] Other Important Information - The company is actively supporting the real estate sector to stabilize asset quality and facilitate market recovery [27][28] - The focus on county area loans is expected to continue, with strategies in place to manage risks effectively [31][34] Q&A Session Summary Question: Trend of profits and competitiveness - Management noted that net profit has increased by 3.6% and emphasized the stability of asset quality and net interest spread [8] Question: Interest rate trends and expectations - The company expects net interest spread to remain stable despite pressures from mortgage rate adjustments and LPR declines [15][18] Question: Future asset quality outlook - Management indicated that asset quality is expected to remain stable due to favorable external policies and internal risk management strategies [21][22] Question: Real estate loan disbursement trends - The company is actively supporting real estate development and has maintained a stable NPL ratio in this sector [27][28] Question: County area loan priorities and risk control - The company plans to enhance services in county areas while implementing strict risk control measures [31][34] Question: Investment strategies and returns - The company is adjusting its bond investment strategies to align with market trends and maintain sound returns [43][45] Question: Consumption loans and risk management - Personal loans have increased significantly, with a focus on maintaining asset quality through rigorous risk management practices [49][50] Question: Deposit trends and repricing effects - The company is optimizing its deposit structure in response to changing market conditions and interest rate adjustments [56][58] Question: Capital and dividend payout trends - The company maintains a high dividend payout ratio and is actively communicating with shareholders regarding capital supplementation [60][61]

Core Insights - Agricultural Bank of China Investment signed a strategic cooperation agreement with Shanghai State-owned Capital Investment Co., Ltd. and Agricultural Bank of China Shanghai Branch to establish a pilot equity investment fund in Shanghai, focusing on the semiconductor industry [1] - The investment firm has reached cooperation intentions for the AIC equity investment pilot fund with all 18 pilot cities, signing 18 strategic cooperation agreements, marking the first contracts in multiple regions [1] - The financial regulatory authority expanded the AIC equity investment pilot areas from Shanghai to 18 major cities, including Beijing, Tianjin, and Guangzhou, while increasing investment limits [1] Summary by Sections Strategic Cooperation - Agricultural Bank of China Investment has signed a strategic cooperation agreement to set up an equity investment pilot fund in Shanghai, targeting the semiconductor sector [1] - The firm has established cooperation intentions with all 18 pilot cities, achieving first contracts in various locations [1] Regulatory Changes - The financial regulatory authority issued notifications to expand the AIC equity investment pilot program to 18 major cities [1] - The investment limits have been increased, allowing a rise in the proportion of on-balance-sheet investments from 4% to 10% and single private fund investments from 20% to 30% [1] Operational Enhancements - Agricultural Bank of China Investment is building specialized investment teams in information communication and advanced manufacturing sectors [1] - The company is optimizing institutional processes, enhancing risk control, and improving supporting mechanisms to facilitate business development [2]

Investment Rating - The investment rating for Agricultural Bank of China is "Buy" (maintained) [1] Core Views - The report highlights that Agricultural Bank of China has outperformed its peers in terms of revenue and profit growth, with revenue and net profit for the first three quarters of 2024 increasing by 1.29% and 3.38% year-on-year, respectively [1] - The bank's net interest income has shown a year-on-year increase of 0.96%, with a stable net interest margin of 1.45% in Q3 2024 [1][4] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302.96% [4] - The report anticipates continued growth in revenue and profit, with projected revenue growth of 1.4% in 2024 and net profit growth of 1.53% [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Agricultural Bank's revenue and net profit increased by 1.29% and 3.38% year-on-year, respectively, with net interest income rising by 0.96% [1] - The bank's total assets, loans, and financial investments grew by 12.55%, 10.68%, and 26.61% year-on-year in Q3 2024 [1] - The bank's net interest margin remained stable at 1.45% in Q3 2024, with effective cost control measures contributing to this stability [1][4] Asset Quality - The non-performing loan ratio stood at 1.32%, maintaining stability over three consecutive quarters, while the provision coverage ratio was 302.96% [4] - The bank's focus on rural finance has resulted in better asset quality in county-level loans, with a non-performing loan ratio of 1.12% in this segment [4] Growth Prospects - The report suggests that Agricultural Bank is well-positioned to benefit from urban-rural integration and the growth of financial demand in central and western regions of China [5] - The bank's retail loan growth is strong, with personal loans accounting for 35% of the national net increase in personal loans [1][5] Financial Projections - The projected operating revenue for 2024 is 704.57 billion yuan, with a year-on-year growth of 1.4% [7] - The forecasted net profit for 2024 is 273.47 billion yuan, reflecting a growth of 1.53% year-on-year [7]