Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The report highlights that the company has been a benchmark in the banking sector over the past three years, with a cumulative increase of 75% from 2021 to Q1 2024, reflecting a significant valuation change in the sector. Although the return on equity (ROE) for state-owned banks is still declining, the long-standing undervaluation is beginning to recover comprehensively. If ROE confirms a bottom in line with the economic cycle, the valuation rebound could be even more pronounced [2][5][11] - The company has shown significant improvement in asset quality over the past three years, with a non-performing loan (NPL) ratio decreasing by 35 basis points to 1.33% by the end of 2023, aligning with the average of the four major state-owned banks. The report emphasizes that the company's asset quality is expected to continue improving, supporting stable profitability [5][20][31] Summary by Sections Banking Sector Changes - The company has led the banking sector with a 75% increase since 2021, indicating a recovery from previous undervaluation. The report suggests that the current market dynamics are shifting towards high-dividend assets, with the company's dividend yield exceeding government bond yields by 344 basis points as of April 8, 2024 [5][15] Asset Quality Improvement - The company has successfully completed a three-year asset quality improvement initiative, resulting in a significant reduction in the NPL ratio and an increase in the provision coverage ratio to 195% by the end of 2023. The report notes that the company benefits from its strong presence in the economically developed Yangtze River Delta region, which contributes to its stable asset quality [17][20][31] Loan Portfolio and Risk Management - The report indicates that the company's corporate loan NPL ratio is lower than that of its peers, attributed to its focus on economically developed regions. The real estate sector accounts for 6.1% of the company's corporate loans, with an NPL ratio of 4.99%, which is still below the average of the four major banks. The report anticipates that the risks associated with real estate will be manageable due to the quality of projects in developed areas [32][34]

2023 創造共同 價 值 交 通 銀 行 股 份 有 限 公 司 2 0 2 3 年 度 報 告 交 通 銀 行 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 地址及郵編 中國上海市浦東新區銀城中路188號 200120 www.bankcomm.com www.bankcomm.cn 交通銀行股份有限公司 二零二三年度報告H股 重要提示 一、本行董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、本行第十屆董事會第十二次會議於2024年3月27日審議批准了交通銀行股份有限公司2023年度報告及摘 要。出席會議應到董事18名，親自出席董事18名。 三、本行董事長任德奇先生、主管會計工作負責人劉珺先生及會計機構負責人陳隃先生聲明：保證年度報告中 財務報告的真實、準確、完整。 四、本集團按照中國會計準則編製的財務報表經畢馬威華振會計師事務所（特殊普通合夥）審計，按照國際財務 報告準則編製的財務報表經畢馬威會計師事務所審計，均出具了標準無保留意見的審計報告。 五、經董事會審議的2023年度利潤分 ...

Financial Performance - The bank's net interest income for 2023 was RMB 164,123 million, a decrease of 3.3% from RMB 169,882 million in 2022[16]. - The net operating income for 2023 was RMB 258,014 million, slightly up from RMB 257,346 million in 2022[16]. - The net profit attributable to shareholders for 2023 was RMB 92,728 million, an increase from RMB 92,102 million in 2022[16]. - Total assets reached RMB 14,060,472 million at the end of 2023, up from RMB 12,991,571 million in 2022[16]. - Customer loans increased to RMB 7,957,085 million in 2023, compared to RMB 7,294,965 million in 2022, reflecting a growth of 9.1%[16]. - Customer deposits rose to RMB 8,551,215 million in 2023, up from RMB 7,949,072 million in 2022, marking a growth of 7.6%[16]. - The bank's average return on assets for 2023 was 0.69%, down from 0.75% in 2022[16]. - The net profit for 2023 was RMB 278.49 billion, with a cash dividend of RMB 0.375 per share, representing 32.67% of the net profit[20]. - The core tier 1 capital increased to RMB 905.39 billion, up from RMB 840.16 billion in 2022, reflecting a growth of 7.0%[17]. - The non-performing loan ratio improved to 1.33%, a decrease of 0.02 percentage points compared to the previous year, while the provision coverage ratio rose to 195.21%, an increase of 14.53 percentage points[20]. Risk Management - The company has faced various risks including credit risk, market risk, operational risk, and compliance risk, and has implemented measures to effectively manage these risks[2]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and future plans[2]. - The bank aims to enhance its risk management capabilities by integrating AI frameworks for better risk identification and pricing[25]. - The bank's overall risk preference is established as "stable, balanced, compliant, and innovative," with strict control over various types of risks[135]. - The bank has strengthened risk identification and accelerated risk disposal, enhancing credit risk management in key areas[138]. - The bank's credit risk management framework has been continuously optimized to align with national strategies and regulatory requirements[138]. Digital Transformation and Innovation - The company reported a significant focus on digital transformation and wealth management solutions, aiming to enhance service offerings for corporate and individual clients[6]. - The company operates under the brand "Yuntong Wealth," providing comprehensive wealth management solutions through digital services[6]. - The bank aims to enhance its digital transformation and expand its services in green finance and inclusive finance[13]. - Digital transformation investments increased, with fintech talent comprising 8.29% of the total workforce[88]. - The bank's cloud layout continues to optimize, with the establishment of a T4 certified financial data center, enhancing its network security capabilities[131]. - The bank launched new products such as "Jingcai Loan" and "Employee Loan" to meet the financial needs of new citizens[130]. Governance and Compliance - The financial statements have been audited by KPMG, which issued standard unqualified audit opinions for both Chinese and international financial reporting standards[2]. - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by the chairman and senior management[2]. - The company emphasizes the importance of board diversity, considering factors such as skills, industry experience, and gender, with a goal of maintaining at least one female director[190]. - The company’s governance practices align with legal and regulatory requirements, with no significant discrepancies noted[185]. - The company has established various committees to enhance corporate governance, including risk management and consumer rights protection committees[184]. - The company is committed to improving its data governance and financial technology planning[199]. Customer and Market Development - The bank is actively expanding its market presence and enhancing its product offerings in response to evolving customer needs[6]. - The number of corporate clients grew by 8.18% year-over-year, reaching a total of 97,500 clients[89]. - The number of small and micro enterprise clients increased by 188,800, totaling 2,444,700 clients[89]. - The balance of inclusive small and micro enterprise loans grew by 29%, and the number of loan customers increased by 17% compared to the end of the previous year[19]. - The number of technology finance credit customers increased by 41.2%, with loans to strategic emerging industries growing by 31.12%[85]. - The bank's total loan balance was CNY 7.957 trillion, with a slight increase from CNY 7.295 trillion in the previous year[139]. Awards and Recognition - The bank has been recognized with multiple awards, including the Best Personal Mobile Banking Award and the Best Corporate Mobile Banking Award in 2023[14]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shares is 74,262,726,645, with A-shares accounting for 52.85% and H-shares for 47.15%[163]. - The total number of ordinary shareholders at the end of the reporting period is 308,784, with A-share holders numbering 278,402 and H-share holders 30,382[165]. - The Ministry of Finance is the largest shareholder, holding 17,732,424,445 shares, which represents 23.88% of the total shares[169]. - HSBC Holdings plc is the second largest shareholder, with 14,135,655,913 shares, accounting for 19.03% of the total shares[169]. - The National Social Security Fund holds 12,148,857,900 shares, representing 16.36% of the total shares[169].

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].