Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the market index over the next six months [6]. Core Views - The company reported a revenue of 420.5 billion yuan for the first half of 2024, a decrease of 6.03% year-on-year, and a net profit attributable to shareholders of 170.5 billion yuan, down 1.89% year-on-year [19]. - Total assets reached 47.12 trillion yuan, reflecting a year-on-year growth of 7.89%, while the non-performing loan (NPL) ratio stood at 1.35%, a slight decrease of 1 basis point quarter-on-quarter [19]. - The net interest margin (NIM) for the first half was 1.43%, showing a decline of 29 basis points year-on-year [19]. Summary by Sections Company Overview - The company has experienced a slowdown in loan growth due to weak demand and a shift away from scale-driven growth, with a significant reduction in corporate loans and a net decrease in personal loans [22]. - The asset quality remains stable, with the NPL ratio at its lowest level in recent years, and the provision coverage ratio improved to 218.43% [24][25]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted to 8160 billion, 8257 billion, and 8817 billion yuan, and 3609 billion, 3656 billion, and 3802 billion yuan respectively, reflecting a slight decrease in growth expectations [42]. - The report indicates a projected decline in the net interest margin to 1.37% in 2024, with a gradual recovery expected thereafter [42]. Risk and Asset Quality - The report highlights a rise in credit risk in personal loans, while corporate loan asset quality is improving, particularly in sectors like manufacturing and real estate [25]. - The overall asset quality is expected to remain stable despite some pressures in the retail sector, with a focus on maintaining prudent recognition and disposal of non-performing loans [25].

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8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: 中國工商銀行股份有限公司 呈交日期: 2024年9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 (如上市) | 01398 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 2. 股份分類 | 普通股 | 股份 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 工商银行(601398.SH) 股价：5.98 元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 2/ 5 工商银行·公司半年报点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|----------------------------------|--------------------|---------------|---------------|---------------|-------------------------------------------------------------------|---------------|-------------| | 图表 1 | 工商银行 2024 | 年半年报核心指标 | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 5.98 CNY [8]. Core Views - The company has shown resilience in its fundamentals despite a decline in revenue growth, with a year-on-year decrease of 6% in operating income and a 1.9% decrease in net profit attributable to shareholders for the first half of 2024 [10]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.35% as of the end of Q2, down 1 basis point from Q1 [15]. - The bank's capital adequacy ratios are solid, with a core Tier 1 capital ratio of 13.84% and a total capital adequacy ratio of 19.16% as of the end of Q2 [35]. Summary by Sections Financial Performance - For the first half of 2024, the bank achieved operating income of 420.5 billion CNY, a decrease of 6% year-on-year, and a net profit of 170.5 billion CNY, down 1.9% year-on-year [10]. - The bank's net interest income and non-interest income growth rates decreased by 6.8% and 3.6% respectively [10]. Asset Quality - The NPL ratio decreased to 1.35% in Q2, with corporate loans showing an NPL ratio of 1.69% and personal loans at 0.9% [15]. - The provision coverage ratio improved to 218.4%, indicating a stable risk mitigation capacity [15]. Capital Adequacy - As of Q2, the bank's capital adequacy ratios were as follows: core Tier 1 capital ratio at 13.84%, Tier 1 capital ratio at 15.25%, and total capital adequacy ratio at 19.16% [35]. - The risk-weighted asset growth rate decreased to 3.6%, reflecting a slowdown in capital consumption [35]. Earnings Forecast - The report forecasts EPS for 2024, 2025, and 2026 to be 1.02 CNY, 1.05 CNY, and 1.08 CNY respectively, with corresponding P/B ratios of 0.58, 0.54, and 0.51 [16].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a total operating income of 420.499 billion yuan for H1 2024, a year-on-year decrease of 6.03%, with a marginal decline in revenue growth compared to Q1 2024 [6][2] - The net profit attributable to shareholders for H1 2024 was 170.467 billion yuan, down 1.89% year-on-year, but with a slight improvement in growth rate compared to Q1 2024 [6][2] - The company's interest income and commission income both showed declines, with interest income down 6.84% and commission income down 8.25% year-on-year [6] - The bank's loan balance reached 27.84 trillion yuan by the end of H1 2024, reflecting a year-on-year increase of 10.06% [6] - The net interest margin for H1 2024 was 1.43%, a decrease of 5 basis points from Q1 2024, primarily due to pressure on asset yields [6] - Wealth management services negatively impacted overall commission income, which decreased by 8.25% year-on-year [6] - The non-performing loan ratio stood at 1.35% at the end of H1 2024, with a slight decrease from Q1 2024, indicating stable asset quality [6] Summary by Sections Financial Performance - For H1 2024, the company achieved operating income of 420.499 billion yuan, down 6.03% year-on-year, and net profit of 170.467 billion yuan, down 1.89% year-on-year [6] - The company expects operating income for 2024-2026 to be 838.1 billion, 878.8 billion, and 913.6 billion yuan, with year-on-year growth rates of -0.59%, +4.85%, and +3.96% respectively [6][7] Asset Quality - The non-performing loan ratio was 1.35% at the end of H1 2024, with a net generation rate of non-performing loans at 0.46%, indicating low pressure on asset quality [6] - The provision coverage ratio was 218.43%, reflecting strong risk mitigation capabilities [6] Future Outlook - The company maintains a stable operational outlook, with a projected compound annual growth rate (CAGR) of 2.71% for operating income over the next three years [6]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - Revenue is under pressure, but the decline in net profit shows marginal improvement. In H1 2024, the company achieved operating revenue of CNY 401.99 billion, a year-on-year decrease of 6.03%. The net profit attributable to shareholders was CNY 170.47 billion, down 1.89% year-on-year, with a weighted average ROE of 9.53%, a decrease of 0.98 percentage points year-on-year [2][18][23]. Financial Performance Summary - As of June 30, 2024, the company's non-performing loan (NPL) ratio was 1.35%, a decrease of 1 basis point from the previous quarter and year-end. The proportion of special mention loans increased by 7 basis points to 1.92% compared to the end of the previous year. The corporate loan NPL ratio was 1.69%, down 12 basis points, while the retail loan NPL ratio rose by 20 basis points to 0.9% [5][19]. - The company’s provision coverage ratio stood at 218.43%, an increase of 2.12 and 4.46 percentage points from the previous quarter and year-end, respectively, indicating improved risk resistance [5][19]. Revenue and Profitability - In H1 2024, net interest income was CNY 313.95 billion, down 6.84% year-on-year, with a net interest margin (NIM) of 1.43%, decreasing by 5 and 18 basis points from the previous quarter and year-end, respectively. The yield on interest-earning assets was 3.28%, down 17 basis points from the year-end [35][44]. - The company’s total loans grew by 6.71% year-on-year, primarily driven by corporate loans, which increased by 8.49%. Retail loans saw a modest growth of 2.09% [35][44]. Non-Interest Income and Wealth Management - Non-interest income for H1 2024 was CNY 106.55 billion, a year-on-year decrease of 3.58%. The company maintained a leading position in wealth management, with retail AUM reaching CNY 21.77 trillion, up 5.12% from the previous year-end [36][75]. Investment Recommendations - The company is one of the state-owned major banks, leading in scale and market share, with a diversified business structure and strong operational resilience. The report recommends a "Buy" rating based on the company's fundamentals and stock price elasticity, projecting BVPS for 2024-2026 at CNY 10.18, CNY 10.91, and CNY 11.68, respectively, corresponding to current PB ratios of 0.59X, 0.55X, and 0.51X [37][82].

Investment Rating - The report maintains an "Outperform" rating for the company [5][8] Core Views - Net interest margin declined, but asset quality remained excellent [3][5] - Revenue and net profit declined year-on-year, with net interest margin being the main drag on profit growth [5] - Asset growth slowed, with total assets increasing by 7.9% YoY to 47.1 trillion yuan by Q2 2024 [5] - Fee-based income decreased by 8.2% YoY due to factors such as public fund fee reforms and capital market fluctuations [5] - Asset quality remained strong, with a non-performing loan ratio of 1.35% and a provision coverage ratio of 218% [5] Financial Forecasts and Valuation - Revenue is expected to decline by 1.7% in 2024E but grow by 4.5% and 6.4% in 2025E and 2026E, respectively [4][5] - Net profit attributable to shareholders is forecasted to grow by 0.7%, 2.5%, and 4.4% in 2024E, 2025E, and 2026E, respectively [4][5] - Diluted EPS is projected to be 0.99, 1.01, and 1.06 yuan for 2024E, 2025E, and 2026E, respectively [4][5] - The PE ratio is expected to be 6.3x, 6.1x, and 5.9x for 2024E, 2025E, and 2026E, respectively [4][5] - The PB ratio is forecasted to be 0.61x, 0.57x, and 0.53x for 2024E, 2025E, and 2026E, respectively [4][5] Financial Performance - Revenue for H1 2024 was 420.5 billion yuan, down 6.0% YoY [5] - Net profit attributable to shareholders for H1 2024 was 170.5 billion yuan, down 1.9% YoY [5] - The weighted average ROE for H1 2024 was 9.5%, down 1.0 percentage point YoY [5] - The net interest margin for H1 2024 was 1.43%, down 29bps YoY [5] - The loan-to-deposit ratio remained stable at 76% [10] Asset Quality and Capital Adequacy - The non-performing loan ratio was 1.35% at the end of Q2 2024, flat compared to the beginning of the year [5] - The provision coverage ratio was 218% at the end of Q2 2024, up 4 percentage points from the beginning of the year [5] - The core tier 1 capital adequacy ratio was 13.84% at the end of Q2 2024, showing little change from the beginning of the year [5]

Financial Data and Key Indicators Changes - Total assets exceeded RMB 47 trillion, maintaining a leading position globally [3] - Loans to customers reached nearly RMB 28 trillion, an increase of RMB 1.8 trillion from the end of last year [4] - Operating income was RMB 402 billion, with a net profit of RMB 171.3 billion, reflecting a year-on-year decrease of 2% [4][13] - ROA and ROE were 0.75% and 9.53%, respectively, with a NIM of 1.43% [4] - Capital adequacy ratio stood at 19.16%, maintaining a strong position among major banks [4] Business Line Data and Key Indicators Changes - Corporate loans totaled RMB 17.5 trillion, with a significant focus on manufacturing and strategic emerging industries [8][23] - Personal banking AUM reached RMB 21.8 trillion, leading the industry in various metrics [8] - Institutional deposits amounted to RMB 8.4 trillion, also leading the industry [8] - Loans to strategic emerging industries increased by 15%, while green credit surpassed RMB 6 trillion, up by 14% [7] Market Data and Key Indicators Changes - The balance of loans to customers increased by 6.7% over the end of last year, with personal deposits growing by 5.8% [6] - The NPL ratio was 1.35%, with an allowance to NPLs at 218.43% [5][10] - The bank's mobile banking MAUs exceeded RMB 230 million, indicating strong digital engagement [9] Company Strategy and Development Direction - The company is focused on five transformations: intelligent risk control, modern layout, digital driver, diversified structure, and ecological foundation [3] - Plans to deepen operational transformation and innovation to enhance high-quality development [7] - Emphasis on supporting the real economy and maintaining a balance between value creation and risk control [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the macroeconomic environment but expressed confidence in achieving stable growth [13][25] - The bank plans to continue optimizing its asset structure and enhancing risk management capabilities [20][30] - Future strategies include focusing on high-quality customers and enhancing retail finance services [26] Other Important Information - The company plans to pay an interim dividend of RMB 51.1 billion in January, reflecting its commitment to providing stable returns to shareholders [5] - The bank's MSCI rating was AA, indicating strong ESG governance [10] Q&A Session Summary Question: Measures to stabilize operating income and profits - Management noted a 2% decrease in net profit, attributed to the macro interest rate environment, but emphasized that this was within expectations [12][13] Question: Loan growth and regulatory changes - Management confirmed that loan growth was targeted and aligned with macro policies, with a focus on supporting key sectors [22][23] Question: Asset quality and risks in the real estate sector - Management reported stable asset quality with a focus on risk prevention and compliance, particularly in the real estate sector [28][30] Question: Capital plans and dividend stability - Management outlined a robust capital management strategy, including internal capital accumulation and external replenishment plans [34][35] Question: Bond investment performance and future plans - Management highlighted a 9.8% increase in bond investments and plans to optimize the structure of credit bond investments [40][41]

此乃要件 請即處理 如 閣下對本通函的任何部份或對應採取的行動存有任何疑問，應諮詢 閣下的持牌證券 商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已出售或轉讓名下所有中國工商銀行股份有限公司的股份， 閣下應將本通函同 隨附之代表委任表格及回執立刻交予購買人或受讓人或經手買賣或轉讓的銀行、持牌證券 商或其他代理人以轉交給購買人或受讓人。 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函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份的內容所 產生或因倚賴該等內容而導致的任何損失承擔任何責任。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 美元優先股股份代號：4620 2024 年第二次臨時股東大會通知 中國工商銀行股份有限公司謹訂於2024年9月20日（星期五）下午二時五十分假座中國北京 市西城區復興門內大街55號中國工商銀行總行舉行臨時股東大會，大會通知載於本通函的 第18頁至第19頁。 如 閣下欲委任代表出 ...

2024 年第二次临时股东大会会议资料 中国工商银行股份有限公司 2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会会议资料 会议日程 现场会议召开时间：2024 年 9 月 20 日 14 时 50 分 现场会议召开地点：北京市西城区复兴门内大街 55 号中国工商银行股份 有限公司总行 网络投票：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25、 9:30-11:30、13:00-15:00；通过互联网投票平台的投票时间为 股东大会召开当日的 9:15-15:00。 召集人：中国工商银行股份有限公司董事会 2024 年第二次临时股东大会会议资料 文件目录 | 关于选举王景武先生连任中国工商银行股份有限公司执行董事的议案 1 | | --- | | 关于选举陈关亭先生为中国工商银行股份有限公司独立董事的议案 3 | | 关于 年度对外捐赠额度的议案 12 2024 | | 关于聘请 2024 年度会计师事务所的议案 13 | | 关于审议《中国工商银行股份有限公司股东大会对董事会授权方案（2024 年版）》的 | | 议 ...