Core Viewpoint - The company, Hengda Packaging, has approved a proposal to apply for a credit limit and receive guarantees from its controlling shareholder, which will support its business development and address funding needs [1] Group 1: Credit Application and Guarantees - The company plans to apply for a comprehensive credit or financing limit not exceeding RMB 60 million from various financial institutions [1] - The controlling shareholder, Zhenjiang State-owned Investment Holding Group Co., Ltd., will provide guarantees for financing up to RMB 32 million [1] - The validity period for the credit application and guarantees is one year from the date of approval by the shareholders' meeting [1] Group 2: Purpose and Impact - The purpose of the credit application is to meet the normal operational and business development needs of the company [1] - The arrangement is expected to improve the company's financial condition and facilitate daily business operations without harming the interests of the company or other shareholders [1] - The transaction does not affect the company's independence [1] Group 3: Company Background - Hengda Packaging has over 20 years of experience in the plastic packaging manufacturing industry, focusing on the production of rubber and plastic products [1] - The company has strong expertise in blow molding and injection molding processes, supported by a team of core R&D personnel [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 董事會會議通告 交通銀行股份有限公司（「本行」）董事會（「董事會」）將於二零二四年四月二十六 日（星期五）舉行董事會會議，藉以審議及批准（其中包括）本行及其附屬公司截至 二零二四年三月三十一日止三個月之未經審核季度業績。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 交通銀行股份有限公司 Bank of Communications Co., Ltd. 交通銀行股份有限公司 何兆斌 公司秘書 中國上海 2024年4月15日 於本通告發佈之日，本行董事為任德奇先生、劉珺先生、殷久勇先生、 周萬阜先生、李龍成先生*、汪林平先生*、常保升先生*、廖宜建先生*、 陳紹宗先生*、穆國新先生*、陳俊奎先生*、羅小鵬先生*、蔡浩儀先生 # 、 石磊先生 # 、張向東先生 # 、李曉慧女士 # 、馬駿先生 # 及王天澤先生 # 。 * 非執行董事 # 獨立非執行董事 承董事會命 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 交通銀行股份有限公司 呈交日期: 2024年4月2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 | 03328 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 2. 股份分類 | 普通股 | | 股份類 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue growth of 0.31% year-on-year and a net profit growth of 0.68% year-on-year for 2023. The growth in consumer and business loans is expected to benefit from future construction projects in Shanghai, with a stable dividend payout ratio [6][7] - The company has shown a significant increase in consumer loans, with an 86% growth compared to the end of 2022, and has improved its market share among 17 commercial banks by 1.54 percentage points [6][7] - The asset yield remains stable while the cost of deposits has marginally decreased, with the deposit cost rate dropping by 2 basis points to 2.33% in the first half of 2023 [6][7] Financial Performance Summary - The company’s total revenue for 2022 was 256,796 million yuan, with a projected revenue of 257,595 million yuan for 2024, indicating a year-on-year decline of 3.96% [8] - The net profit for 2022 was not specified, but projections for 2024 indicate a net profit of 92,102 million yuan, with a growth rate of 1.46% [8] - The average return on equity (ROE) is projected to decline from 9.68% in 2023 to 8.83% in 2026 [8][20] Valuation and Price Target - The estimated reasonable value of the company is between 6.50 yuan and 6.81 yuan, with a corresponding PE ratio of 5.58-5.84 for 2024 [7][20] - The company is expected to maintain a stable dividend payout ratio, reflecting its commitment to shareholder returns [6][7] Market Position and Strategy - The company is expected to benefit from infrastructure and technology investments in Shanghai, with an increase in market share for both deposits and loans [7] - The focus on technology finance has led to a 41.2% increase in the number of credit clients, with significant growth in loans to strategic emerging industries and specialized small and medium enterprises [7]

Investment Rating - The report maintains an "Overweight" rating for the company [5] Core Views - The company reported a revenue of 257.6 billion yuan in 2023, a year-on-year growth of 0.3%, and a net profit attributable to shareholders of 92.7 billion yuan, up 0.7% year-on-year [5] - The narrowing interest margin and slowing growth rate have impacted revenue and profit growth, with the net interest margin decreasing by 20 basis points to 1.28% in 2023 [5][11] - Retail loans exceeded expectations, with a quarterly increase of 43.2 billion yuan in Q4 2023, supported mainly by operating and consumer loans [5] - The report highlights a significant increase in investment income, which grew by 112% year-on-year, contributing positively to non-interest income [5] Summary by Sections Market Data - Closing price: 6.25 yuan - Market capitalization: 245.3 billion yuan - Price-to-book ratio: 0.4 [2] Financial Data - Total revenue for 2023: 257.6 billion yuan - Net profit for 2023: 92.7 billion yuan - Earnings per share: 1.15 yuan [7] Loan and Asset Quality - Total loans increased by 9.1% year-on-year in Q4 2023, with a notable increase in retail loans [5] - Non-performing loan (NPL) ratio slightly increased to 1.33% in Q4 2023, with a provision coverage ratio of 195% [5][8] Profitability Metrics - Return on equity (ROE) for 2023: 9.7% - Net interest margin (NIM) for 2023: 1.28% [11] Future Outlook - The company is expected to maintain a cautious approach towards credit costs and interest margin pressures, with profit growth projected at 0.3% for 2024 [5][8]

证券研究报告 | 2024年03月28日 交通银行（601328.SH）2023 年报点评 买入 净息差延续收窄，非息收入同比增长 2023 年业绩增速保持稳定。2023 年全年营收 2576 亿元（YoY,+0.31%），归母 净利润 927 亿（YoY,+0.68%）。其中，四季度单季营收同比下降 4.01%，归母净 利润同比下降 2.68%。全年加权平均 ROE 为 9.68%，同比下降 0.66 个百分点。 资产规模延续扩张，但速度有所减缓。期末总资产 14.06 万亿元，较年初增 长 8.23%，增速同比下降约 3 个百分点，其中贷款余额 7.96 万亿元，较年初 增长 9.08%，增速同比下降约 2 个百分点；存款余额 8.55 万亿，较年初增长 7.58%，增速同比下降约 5 个百分点。公司资产规模在延续扩张的基础上增 速略有减缓，相对减轻资本内生压力，年末核心一级资本充足率较年初小幅 回升 0.17 个百分点至 10.23%。 资负端利率均承压，净息差同比收窄。2023 年全年净息差 1.28%，同比收窄 20bps。全年净利息收入同比下降了 3.39%，主要是受 LPR 多次下调及存量房 贷 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 7.20 CNY from the previous 7.00 CNY [5][3]. Core Views - The company's revenue and net profit both achieved slight positive growth in 2023, with asset quality remaining stable and showing solid improvement [3]. - The forecast for net profit growth for 2024-2026 has been adjusted to 0.7%, 3.2%, and 4.9%, respectively, with corresponding EPS of 1.16 CNY, 1.20 CNY, and 1.26 CNY per share [3][4]. - The net interest margin is expected to remain under pressure due to potential loan repricing and a trend towards term deposits, which has not significantly improved [3]. Financial Summary - In 2023, the company's operating income was 257,595 million CNY, a slight increase from 256,796 million CNY in 2022, while net profit attributable to shareholders was 92,728 million CNY, up from 92,102 million CNY [4]. - The net interest margin for Q4 2023 decreased by 5 basis points to 1.22%, with an annual decline of 20 basis points [3]. - Total loans and deposits grew by 9.1% and 7.6%, respectively, compared to the beginning of the year [3]. Asset Quality - As of Q4 2023, the asset quality showed slight fluctuations compared to Q3 2023, primarily due to new regulations on financial asset risk classification and pressures in the retail loan sector, but still improved compared to the beginning of the year [3]. - The non-performing loan ratio for corporate real estate loans was reported at 4.99%, with provisions significantly higher than for other loans, indicating manageable risk [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown steady growth in performance, with 2023 revenue and net profit increasing by 0.3% and 0.7% year-on-year, respectively [3][4] - Total assets increased by 8.2% year-on-year, with loans growing by 8.9%, driven primarily by corporate loans [4][5] - The net interest margin decreased by 2 basis points to 1.28%, with a year-on-year decline of 20 basis points [4][5] - Asset quality remains stable, although the non-performing loan ratio in the real estate sector has risen significantly [4][5] Summary by Sections Performance Overview - In 2023, the company achieved operating income of 257.6 billion and a net profit attributable to shareholders of 92.7 billion, reflecting a year-on-year growth of 0.3% and 0.7%, respectively [3][4] - The net interest income decreased by 3.4% year-on-year, while other non-interest income increased by 20% [4][6] Loan and Asset Growth - Total assets grew by 8.2% year-on-year, with loans increasing by 8.9% [4][5] - Corporate loans contributed approximately 71% of the incremental growth, with significant increases in manufacturing, green credit, and strategic emerging industries [4][5] Interest Margin and Cost - The net interest margin for 2023 was 1.28%, with a decrease in loan yield by 26 basis points year-on-year [4][5] - The cost-to-income ratio was 30.0%, reflecting a slight increase of 0.4 percentage points year-on-year [4][6] Asset Quality - The non-performing loan ratio was stable at 1.33%, with a slight increase in the real estate sector's non-performing loans [4][5] - The provision coverage ratio decreased to 195%, although it remains higher than the previous year [4][5] Capital Adequacy - As of the end of 2023, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.23%, 12.22%, and 15.27%, respectively, all meeting regulatory requirements [5][6] Earnings Forecast - The company is expected to have an EPS of 1.25 yuan in 2024 and 1.27 yuan in 2025, with a projected PB of 0.49 times by the end of 2024 [5][6]

智通财经APP获悉，美银证券发布研究报告称，维持交通银行(03328)“买入”评级，将2024年至25年盈利 预测下调1%至4%，目标价由5.56港元上调至5.96港元。公司去年业绩符预期，AT1(应急可转债)分配前 净利润同比升0.7%至927亿元人民币，低于预期，拨备前利润同比跌1.8%，逊于预期，股权收益率同比 跌0.7个百分点至9.7%，派息率大致稳定于32.7%，末期息每股0.375元人民币，派息佳，H股股息率达 7.7%。 ...

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 92,728 million, up by 0.68% from RMB 92,102 million in 2022[12]. - Total operating income for 2023 was RMB 257,595 million, reflecting a slight increase of 0.31% from RMB 256,796 million in 2022[12]. - The bank's net interest income for 2023 was RMB 164,123 million, a decrease of 3.39% compared to RMB 169,882 million in 2022[12]. - Non-interest income grew by 7.55% year-on-year, contributing to profit growth[30]. - The company reported a total profit of RMB 99.698 billion, a year-over-year increase of 1.61%[31]. - The profit before tax for 2023 was RMB 99,698 million, up from RMB 98,115 million in 2022, reflecting a growth of 1.81%[83]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 14,060,472 million, an increase of 8.23% from RMB 12,991,571 million in 2022[12]. - The bank's total liabilities were RMB 12,961,022 million, up by 8.39% from RMB 11,958,049 million in 2022[12]. - Customer loans amounted to RMB 7,957,085 million, representing a growth of 9.08% compared to RMB 7,294,965 million in 2022[12]. - Customer deposits increased to RMB 8,551,215 million, a rise of 7.58% from RMB 7,949,072 million in 2022[12]. - The bank's core tier 1 capital net amount was RMB 905,394 million, reflecting a growth of 7.76% from RMB 840,164 million in 2022[12]. Risk Management - The bank faces various risks including credit risk, market risk, operational risk, and compliance risk, and has implemented measures to manage these risks effectively[3]. - The non-performing loan ratio decreased to 1.33%, down 0.02 percentage points from the previous year, while the provision coverage ratio increased to 195.21%, up 14.53 percentage points[20]. - The bank has strengthened risk identification and accelerated risk disposal, enhancing credit risk management in key areas[143]. - The bank's asset quality is steadily improving, with a focus on prudent classification standards for overdue loans[143]. Governance and Compliance - The financial statements have been audited by KPMG Huazhen and KPMG, both issuing standard unqualified audit reports[3]. - The bank's governance structure includes a board of directors and a supervisory board, ensuring compliance with regulatory requirements[3]. - The bank's management emphasizes the importance of maintaining accurate and complete financial reporting, ensuring accountability among board members and executives[3]. - The group is enhancing its compliance management system to ensure legal and regulatory adherence while improving anti-money laundering capabilities[163]. Strategic Initiatives - The bank's future plans and strategic developments are subject to market risks and should be approached with caution by investors[3]. - The bank plans to distribute a cash dividend of RMB 0.375 per share, totaling RMB 27.849 billion, which accounts for 32.67% of net profit[20]. - The group aims to enhance its strategic focus on inclusive finance, trade finance, technology finance, wealth management, and green finance to meet diverse financial needs and support national strategies[168]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[33]. Digital Transformation - The bank's digital service brand, "Yunshang Jiaohang," aims to meet customer needs through online services and remote video support[4]. - The bank's digital transformation efforts included the launch of new mobile banking services, enhancing online and intelligent service capabilities[20]. - The number of active users of the personal mobile banking app reached 49.1048 million, an increase of 7.96% compared to the previous year[129]. - The "Buy Now, Pay Later" app had a total of 77.4025 million registered users, with monthly active users reaching 25.7074 million[130]. Shareholder Information - The total cash dividend distribution for the year is RMB 27.849 billion, with a per-share cash dividend of RMB 0.375 (including tax) based on 74.263 billion shares outstanding[3]. - The total number of ordinary shareholders at the end of the reporting period was 308,784, with A shares accounting for 278,402 and H shares for 30,382[176]. - The top three shareholders of the company are the Ministry of Finance, HSBC, and the Social Security Fund[200]. - Shareholders have equal rights to information, participation, and voting on significant matters of the company[200].