Core Viewpoint - The company emphasizes its commitment to social responsibility through financial education and consumer protection initiatives, particularly targeting vulnerable groups such as the elderly and children of new citizens [1][2]. Group 1: Financial Education Initiatives - The company has been organizing volunteer activities for 14 years, focusing on financial education for children of new citizens, including donations of school supplies and establishing financial knowledge practice bases [1]. - Various forms of financial knowledge dissemination have been implemented, including anti-fraud lectures and smart payment teaching, with hundreds of events held to educate consumers [2]. Group 2: Community Engagement - The company has established a regular contact mechanism with local elderly care facilities to provide financial knowledge and safety education to senior citizens, marking the seventh consecutive year of such engagement [1]. - The company aims to create a harmonious financial environment and enhance consumer protection efforts through community involvement and volunteer services [2]. Group 3: Future Outlook - The company plans to continue its commitment to financial service and social responsibility, leveraging its volunteer service projects to gather small acts of kindness into significant community support [2].

Core Viewpoint - Industrial Bank reported a revenue of 212.2 billion yuan for 2024, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.2 billion yuan, up 0.1% year-on-year [1] Revenue and Profit Analysis - The bank's net interest income continued to grow steadily, supporting revenue, while profit growth turned positive, reflecting improved operational margins and management's focus on stable performance expectations [1] - The revenue growth of 0.7% in 2024 was lower than the 1.8% growth in the first nine months, and net profit showed a slight recovery from a 3% decline in the same period [1] Income Sources - Net interest income increased by 1.1% year-on-year, contributing 0.8 percentage points to revenue growth, with volume growth contributing 4 percentage points and margin contraction dragging down by 3.2 percentage points [1] - Non-interest income declined by 0.3% year-on-year, negatively impacting revenue growth by 0.1 percentage points, primarily due to a 13% drop in fee income [1][2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.07% in Q4 2024, with the provision coverage ratio increasing by 4.2 percentage points to 238% [1][4] - The NPL generation rate for 2024 was estimated at 0.93%, down from 1.08% in 2023, indicating a stable improvement in asset quality [3][4] Loan Growth and Sector Focus - The number of corporate clients increased by 9.6% year-on-year to 1.54 million, with a significant focus on sectors such as technology, green finance, and inclusive finance [2] - Loan growth slowed in Q4 2024 to 5% due to active bill reduction, but a recovery is expected in 2025 [2][3] Dividend Policy - The dividend payout ratio increased to over 30%, marking 15 consecutive years of increases, with a projected dividend yield of 4.93% for 2025 [3] Future Outlook - The bank anticipates a return to positive profit growth and a sustainable recovery in its profit statement, with revised profit growth forecasts for 2025-2027 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has returned to positive profit growth, with a focus on risk reduction and increased dividends, showcasing a stable high dividend yield [1][6] - In 2024, the company achieved revenue of 212.2 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.2 billion yuan, up 0.1% year-on-year [4][6] - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.07% in Q4 2024, while the provision coverage ratio increased by 4.2 percentage points to 238% [4][6] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 210.8 billion yuan in 2023 to 215.7 billion yuan in 2025, with a compound annual growth rate (CAGR) of 1.64% [5] - The net profit attributable to shareholders is expected to increase from 77.2 billion yuan in 2024 to 78.5 billion yuan in 2025, reflecting a growth rate of 1.67% [5] - The return on equity (ROE) is forecasted to decline slightly from 9.89% in 2024 to 9.37% in 2025 [5] Revenue and Profitability Analysis - Net interest income continues to grow steadily, contributing positively to revenue, with a 1.1% year-on-year increase in 2024 [6][8] - The company’s non-interest income decreased by 0.3% in 2024, primarily due to a 13% decline in fee income [6][8] - The cost-to-income ratio is expected to improve, with a projected decrease from 29.97% in 2023 to 29.50% in 2024 [13] Asset Quality and Risk Management - The company’s asset quality is showing steady improvement, with a projected NPL generation rate of 0.93% for 2024, down from 1.08% in 2023 [9][11] - The company has maintained a strong provision coverage ratio, indicating a robust buffer against potential loan losses [9][11] - The company’s focus on key sectors such as technology, green finance, and inclusive finance is expected to drive loan growth in 2025 [6][10] Dividend Policy - The dividend payout ratio has increased to over 30%, marking 15 consecutive years of dividend growth, with an expected dividend yield of 4.93% in 2025 [6][9]

证券研究报告 兴业银行 (601166 CH) 利润增速回正，负债成本改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国内地 | 全国性股份制银行 | 公司 2024 年归母净利润、营收、PPOP 同比+0.1%、+0.7%、+1.4%、增 速较 1-9 月+3.1pct、-1.1pct、-2.3pct。营收、净利润增速与快报一致。24 年拟每股派息 1.06 元，分红率 30.17 %（23 年分红率：29.64 %），股息率 4.93%（2025/03/27），分红率持续提升，股息优势突出，维持买入评级。 存款增长提速，定期化趋势改善 24 年末资产、贷款、存款同比+3.4%、+5.0%、+7.9%，较 9 月末分别-0.4pct、 -3.0pct、+3.5pct。信贷增长边际放缓，主要因公司注重结构优化，压降票 据资产，贷款余额环比 Q3 末-50 亿元，其中票据环比-578 亿元。24 年全 年新增贷款 2757 亿元，几乎全为对公贡献，科技、绿色、普惠等重点领域 为主要投向，余额分别同比 20.7%、19 ...

3月27日晚，兴业银行（601166）交出2024年业绩"成绩单"，在经历2023年营收、净利润"双降"之后， 2024年兴业银行实现逆转。 年报显示，2024年兴业银行营业收入2122.26亿元，同比增长0.66%；实现归母净利润772.05亿元，同比 增长0.12%。截至去年底，该行总资产达10.51万亿元，较上年末增3.44%；净息差1.82%，较上年末下降 0.11个百分点。 此外经董事会审议，兴业银行计划每股分红1.06元，分红占归属净利润30.17%，首次超过30%，连续15 年提升。值得一提的是，与年报同时发布的还有《关于2025年度估值提升计划的公告》，该公告提到， 2025年将择机启动中期分红工作，增加分红频次。 营收、净利润双增 在资产质量方面，截至报告期末，兴业银行不良贷款余额614.77亿元，较上年末增加29.86亿元，不良贷 款率1.07%，与上年末持平；拨备覆盖率为237.78%，较上年末下降7.43个百分点；案存清收144.71亿 元，同比增长1.75%。 截至报告期末，该行关注类贷款余额981.06亿元，较上年末增加16.17%，关注类贷款占比1.71%，较上 年末上升0.16 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The asset quality indicators of the company have improved sequentially, with a slight increase in the dividend payout ratio to 30.2% [1] - The company's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth, while revenue increased by 0.7% year-on-year, although the growth rate declined by 1 percentage point sequentially [2] - The significant improvement in impairment losses has supported profitability, with a 1.6% year-on-year decrease in impairment losses for 2024, contrasting with a 14.3% increase in the first three quarters [2] - The net interest margin showed resilience, decreasing by only 1 basis point to 1.56% in Q4 2024, better than expected due to improved funding costs [3] - The company's asset quality is showing a positive turning point, with a non-performing loan (NPL) ratio of 1.07% at the end of Q4 2024, down 1 basis point from Q3 2024 [4] - The dividend payout ratio has slightly increased, reinforcing the dividend logic, with a dividend yield of 4.93% as of March 27, 2025 [5] - Profit forecasts indicate a net profit growth of 0.42%/4.45%/5.46% for 2025-2027, with a target price of 25.82 CNY per share, implying a 20% upside from the current price [6] Summary by Sections Financial Overview - The company's total revenue for 2024 was 212,226 million CNY, with a year-on-year growth of 0.66% [12] - The net profit attributable to shareholders for 2024 was 77,205 million CNY, reflecting a year-on-year increase of 0.12% [12] - The company reported a non-performing loan balance of 61,477 million CNY, with a non-performing loan ratio of 1.07% [13] Asset Quality - The NPL ratio improved to 1.07% at the end of Q4 2024, with a real NPL generation rate decreasing by 19 basis points to 1.40% [4] - The company has seen a significant improvement in credit card risk, while real estate risk remains a concern [4] Profitability and Valuation - The company is expected to maintain a net interest margin under pressure but is projected to perform better in 2025 compared to 2024 due to effective cost control [3] - The forecasted earnings per share (EPS) for 2024 is 3.51 CNY, with projected growth in subsequent years [14]

投资要点 兴业银行资产质量指标环比改善，分红比例小幅提升至30.2%。 数据概览 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。 2024 年末不良率1.07%，环比24Q3 末下降1bp，拨备覆盖率238%，环比24Q3 末上升4pc。 减值改善支撑盈利 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。利 润增速回正，主要得益于减值损失的显著改善。 24A 兴业银行减值损失同比下降1.6%，而前三季度减值损失同比增长14.3%。减值损失改善背后，得益 于不良生成水平的下降，和存量不良清收力度加大。24A真实不良TTM 生成率环比下降19bp；兴业银 行2024 年账销案存清收144.71 亿元，同比增长1.75%。展望未来，兴业银行营收仍面临一定压力，未来 趋势仍需观察，主要考虑：息差仍有收窄压力、债市波动拖累投资收益。 资产质量拐点向好 兴业银行24Q4 末不良率、关注率环比分别-1bp、-6bp 至1.07%、1.71%，24Q4 真实不良TTM 生成率环 比下降19bp 至1.40%，资产 ...

业的原则，积极参加董事会、相关委员会会议及董事会组织的其 他各项活动，切实保障股东权益和推动银行稳健发展。现将 2024 年度工作情况报告如下： 一、个人基本情况 本人自 2021 年 7 月起担任兴业银行独立董事。本人现任全 联并购公会党委书记兼常务副会长，中美绿色长三角（上海）私 募基金管理有限公司董事长， 湖南华曙高科技股份有限公司董事， 兴业银行独立董事 2024 年度述职报告 徐 林 《2023 年度董事会薪酬考核委员会工作报告》《2023年度董事履行职责 情况的评价报告》 《2023年度高级管理人员薪酬分配方案》 及《2023 年绩效薪酬追索扣回情况报告》等4项议案；2024年12月召开第十 一届董事会薪酬考核委员会第一次会议，审议通过了《关于制定 北京银行股份有限公司监事，国民养老保险股份有限公司独立董 事，中美绿色基金管理有限公司董事长，北京通慧绿智企业管理 中心（有限合伙）执行事务合伙人，南京龙鹰绿色管理服务有限 公司执行董事，中美绿色聚源（南京）投资管理有限公司董事长， 上海美信综能电力发展有限公司董事长，北京多木林绿色技术发 展有限公司执行董事，浙江振申绝热科技股份有限公司董事，上 海百 ...

兴业银行独立董事 2024 年度述职报告 徐 林 2024 年，本人作为兴业银行独立董事，秉持独立、客观、专 业的原则，积极参加董事会、相关委员会会议及董事会组织的其 他各项活动，切实保障股东权益和推动银行稳健发展。现将 2024 年度工作情况报告如下： 一、个人基本情况 本人自 2021 年 7 月起担任兴业银行独立董事。本人现任全 联并购公会党委书记兼常务副会长，中美绿色长三角（上海）私 募基金管理有限公司董事长，湖南华曙高科技股份有限公司董事， 北京银行股份有限公司监事，国民养老保险股份有限公司独立董 事，中美绿色基金管理有限公司董事长，北京通慧绿智企业管理 中心（有限合伙）执行事务合伙人，南京龙鹰绿色管理服务有限 公司执行董事，中美绿色聚源（南京）投资管理有限公司董事长， 上海美信综能电力发展有限公司董事长，北京多木林绿色技术发 展有限公司执行董事，浙江振申绝热科技股份有限公司董事，上 海百奥恒新材料有限公司董事，中国石油化工股份有限公司独立 董事，上海美和安新能源科技有限公司董事，中国城市科学研究 会监事长，北京绿色金融协会理事长，盘古智库学术委员会主任 委员，清华大学中国发展规划研究院高级研究员。 ...

截至2024年末，该行贷款余额达到5.74万亿元，增长5.05%；各项存款余额5.53万亿元，较上年末增长 7.69%，规模位列股份行第二。 这意味着兴业在打造价值银行、重塑价值创造模式的过程中取得了初期成效。近年来，该行聚焦落 实"轻资产、轻资本、高效率"目标，从"高收益资产-高成本负债"组合转向"低成本负债-稳收益资产"组 合，通过做强负债、做优资产，获取综合效益。 负债端，在去年第三季度业绩说明会上，该行重提"存款立行"原则。通过拓展结算性存款和落实利率定 价自律机制要求，加强手工补息治理，下调存款挂牌利率，实现稳存款规模、降存款成本目标。财报显 示，该行存款付息率1.98%，同比下降了26个基点。 资产端，科技、绿色、普惠及大规模设备更新等重点领域贷款分别较2023年末增长20.68%、19.64%、 10.97%和41.45%。零售方面，个人按揭贷款较上年末增加116亿元，个人经营贷、消费贷（境内银行） 分别较2023年末增长8.12%、13.18%。 值得注意的是，同日，该行还公布了《2024年年度利润分配预案公告》和《关于2025年度估值提升计划 的公告》，在估值计划中提出2025年或将择机启动 ...