详解兴业银行2023年报&2024一季报：一季度营收增速转正、同比+4.4%

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 16.43 [2] Core Views - The company's revenue growth turned positive in Q1 2024, with a year-on-year increase of 4.4%, reflecting improvements across various income segments [5][9] - Net interest income grew by 5.1% year-on-year, while net profit saw a decline of 3.1% due to continued provisioning efforts [5][9] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.07% and a provisioning coverage ratio of 245.51% [23] Financial Performance Summary - Revenue and Profit Forecasts: - 2023 revenue: 210,245 million, with a decline of 5.3% year-on-year - 2024E revenue: 214,396 million, with a growth forecast of 2.0% [3] - 2023 net profit: 77,116 million, down 15.6% year-on-year - 2024E net profit: 74,771 million, with a projected decline of 3.0% [3] - Earnings Per Share (EPS): - 2023 EPS: 3.71 - 2024E EPS: 3.60 [3] - Return on Equity (ROE): - 2023 ROE: 11.25% - 2024E ROE: 10.13% [3] - Price-to-Earnings (P/E) Ratio: - 2023 P/E: 4.43 - 2024E P/E: 4.56 [3] Asset and Liability Structure - Loan Growth: - New loans in 2023 totaled 478.05 billion, with Q1 2024 new loans at 86.33 billion [6][16] - Corporate loans significantly increased, contributing 111.6% to new loans, primarily driven by infrastructure lending [6][19] - Deposit Trends: - Total deposits in 2023 increased by 400.09 billion, a decrease of 6.1% from 2022, with a Q1 2024 decrease of 33.28 billion [17][20] - The proportion of demand deposits rose, with a year-on-year increase of 3.4% in Q1 2024 [20] Non-Interest Income - Non-Interest Income Growth: - Q1 2024 non-interest income increased by 3.1%, driven by a 17.0% rise in other non-interest income, primarily from trading income [21][22] Asset Quality - Non-Performing Loans: - The non-performing loan ratio remained stable at 1.07%, with a year-on-year decline in the annualized net generation rate of non-performing loans to 1.06% [23] - Provisioning: - The provisioning coverage ratio improved to 245.51%, indicating a robust buffer against potential loan losses [23]