Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926 SH) [3] Core Views - Hangzhou Bank's net interest margin is expected to stabilize, with asset quality remaining excellent [1] - The bank's interest income accelerated in Q3 2024, driving a 3 9% YoY increase in operating revenue [5] - Net profit attributable to shareholders grew 18 6% YoY in the first three quarters of 2024 [1] - The bank's non-performing loan ratio remained stable at 0 76% as of September 2024, with a provision coverage ratio of 543% [1] Financial Performance - Q3 2024 interest income growth accelerated to 11 0% QoQ, compared to 0 5% in H1 2024 [3] - Non-interest income grew 3 9% YoY in the first three quarters, though the growth rate slowed from 14 4% in H1 2024 [5] - Credit impairment losses decreased by 27% YoY, contributing to profit growth [5] - The bank's net interest margin was 1 42% in H1 2024, down 8bps from 2023 [1] Asset Quality - The bank's asset quality indicators remain industry-leading, with a stable NPL ratio of 0 76% [1] - Provision coverage ratio stood at 543% as of September 2024, down 2 percentage points QoQ [1] - Non-credit impairment provisions reached 11 8 billion yuan as of June 2024, providing potential for future profit release [6] Business Development - Total loans grew 12 8% YoY as of Q3 2024, with corporate loans and bills increasing 15 8% [6] - Retail loans grew 7 0% YoY, outperforming industry peers [6] - Deposit growth reached 12 6% YoY, with current deposits accounting for 40 2% of total deposits [6] Valuation and Projections - The bank's 2024E P B ratio is 0 78x, with the current stock price 5 1% below the convertible bond redemption price [5] - 2024 full-year revenue and net profit are projected to grow 3 1% and 18 0% YoY respectively [5] - The bank announced a 22 6% interim dividend ratio for 2024, consistent with 2023 [5] Industry Comparison - Hangzhou Bank's net interest margin of 1 42% in H1 2024 is lower than some peers like Bank of Nanjing (1 79%) and Bank of Ningbo (1 85%) [8] - The bank's provision coverage ratio of 543% remains significantly higher than many industry peers [8]

Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, indicating a positive outlook for the company's stock performance relative to the market [3]. Core Insights - The company has demonstrated strong performance with a revenue of 28.494 billion yuan for the first nine months of 2024, reflecting a year-on-year growth of 3.87%. The net profit attributable to shareholders reached 13.87 billion yuan, up 18.63% year-on-year, while impairment losses decreased by 27.46% [1][2]. - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.76%, unchanged from the previous year, and a provision coverage ratio of 543.25%, indicating strong risk mitigation capabilities [2][3]. - The bank's strategy focuses on expanding its presence in the Yangtze River Delta region, emphasizing a transition from product-driven to customer-oriented services, and enhancing retail and small micro-loan segments [2][3]. Financial Performance Summary - **Revenue and Profit Growth**: For Q3 2024, revenue and net profit grew by 0.86% and 15.1% year-on-year, respectively. The annualized return on equity (ROE) was 18.01%, up 0.52 percentage points year-on-year [1][2]. - **Interest Income and Margin**: The net interest income for the first nine months of 2024 was 18.273 billion yuan, also reflecting a 3.87% increase year-on-year. The annualized net interest margin (NIM) improved to 1.43%, benefiting from optimized funding costs [1][2]. - **Loan and Deposit Growth**: Total loans increased by 12.77% year-on-year, with corporate loans growing by 15.82%. Total deposits rose by 12.59%, with a notable increase in the proportion of fixed-term deposits [1][2]. Non-Interest Income and Wealth Management - **Non-Interest Income**: Non-interest income for the first nine months was 10.221 billion yuan, a year-on-year increase of 3.87%. The wealth management segment showed stable growth, with the balance of existing wealth management products reaching 423.316 billion yuan, up 12.33% from the previous year [2][3]. - **Investment Income**: Investment income increased by 27.9% year-on-year, although the growth rate has slowed compared to earlier periods due to market fluctuations [2][3]. Capital Adequacy and Risk Management - **Capital Ratios**: As of September 2024, the core Tier 1 capital adequacy ratio was 8.76%, an increase of 0.6 percentage points from the previous year, indicating a solid capital position [2][3]. - **Asset Quality**: The bank maintains a strong asset quality profile, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543.25%, reflecting robust risk management practices [2][3].

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 杭州银行（600926）公司季报点评 2024 年 10 月 22 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------|----------------------| | 股票数据 | | | [ 10 Table_StockInfo 月 22 日收盘价（元） ] | 14.32 | | 52 周股价波动（元） 股本结构 | 9.55-15.46 | | [ 总股本（ Table_CapitalInfo 百万股） ] | 5930 | | 流通 A 股（百万股） | 5363 | | B 股 /H 股（百万股） 相关研究 | 0/0 | | [Table_ReportInfo] 《杭州银行 24H1 | 业绩点评：单季度营收 | | 增 速 提 升 ， 资 产 质 量 保 持 平 稳 》 | | | 2024.09.01 | | | 《杭州银行 23 年 &24Q1 | 业绩点评：》 | | ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 杭州银行（600926.SH）：息差阶段 性企稳，盈利保持高增长 事件：10 月 21 日，杭州银行发布 2024 年三季报。前三季度实现营收 284.9 亿元（YOY+3.9%），归母净利润 138.7 亿元（YOY+18.6%）；年化 ROE 为 18.01%，同比+0.52pct；9 月末，公司不良率 0.76%，拨备覆盖率 543.3%。 点评： 杭州银行前三季度营收、归母净利润同比分别增长 3.9%、18.6%，增速较上 半年分别 -1.5pct、-1.4pct。从盈利拆分来看，规模和拨备释放是主要正向贡 献，息差是主要拖累项。其中，① 边际贡献增强：息差负向拖累环比减弱， 拨备反哺力度增强；② 边际贡献减弱：规模正向拉动作用环比小幅下降，非 息正向贡献环比减弱。 1、净息差企稳、规模保持较快增长，净利息收入增速环比提升。 杭州银行前三季度净利息收入同比 +3.9%，增速环比提升 3.4pct。主要得益 于规模保持高增和净息差阶段性企稳。 量：区域经济相对优势+较强的资产投放能力，信贷规模保持较快扩张。9 月 末生息资产 ...

证券研究报告 杭州银行 (600926 CH) 资产稳定扩张，息差边际企稳 华泰研究 季报点评 投资评级(维持): 增持 目标价(人民币): 17.60 2024年10月21日│中国内地 区域性银行 杭州银行 1-9 月归母净利润、营收、PPOP 分别同比+18.6%、+3.9%、+3.5%， 增速较 1-6 月-1.4pct/-1.5pct/-1.9pct，业绩增速边际有所下滑，主要因投资 类收益有所波动。三季报主要亮点包括：1）息差边际企稳，利息净收入增 速回升；2）中收降幅收窄；3）资产质量平稳。此外，公司中期分红方案落 地，拟每股分红 0.37 元，分红率 22.60%，股息率 5.10%（24/10/21）。公 司业绩基本符合我们此前预期，Q3 业绩略有波动但利润增速仍有望维持上 市银行前列，维持增持评级。 资产稳健增长，息差边际企稳 9 月末总资产、贷款、存款增速分别为+12.7%、+15.9%、+16.4%，较 6 月末-1.1pct、-0.6pct、+2.5pct。信贷增长略有放缓，主要因投放节奏前置。 Q3 新增贷款 88 亿元，对公（含票据）/零售分别占比 69%/31%。前三季度 贷款增 ...

银行 证 券 研 究 报 告 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |----------------------------------------------------------------------------|--------------------------------------| | 市场数据： | 2024 年 10 月 21 日 | | 收盘价（元） | 14.50 | | 一年内最高/最低（元） | 15.46/9.55 | | 市净率 息率（分红/股价） 流通 A 股市值（百万元） 上证指数/深证成指 | 0.8 3.59 78,757 3,268.11/10,470.91 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 17.83 | | 资产负债率 % | 93.42 | | 总股本/流通 A 股(百万 ) | 5,999/5,432 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-2311 ...

2024 年 10 月 22 日 公司研究 盈利增速维持高位，中期分红方案出炉 ——杭州银行（600926.SH）2024 年三季报点评 买入（维持） 当前价：14.50 元 敬请参阅最后一页特别声明 -1- 证券研究报告 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | --- | --- | --- | --- | |--------------|-------|-------|-------| | 收益表现 \n% | \n1M | 3M | 1Y | | 相对 | -3.40 | 1.50 | 29.19 | | 绝对 | 19.54 | 13.46 | 41.28 | | 资料来源： | Wind | | | | --- | --- | |-----------------------|------------| | | | | 市场数据 | | | | | | 总股本(亿股 ) | 59.99 | | 总市 ...

23/1023/1123/1224/0124/0324/0424/0524/0624/0724/0824/0924/10 杭州银行(600926) 报告日期：2024 年 10 月 22 日 息差回升，不良稳定 ——杭州银行 2024 年三季度业绩点评 投资要点 ❑ 24Q3 杭州银行盈利增速略有放缓，息差环比回升，资产质量平稳。 ❑ 业绩概览 杭州银行 24Q1-3 归母净利润同比增长 18.6%，增速环比 24H1 下降 1.4pc；营收 同比增长 3.9%，增速环比 24H1 下降 1.5pc。杭州银行 24Q3 末不良率环比持平于 0.76%，拨备覆盖率环比下降 2pc 至 543%。 ❑ 盈利增速小幅下降 杭州银行 24Q1-3 归母净利润同比增长 18.6%，增速环比 24H1 下降 1.4pc；营收 同比增长 3.9%，增速环比 24H1 下降 1.5pc，符合市场预期。驱动因素来看：① 息差企稳回升是主要贡献因素。24Q3 单季息差（期初期末平均，下同）环比回 升 7bp 至 1.44%，息差对盈利的拖累有所改善。②其他非息增速放缓是主要拖累 因素。24Q1-3 其他非息同比增长 9.6%，增 ...

Investment Rating - The report maintains a "Recommended" rating for Hangzhou Bank, with a closing price of 14.50 yuan on October 21, 2024, corresponding to 0.8 times the 2024 PB [2][3]. Core Views - Hangzhou Bank continues to show strong profit growth, with a year-on-year increase of 18.6% in net profit attributable to shareholders for the first three quarters of 2024, supported by a stable asset quality and a low non-performing loan ratio of 0.76% [1][2]. - The bank's net interest income growth has rebounded, and the quality of assets remains stable, indicating resilience in both corporate and personal lending [2]. - The bank's investment income has seen a year-on-year increase of 27.9%, although it has declined compared to the first half of 2024 [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, Hangzhou Bank reported revenue of 28.49 billion yuan, a year-on-year increase of 3.9%, and a net profit of 13.87 billion yuan, up 18.6% year-on-year [1]. - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 543% [1][2]. Revenue Breakdown - The revenue growth rate has slowed compared to the first half of 2024, with net interest income increasing by 3.9%, while non-interest income decreased by 8.1% [1]. - The bank's total assets, loans, and deposits grew by 12.7%, 15.9%, and 16.3% year-on-year, respectively [1]. Future Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.89 yuan, 3.32 yuan, and 3.76 yuan, respectively [2][3]. - The bank's net interest margin (NIM) is expected to decline gradually from 1.36% in 2023 to 1.11% by 2026 [11].

净利息收入增速继续向上，资产质量优异 ——杭州银行 24Q3 季报点评 核心观点 ⚫ 营收结构优化，净利息收入增速环比延续提升。截至 24Q3，杭州银行营收、 PPOP、归母净利润累计同比增速（下同）分别较 24H1 下降 1.5pct、2.0pct、 1.4pct 至 3.9%、3.4%以及 18.6%。尽管业绩增速小幅放缓，但营收结构有所改 善，24Q3 净利息收入增速环比 24H1 继续提升 3.4pct，或得益于资产投放的高景气 度以及息差的边际企稳；低基数效应下，净手续费收入负增长环比继续收窄 1.8pct；营收增速放缓主要受到净其他非息收入的拖累，后者增速环比回落 18.7pct，一是三季度债市出现调整，二是有去年同期高基数的影响。 ⚫ 扩表动能强，资负规模保持较快增长。资产端，截至 24Q3，杭州银行总资产、贷 款同比增速分别较 24H1 下降 1.1pct、0.6pct 至 12.7%、15.9%，其中，对公、个人 贷款分别同比增长 17.9%、12.0%，区域广义基建需求支撑下，贷款增量主要仍由 对公端贡献。负债端，总负债、存款同比增速分别较 24H1 下降 1.1pct、提升 2.6pct ...