兴业银行（601166）：量增、价优、质稳业绩重回正增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next six months [26]. Core Views - The company is projected to achieve positive growth in both revenue and profit for 2024, positioning itself among the top performers in the sector. Key areas such as the "Five New Tracks" are expected to drive rapid growth in corporate loans, while a reduction in deposit costs will support a smaller decline in net interest margins compared to peers. The company's asset quality remains stable despite ongoing risks in sectors like real estate and retail, which are considered manageable [1][17]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 212.23 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.21 billion yuan, reflecting a slight increase of 0.1% [2][3]. - The net interest income grew by 1.1% year-on-year, outperforming peers, primarily due to stable growth in loan volume and a smaller decline in interest margins [3][19]. Revenue and Profit Outlook - For 2025, the company is expected to maintain a trend of slight positive growth in both revenue and profit, driven by stable corporate loan growth aligned with national policy directions and optimized deposit costs [4][17]. Asset Quality - The company's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.07% as of Q4 2024, a slight decrease from the previous quarter. The provision coverage ratio improved to 237.8%, indicating enhanced risk mitigation capabilities [2][11]. Loan and Deposit Dynamics - Total loans increased by 5% year-on-year, with a focus on corporate loans in key strategic areas. The company has also seen a 7.7% increase in total deposits, supported by a significant reduction in deposit costs [10][19]. Non-Interest Income - Non-interest income showed a slight decline of 0.3% year-on-year, but other non-interest income sources maintained a stable growth rate of 9%, helping to offset the decline in fee income [3][8]. Strategic Initiatives - The company continues to enhance its competitive advantages through its three main business lines: green banking, wealth management, and investment banking, with significant growth in green loans and wealth management assets under management [16][17].