工商银行（601398.SH）2023 年年报点评 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|---------------------------------|------------|-------| | 营业收入（百万元） | | 843,070 834,904 863,601 904,954 | | | | 增长率（ %） | | -3.7 -1.0 3.4 4.8 | | | | 归属母公司股东净利润（百万元） | | 363,993 365,088 376,886 393,030 | | | | 增长率（%） | | 0.8 0.3 3.2 4.3 | | | | 每股收益（元） | | 1.02 1.02 1.06 1.10 | | | | PE | | 5 5 5 5 | | | | PB | | 0.5 0.5 0.5 0.4 | | | | 资料来源： Wind ，民生证券研究院预测；（注：股价为 | 2024 | 年 3 月 28 | 日收盘价 ...

证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 公 司 更 新 报 告 [Table_Target] 评级： 增持 上次评级： 增持 目标价格： 7.00 上次预测： 6.13 当前价格： 5.36 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------------|------------------------------|--------------------------------|--------------------------------------------------------------|----------------------|----------------------------------------------------|--------------------|-------------|-------------------------------- ...

Investment Rating - The investment rating for Industrial and Commercial Bank of China (ICBC) is not explicitly stated in the report, but the analysis suggests a positive outlook based on the company's performance and growth potential [1]. Core Insights - The report highlights that ICBC's revenue experienced a slight decline of 3.73% year-on-year, while the net profit attributable to shareholders increased by 0.79% [1]. - The net interest margin (NIM) for ICBC was reported at 1.61%, reflecting a year-on-year decrease of 31 basis points, primarily due to a decline in interest income from loans and an increase in deposit costs [1]. - The asset quality of ICBC remains stable, with a non-performing loan (NPL) ratio of 1.36%, which is a slight decrease from the previous year [1]. - The bank's capital adequacy ratios are robust, with a core Tier 1 capital ratio of 13.72%, indicating a solid capital base for future growth [1]. Summary by Sections Financial Performance - In 2023, ICBC's total revenue was 843.1 billion yuan, down from 918 billion yuan in 2022, marking a decline of 2.63% [29]. - The net profit attributable to shareholders for 2023 was 364 billion yuan, a slight increase of 0.97% compared to 2022 [29]. - The bank's earnings per share (EPS) for 2023 was 1.02 yuan, with a price-to-earnings (P/E) ratio of 5.14 [29]. Asset Quality - The NPL ratio at the end of 2023 was 1.36%, down 2 basis points year-on-year, with corporate loans showing a decrease in NPL ratio to 1.81% [1]. - The coverage ratio for provisions increased to 213.97%, indicating a strong buffer against potential loan losses [1]. Capital Adequacy - ICBC's capital adequacy ratios are as follows: core Tier 1 capital ratio at 13.72%, Tier 1 capital ratio at 15.17%, and total capital ratio at 19.01% [1]. - These ratios reflect a slight decrease from the previous year but remain at a comfortable level for supporting growth [1]. Growth Prospects - The report anticipates that ICBC will continue to expand its customer base and enhance its digital capabilities, which could lead to improved financial performance in the coming years [1]. - The bank's total assets, liabilities, loans, and deposits all showed double-digit growth rates year-on-year, indicating a strong expansion trajectory [1].

工商银行（601398.SH） ＃dyStockcode＃ ＃title 规模稳健扩张，高分红延续 ——工商银行 2023 年年报点评 ⚫ 资产质量基本稳定，重点领域资产质量持续向好。2023 年末公司不良率环比 持平于 1.36%（较去年末-2bp），关注率同比-10bp，逾期率+4bp，拨备覆盖率 环比-2pcts 至 214%（较去年末+4pcts）。拆分来看，对公不良率较去年末-15bp， 其中制造业不良率持续下降，房地产不良率同比-77bp，资产质量持续向好。 零售不良率较去年末+10bp，信用卡不良率同比+62bp，消费贷不良率同比- 37bp。 ＃分析师： emailAuthor＃ ＃陈绍兴assAuthor＃ SAC：S0190517070003 chenshaox@xyzq.com.cn 事件 ⚫ 息差持续收窄，同比-31bp。2023 年公司净息差 1.61%，同比-31bp。其中， 贷款收益率同比-24bp，对公/零售贷款收益率同比分别下降 29bp/46bp，主要 受 LPR 利率多次下调、存量房贷利率调整等因素影响；存款成本率同比 +14bp，主要受存款定期化趋势影响。 公司点评报告 ...

2024 年 3 月 28 日 公司研究 信贷"头雁"，稳中提质 ——工商银行（601398.SH）2023 年年报点评 | --- | --- | --- | --- | --- | |----------------------------------|--------------------------------|------------------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 买 入 当前价： | 买入（维持） 5.36 元 | | | 要点 | | （ | | | | 事件：3 月 2 ...

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) 息差收窄拖累营收，资产质量保持稳健 | --- | --- | |--------------------------|----------------------------------| | | | | 行业 | 银行 | | 公司网址 | www.icbc.com.cn;www.icbc-ltd.com | | 大股东 / 持股 | 中央汇金投资有限责任公司 /34.79% | | 实际控制人 | | | 总股本 ( 百万股 ) | 356,407 | | 流通 A 股 ( 百万股 | 269,612 | | 流通 B/H 股 ( 百万股 | 86,794 | | 总市值（亿元） | 17,576 | | 流通 A 股市值 ( 亿元 | 14,451 | | 每股净资产 ( 元 ) | 9.55 | | 资产负债率 (%) | 91.6 | | 行情走势图 | | 推荐（维持） 相关研究报告 【平安证券】工商银行（601398.SH）*首次覆盖报告* 行业中流 ...

股价相对走势 -30% -7% 17% 40% 2023/3 2023/7 2023/11 2024/3 工商银行 沪深300 考虑到当前 LPR 下调等影响依旧存在，我们预计公司 2024-2026 年营业收 入分别为 8484.39、8743.84、9257.12 亿元，同比增速分别为+0.64%、 +3.06%、+5.87%，3 年 CAGR 为 3.17%。归母净利润分别为 3802.74、4046.58、 4274.21 亿元，同比增速分别为+4.47%、+6.41%、+5.63%，3 年 CAGR 为 5.50%。 鉴于公司强大的客群基础与网点布局，参照可比公司估值，我们给予公司 24 年 0.65 倍 PB，目标价 6.67 元，维持"买入"评级。 风险提示：稳增长不及预期，资产质量恶化。 | --- | --- | --- | --- | --- | --- | |----------------------------|-----------|-----------------|-----------|-----------------------------------------|--- ...

Customer Base and Market Position - The company serves over 1.205 million corporate clients and 740 million individual clients, emphasizing its extensive customer base[15] - The number of corporate clients exceeded 12 million, indicating a growing and diversified customer ecosystem[158] - The bank has consistently ranked first in the "Global 1000 Banks" list by The Banker for eleven consecutive years, and first in the "Global Commercial Banks" list by Fortune for the same duration[23] Financial Performance - The net profit for 2023 reached RMB 260.86 billion, an increase from RMB 232.10 billion in 2022, reflecting a growth of approximately 12%[36] - The total operating income for 2023 was RMB 843,070 million, a decrease from RMB 875,734 million in 2022[55] - The pre-tax profit for 2023 was RMB 421,966 million, slightly down from RMB 424,720 million in 2022[55] - Non-interest income reached 188.1 billion yuan, a year-on-year increase of 2.3%, with net commission income of 119.4 billion yuan, maintaining the industry's top position[141] - The company's net profit for 2023 reached $36.51 billion, representing a slight increase of 0.8% compared to $36.25 billion in 2022, marking a historical high in profit[158] Asset Management and Growth - Total assets amounted to RMB 33,521.17 billion in 2023, up from RMB 29,870.49 billion in 2022, indicating a growth of around 12%[36] - The adjusted total assets balance reached RMB 47,393,490 million in 2023, an increase from RMB 41,780,554 million in 2022[171][173] - The total assets of the group reached nearly 45 trillion yuan at the end of the year, maintaining a global leading position[135] Risk Management and Governance - The company focuses on risk management and maintaining asset quality as a core principle[7] - The non-performing loan ratio was reported at 1.8% for 2023, maintaining a stable level compared to previous years[36] - The company emphasized risk management by implementing a comprehensive risk management system and enhancing monitoring capabilities[175] - The company aims to enhance risk management through a comprehensive governance structure and digital transformation[192] Digital Transformation and Technology - The bank is focused on digital transformation and financial technology development as part of its strategic initiatives[36] - The digital business accounted for 99.0% of the company's operations in 2023[83] - The bank's digital transformation initiatives, including the "Digital ICBC" program, have shown significant positive effects on the bank's innovation and transformation[126] - The bank's digital transformation included the launch of a comprehensive pension financial service view, integrating "three pillars" of pension assets[93] Social Responsibility and Development Strategy - The company integrates social responsibility into its development strategy, receiving widespread acclaim for its support of manufacturing, inclusive finance, rural revitalization, green finance, and public welfare[15] - The company aims to build a world-class modern financial enterprise with Chinese characteristics, focusing on high-quality development to support economic growth[15] - The bank actively supports advanced manufacturing with a focus on key core technologies, enhancing its credit advantages in the manufacturing sector[56] Internationalization and Expansion - The company is actively pursuing internationalization, utilizing both domestic and international markets and resources[7] - The company expanded its overseas financial services to cover 43 countries and regions, enhancing cross-border payment capabilities[84] - The bank's overseas institutions had total assets of 420.208 billion USD, accounting for 6.7% of the group's total assets, with pre-tax profit of 3.699 billion USD, representing 6.2% of the group's pre-tax profit[122] Awards and Recognition - The bank has been recognized with multiple awards, including "Best Local Bank in China" and "Best Corporate Bank" by various financial publications[23] - The bank has been recognized with multiple awards, including "Best Inclusive Finance Service Bank" by Financial Times (China) for its comprehensive service model[58] - The company received multiple awards, including the "Best Insurance Institution for Serving the Public" and "Best Bank-affiliated Life Insurance Company" in 2023[169] Customer Services and Product Offerings - The company emphasizes customer-centric services, aiming to meet the evolving financial service expectations of the public[7] - The company launched its first two personal pension insurance products, expanding its product offerings across all channels[168] - The bank's elderly customer service initiatives have improved, with the launch of the "ICBC Love Accompany" brand and various financial safety education programs[95]

Investment Rating - The investment rating for the company is "Buy" [5][26]. Core Views - The company's revenue for 2023 was CNY 843.1 billion, a year-on-year decrease of 3.7%, while the net profit attributable to shareholders was CNY 364 billion, reflecting a growth of 0.8% year-on-year [5]. - Total assets increased by 12.8% year-on-year to CNY 44.7 trillion, with deposits and loans growing by 12.2% and 12.4% respectively [5]. - The net interest margin decreased to 1.61%, down 31 basis points year-on-year, primarily due to a narrowing interest spread between deposits and loans [5]. - Asset quality remained stable, with a non-performing loan ratio of 1.36%, down 2 basis points from the beginning of the year, and a provision coverage ratio of 214% [5]. Financial Forecasts and Valuation - The forecasted net profit for 2024-2025 is CNY 366.5 billion and CNY 375.5 billion respectively, with a projected diluted EPS of CNY 0.99 and CNY 1.01 [5][19]. - The current price-to-earnings (PE) ratio is projected at 5.4 for 2024, 5.3 for 2025, and 5.1 for 2026, while the price-to-book (PB) ratio is 0.52, 0.49, and 0.46 for the same years [5][19].

每经记者 张寿林 每经编辑 张益铭 3月27日，中国工商银行（股票代码SH:601398；HK:1398）公布2023年经营情况。 从主要经营指标来看，截至2023年末，工商银行资产总额44.7万亿元，较上年末增长12.8%。客户存款 33.52万亿元，较上年增长12.2%。各项贷款26.09万亿元，较上年增长12.4%。2023年，该行实现净利润 3651.16亿元，较上年增长0.8%。 截至2023年末，该行资本充足率19.1%，不良贷款率1.36%，拨备覆盖率213.97%。董事会建议派发2023 年度普通股现金股息，每10股人民币3.064元（含税），派息总额约为人民币1092.03亿元。 普通股预计派息约1092.03亿元 按照国际财务报告准则，2023年，工商银行经营核心指标保持稳健，主要体现在三个方面。 质的方面，2023年，该行净利润增至3651亿元，保持合理增长；营业收入保持市场前列；ROA、ROE 保持市场较优水平；净利息收益率为1.61%，在加大向实体经济让利的同时保持在合理区间；成本收入 比28.28%，保持同业较优。 ...