Investment Rating - The report assigns an "Accumulate" rating for the company [2][5]. Core Views - The first quarter of 2024 shows a rebound in net interest margin, with net profit maintaining positive growth. The revenue decline has narrowed to -0.4% due to improved cost control and a positive growth rate in pre-provision operating profit (PPOP) [4][8]. - The bank's asset quality remains stable, with a year-on-year increase in net profit growth rate to 1.4% [4][8]. - The company is positioned as a leading state-owned bank in the Yangtze River Delta, with steady revenue and profit growth, and a proactive loan allocation supporting the real economy [5][24]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 240,219 million yuan, with a slight decline of 0.9% year-on-year. The net profit for the same year was 92,728 million yuan, reflecting a growth rate of 0.6% [2][5]. - For 2024E, the projected net profit is 94,586 million yuan, with an expected growth rate of 2.0% [2][5]. Net Interest Income - In Q1 2024, net interest income increased by 3.9% quarter-on-quarter, driven by contributions from the liability side. The annualized net interest margin for Q1 2024 was 1.26%, up by 3 basis points [4][12]. - The asset yield decreased by 7 basis points to 3.46%, while the deposit interest rate fell by 9 basis points to 2.32%, effectively offsetting the pressure from the asset side [12][18]. Asset Quality - The non-performing loan (NPL) ratio for Q1 2024 was 1.32%, slightly down from the previous quarter. The annualized NPL generation rate increased by 10 basis points to 0.63% [21][22]. - The overdue rate rose to 1.39% in Q1 2024, indicating a slight increase in overdue loans [21][22]. Investment Recommendations - The report forecasts a price-to-book (PB) ratio of 0.53X for 2024E, 0.49X for 2025E, and 0.46X for 2026E. The price-to-earnings (PE) ratios are projected at 6.75X for 2024E, 6.58X for 2025E, and 6.42X for 2026E [5][24]. - The bank's proactive support for the real economy and improving asset quality metrics suggest a favorable investment outlook, justifying the "Accumulate" rating [5][24].

（於中華人民共和國註冊成立的股份有限公司） （股份代號：03328) 董事會成員名單及其職務 | 姓名 | 目前所任職務 | | --- | --- | | 任德奇 | 董事長、執行董事、戰略委員會（普惠金融發展委員會）主任委員 | | 殷久勇 | 執行董事、風險管理與關聯交易控制委員會委員 | | 周萬阜 | 執行董事、社會責任(ESG)與消費者權益保護委員會委員 | | 李龍成 | 非執行董事、審計委員會委員、人事薪酬委員會委員 | | 汪林平 | 非執行董事、戰略委員會（普惠金融發展委員會）委員、風險管理 | | | 與關聯交易控制委員會委員 | | 常保升 | 非執行董事、審計委員會委員、社會責任(ESG)與消費者權益保護 | | | 委員會委員 | | 廖宜建 | 非執行董事、人事薪酬委員會委員 | | 陳紹宗 | 非執行董事、社會責任(ESG)與消費者權益保護委員會委員 | | 穆國新 | 非執行董事、戰略委員會（普惠金融發展委員會）委員、風險管理 | | | 與關聯交易控制委員會委員 | | 陳俊奎 | 非執行董事、戰略委員會（普惠金融發展委員會）委員、審計委員 | | | 會委員 | | 羅小 ...

交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 股票代码：601328 股票简称：交通银行 编号：临 2024-016 交通银行股份有限公司 副董事长、执行董事、行长辞任公告 特此公告 交通银行股份有限公司董事会 2024 年 5 月 14 日 因工作调整，刘珺先生已向本公司董事会递交书面报告，辞去本公司副董事 长、执行董事、行长以及董事会战略委员会（普惠金融发展委员会）委员、董事 会社会责任（ESG）与消费者权益保护委员会主任委员职务，辞任自 2024 年 5 月 14 日起生效。刘珺先生已确认与本公司董事会无不同意见，同时也没有任何与辞 任有关而需要通知本公司股东和债权人的事项。 刘珺先生担任副董事长、执行董事、行长期间，恪尽职守、勤勉敬业，带领 高级管理层认真贯彻落实国家经济金融政策，执行本公司董事会的各项决策部署， 持续推进十四五规划和战略实施，在本公司服务实体经济、达成经营管理目标、 提升综合竞争力、实现高质量发展等方面做出了重要贡献。董事会谨此向刘先生 表示衷心感 ...

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 | | | 致：香港交易及結算所有限公司 第 1 頁 共 7 頁 v 1.0.2 FF301 | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 450,000,000 RMB | | 100 RMB | | 45,000,000,000 | | 增加 / 減少 (-) | | | | RMB | | | | 本月底結存 | | 450,000,000 RMB | | 100 RMB | | 45,000,000,000 | 公司名稱: 交通銀行股份有限公司 呈交日期: 2024年5月6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 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's Q1 2024 revenue growth rate is -0.03% year-on-year, while the net profit attributable to the parent company increased by 1.4%, indicating revenue resilience that exceeded market expectations [4][5]. - Loan growth in Q1 2024 was 3.1%, with corporate and retail loans growing by 4.9% and 1.2% respectively. Deposits (including interest) increased by 1.5% [4][5]. - The net interest margin (NIM) for Q1 2024 was 1.27%, showing a quarter-on-quarter increase of 5 basis points, with a minimal decline of 1 basis point compared to the entire year of 2023 [5][6]. - The non-performing loan (NPL) ratio at the end of Q1 2024 was 1.32%, a decrease of 1 basis point from the previous quarter, with a provision coverage ratio of 197%, up 2 percentage points [4][5]. Summary by Sections Revenue and Profitability - Q1 2024 revenue growth was -0.03%, while net profit growth was 1.4%. Interest income grew by 2.2% year-on-year, contrasting with a decline of 3.4% in 2023. Fee income decreased by 6.4% due to reduced agency fees [4][5]. - The cost-to-income ratio slightly decreased, and credit impairment losses were lower, supporting profit growth [5]. Loan and Deposit Trends - Total loans grew by 3.1% compared to the beginning of the year, with corporate loans increasing by 4.9% and retail loans by 1.2%. The total deposit amount grew by 1.5%, with a notable increase in personal deposits [4][5]. Net Interest Margin and Asset Quality - The NIM showed resilience, with a quarter-on-quarter increase attributed to improved deposit costs. The asset yield is expected to decline due to repricing and LPR adjustments, but the impact is mitigated by a lower proportion of mortgages [5][6]. - The NPL ratio improved to 1.32%, with a provision coverage ratio of 197%, indicating a stable asset quality [4][5]. Investment Outlook - The company is viewed as a high-dividend, undervalued bank that has been overlooked. The expected revenue growth for 2024 is 1%, with net profit growth of 2%. The A-share valuation is at 0.52x 2024 PB, with a dividend yield of 5.5% [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Insights - The company achieved stable revenue with a year-on-year profit growth of 1.4% in Q1 2024, with net interest income increasing by 2.2% due to steady expansion and resilient interest margins [1][4] - Total assets grew by 4.3% year-on-year, with loans increasing by 6.6%, focusing on key areas such as manufacturing, green credit, and small and micro enterprises [1][4] - The net interest margin remained resilient at 1.27%, with a year-on-year decrease of 6 basis points but a quarter-on-quarter increase of 5 basis points [1][4] Summary by Sections Revenue and Profit - In Q1 2024, the company reported revenue of 67.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 25 billion yuan, up 1.4% year-on-year [3][4] Asset Quality - As of the end of Q1 2024, the non-performing loan ratio decreased by 1 basis point to 1.32%, while the coverage ratio increased by 2 percentage points to 197% [2][4] Capital Adequacy - The core Tier 1, Tier 1, and total capital adequacy ratios as of the end of Q1 2024 were 10.44%, 12.40%, and 16.09%, respectively, all meeting regulatory requirements [2][4] Earnings Forecast - The expected EPS for 2024 and 2025 is 1.26 yuan and 1.27 yuan, respectively, with an estimated book value per share of 13.19 yuan by the end of 2024, resulting in a price-to-book ratio of 0.52 times [2][4]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.88 CNY [2][3]. Core Insights - The company's Q1 2024 revenue slightly decreased by 0.03% year-on-year to 67.059 billion CNY, while net profit attributable to shareholders increased by 1.44% year-on-year to 24.988 billion CNY [2][3]. - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.32%, and the provision coverage ratio increased by 1.8 percentage points to 197.05% [2][3]. - The decline in revenue was primarily due to weak non-interest income, while net interest income performed better than expected, contributing 62% to total revenue [3]. - The annualized net interest margin for Q1 2024 was estimated at 1.26%, up 3 basis points from Q4 2023, driven by a decrease in funding costs [3]. - The bank's asset quality remained stable, with a slight increase in the attention rate and overdue rate, indicating some pressure on retail loan repayment capabilities [3]. Financial Performance Summary - Q1 2024 total revenue was 670.59 billion CNY, with a year-on-year growth rate of -0.03% [9]. - Net profit attributable to shareholders for 2024E is projected at 93.917 billion CNY, reflecting a growth rate of 1.3% [9]. - The bank's total assets are expected to grow from 14.06 trillion CNY in 2023 to 17.81 trillion CNY by 2026 [10]. - The core Tier 1 capital adequacy ratio improved to 10.44% in Q1 2024, indicating a strengthening capital position [3][10]. Loan and Deposit Growth - In Q1 2024, the bank added 246.1 billion CNY in loans, with a healthy structure in new loans across corporate and retail segments [3]. - The total loan balance is projected to grow from 7.96 trillion CNY in 2023 to 10.30 trillion CNY by 2026 [10]. Market Position and Strategy - The bank is strategically positioned in the economically developed Yangtze River Delta region and has been focusing on retail and wealth management businesses [3]. - The collaboration with HSBC aims to enhance international business and increase overseas revenue contributions [3].

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Insights - The company reported a slight decline in revenue and a modest increase in net profit for Q1 2024, with year-on-year changes of -0.03% in revenue, 0.2% in PPOP, and 1.4% in net profit attributable to shareholders. The growth rates compared to 2023 showed changes of -0.34 percentage points, 1.90 percentage points, and 0.76 percentage points respectively [3] - Key highlights include a quarter-on-quarter recovery in net interest margin, which stood at 1.27%, a decrease of only 1 basis point from 2023 but an increase of 5 basis points from Q4 2023. This recovery is attributed to a 2.1% year-on-year growth in deposits and a favorable shift in the deposit structure [3] - The overall asset quality remains stable, with a non-performing loan ratio of 1.32%, down 1 basis point from 2023. The provision coverage ratio improved to 197.05%, reflecting a stable safety cushion [3] Summary by Sections Financial Performance - For Q1 2024, the company experienced a year-on-year revenue growth of -0.03%, PPOP growth of 0.2%, and a net profit growth of 1.4%. The cumulative performance showed a decline in revenue growth rate by 0.34 percentage points compared to 2023 [3][10] - The net interest income saw a year-on-year decline of 4.4%, while non-interest income experienced a significant drop of 17.3% [10] Asset Quality - The non-performing loan ratio was reported at 1.32%, a decrease of 1 basis point from the previous year. The company effectively managed new non-performing loans, maintaining a stable generation rate of 0.50% [3][10] - The provision coverage ratio increased to 197.05%, indicating a solid buffer against potential loan losses [3] Market Position and Valuation - The current stock price is 6.85 CNY, with a fair value estimate of 8.56 CNY, suggesting an upside potential. The price-to-earnings ratio for 2024 and 2025 is projected at 5.83X and 5.67X respectively, while the price-to-book ratio is estimated at 0.52X and 0.49X [2][3]

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company's performance in Q1 2024 showed stable growth with operating income of 67.1 billion yuan, remaining flat year-on-year, and a net profit attributable to shareholders of 25 billion yuan, reflecting a year-on-year increase of 1.4% [1][2] - The asset growth rate has slowed down, with total assets reaching 14.2 trillion yuan, a year-on-year increase of 4.3%, down from 8.2% at the beginning of the year [1][2] - The net interest margin decline has narrowed, with an average net interest margin of 1.27% in Q1, down 6 basis points year-on-year, but significantly better than the 20 basis points decline from the previous year [1][2] - Non-interest income has decreased by 6.4% year-on-year, primarily due to declines in insurance agency and fund distribution revenues [1][2] - Asset quality remains stable, with a non-performing loan ratio of 1.32%, a slight decrease from the beginning of the year [1][2] Financial Forecasts - The company is expected to achieve net profits of 95.4 billion yuan, 98.9 billion yuan, and 103.7 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 2.9%, 3.7%, and 4.8% [1][2] - The diluted EPS is projected to be 1.18 yuan, 1.23 yuan, and 1.30 yuan for the years 2024, 2025, and 2026 respectively [1][2] - The current stock price corresponds to a PE ratio of 5.8, 5.6, and 5.3 for the years 2024, 2025, and 2026 respectively, and a PB ratio of 0.52, 0.49, and 0.46 [1][2]

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公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公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. （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 本行董事會於2024年4月26日召開會議，同意了以下分配方案及授權事項：(i)本 次境內優先股票面股息率4.07%，股息總額為人民幣1,831,500,000元；(ii)根據境 內優先股條款規定，本次股息派發日為2024年9月9日；(iii)授權本行高級管理層 或其授權代表辦理股息分配具體事宜。 承董事會命 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26日 於本公告發佈之日，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 ...