Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported a revenue of 821.80 billion yuan for 2024, reflecting a year-on-year decrease of 2.52% [1]. Revenue and Profit Summary - The bank achieved a net profit attributable to shareholders of 365.86 billion yuan, which is a year-on-year increase of 0.51% [2]. - Revenue growth improved marginally compared to the first three quarters, with a year-on-year growth rate of 1.29 percentage points, primarily due to better performance in interest margin business [3]. Interest Income and Margin Analysis - The bank's net interest income for 2024 was 637.41 billion yuan, down 2.69% year-on-year, but the growth rate improved by 2.26 percentage points compared to the first three quarters [3]. - The average yield on interest-earning assets was 3.17%, a decrease of 5 basis points from the previous quarter, attributed to lower mortgage rates and insufficient effective financing demand [4]. Loan and Deposit Performance - As of the end of 2024, the bank's loan balance reached 28.37 trillion yuan, an increase of 8.76% year-on-year, although the growth rate decreased by 0.21 percentage points compared to the previous quarter [4]. - The bank's deposit interest rate was 1.72%, down 12 basis points from the first half of the year, indicating a significant improvement in deposit costs [4]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio at the end of 2024 was 1.34%, a decrease of 1 basis point from the previous quarter, with notable improvement in corporate NPL ratios [5]. - The bank's provision coverage ratio was 214.91%, down 5.39 percentage points from the previous quarter, indicating a strong risk mitigation capacity [6]. Investment Outlook - The bank maintains a "Buy" rating, with projected revenues of 833.10 billion, 863.80 billion, and 900.50 billion yuan for 2025-2027, reflecting year-on-year growth rates of 1.38%, 3.68%, and 4.25% respectively [7].

Investment Rating - The investment rating for the company is "Recommended" [1][4][12] Core Views - The report indicates that the company's profit growth is stable, with a slight increase in net profit by 0.5% year-on-year, despite a revenue decline of 2.5% [4][7] - The net interest margin (NIM) is reported at 1.42%, showing a year-on-year decrease of 19 basis points, but the decline in interest margin is slowing down [7][8] - The company maintains a strong asset quality with a non-performing loan (NPL) ratio of 1.34%, which has improved slightly from the previous period [8][10] Financial Performance Summary - For the year 2024, the company achieved total revenue of 821.8 billion yuan, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders was 365.9 billion yuan, reflecting a growth of 0.5% [4][9] - The total assets reached 48.8 trillion yuan, marking a year-on-year growth of 9.2%, with loans increasing by 8.8% and deposits by 3.9% [4][9] - The company plans to distribute a dividend of 1.646 yuan per 10 shares, resulting in a dividend payout ratio of 30% [4][9] Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.03 yuan, 1.06 yuan, and 1.09 yuan respectively, with corresponding profit growth rates of 0.7%, 2.4%, and 3.4% [7][10] - The report anticipates a gradual recovery in social demand and a stable dividend yield, positioning the company as a high-dividend stock in a declining interest rate environment [7][10] Asset Quality and Risk Management - The company’s asset quality remains robust, with a year-end NPL generation rate of 0.40% and a coverage ratio of 215% [8][10] - The report highlights the importance of monitoring retail asset quality, as there has been an increase in the overdue rate and attention rate [8][10]

Investment Rating - The report maintains a "Recommended" investment rating for Industrial and Commercial Bank of China (ICBC) [1] Core Views - The report highlights a marginal recovery in performance with improved revenue and net profit growth rates, alongside optimized deposit costs [1][4] - The bank's net interest income showed a positive growth of 4.68% year-on-year in Q4 2024, marking the first quarterly positive growth since Q3 2022 [4] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.34% at the end of 2024, reflecting a slight decrease [4] Summary by Relevant Sections Financial Performance - In 2024, ICBC's revenue decreased by 2.52% year-on-year, while net profit attributable to shareholders increased by 0.51% [4] - The bank's return on equity (ROE) was 9.88%, down by 0.78 percentage points year-on-year [4] - The bank's net interest margin (NIM) was 1.42%, a decrease of 19 basis points from the end of 2023, but the decline has narrowed [4] Loan and Deposit Growth - Total loans increased by 8.76% year-on-year, with corporate loans growing by 8.28% and retail loans by 3.51% [4] - Personal loans, including consumption and operating loans, saw significant growth rates of 28.3% and 24.6% respectively [4] - Total deposits grew by 3.9% year-on-year, with personal deposits increasing by 11.93% [4] Non-Interest Income and Wealth Management - Non-interest income decreased by 1.95% year-on-year, with a notable decline in commission income by 8.34% [4] - Wealth management showed steady growth, with retail assets under management (AUM) increasing by 10.28% year-on-year [4] Asset Quality and Capital Adequacy - The NPL ratio was 1.34% at the end of 2024, with a coverage ratio of 214.91% [4] - The core tier one capital adequacy ratio was 14.1%, indicating a solid capital position [4] Future Outlook - The report forecasts a stable dividend payout ratio of 31.3% for 2024, with projected book value per share (BVPS) of 10.99, 11.77, and 12.57 for 2025, 2026, and 2027 respectively [4][43]

Core Viewpoint - The company's performance in 2024 aligns with expectations, showing slight growth in net profit while experiencing declines in pre-provision profit and operating income [1] Revenue and Profit Trends - Revenue and profit growth rates are recovering, with net profit, pre-provision profit, and operating income showing increases of 0.3 percentage points, 1.1 percentage points, and 1.3 percentage points respectively compared to the first three quarters of 2024 [2] - Net interest income decreased by 2.7% year-on-year, but the decline rate improved by 2.3 percentage points compared to the previous three quarters, attributed to accelerated asset growth and stabilized interest margins [2] - Net fee income fell by 8.3% year-on-year, with a slight improvement in growth rate by 0.6 percentage points compared to the previous three quarters, indicating a recovery in the middle-income business [2] - Other non-interest income grew by 9.2% year-on-year, although the growth rate decreased from 17.5% in the previous three quarters due to a decline in investment income [2] Credit and Asset Management - The company focused credit allocation on key sectors, with total assets and loans growing by 9.2% and 8.8% year-on-year respectively, showing an increase in total asset growth compared to the previous three quarters [2] - Loan growth in key areas such as manufacturing, technological innovation, green finance, inclusive finance, and agriculture remained robust [2] Liability Cost and Interest Margin - The company's net interest margin for 2024 is 1.42%, showing a slight decrease of 1 basis point compared to the previous three quarters; the fourth quarter net interest margin was 1.34%, down 4 basis points from the third quarter [3] - The yield on interest-earning assets was 2.95%, down 5 basis points from the third quarter, while the yield on interest-bearing liabilities was 1.80%, down 1 basis point [3] - The optimization of liability costs has slowed the decline in interest margins [3] Profit Forecast and Valuation - The profit forecast remains largely unchanged, with the current A-share price corresponding to 0.6 times P/B for 2025 and 2026, and H-share price corresponding to 0.5 times and 0.4 times P/B for the same years [4] - The target price for A-shares is maintained at 8.67 yuan, representing a 26.1% upside potential based on a 0.8 times P/B for 2025 and 0.7 times for 2026 [4] - The target price for H-shares is maintained at 7.11 HKD, indicating a 29.5% upside potential based on a 0.6 times P/B for 2025 and 0.5 times for 2026 [4]

Investment Rating - The report maintains a "Recommendation" rating for the company [1][4][7] Core Views - The company achieved a total revenue of 821.8 billion yuan in 2024, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 365.9 billion yuan, reflecting a slight increase of 0.5% year-on-year [4][7] - The annualized weighted average ROE was reported at 9.9% [4] - The company’s total asset size reached 48.8 trillion yuan, growing by 9.2% year-on-year, with loans increasing by 8.8% and deposits by 3.9% [4][7] - The profit distribution plan for 2024 includes a dividend of 1.646 yuan per 10 shares (before tax), resulting in a dividend payout ratio of 30% [4] Financial Performance Summary - The company’s net interest margin for 2024 was 1.42%, down 19 basis points year-on-year, with a loan yield decrease of 41 basis points to 3.4% [7][9] - Non-interest income saw a decline of 1.9% year-on-year, while other non-interest income increased by 9.3% [7][9] - The company’s asset quality remains stable, with a non-performing loan (NPL) ratio of 1.34%, down 2 basis points year-on-year [8][10] - The provision coverage ratio stood at 215%, indicating a strong risk-bearing capacity [8][10] Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.03 yuan, 1.06 yuan, and 1.09 yuan respectively, with corresponding profit growth rates of 0.7%, 2.4%, and 3.4% [7][11] - The company’s total assets are expected to grow at a rate of 9.2% in 2024, with loan growth projected at 8.7% [11][12]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintaining the previous rating [8]. Core Views - The company is expected to achieve a slight increase in net profit of 0.51% year-on-year for 2024, while operating revenue is projected to decline by 2.52% [1]. - The company maintains a stable operational performance and solid market position, with a dividend payout ratio of 31.3% for 2024, resulting in a dividend per share of 0.308 RMB [1][5]. - The target price for A/H shares is set at 8.77 RMB and 7.06 HKD, reflecting a price-to-book (PB) ratio of 0.80 for A shares and 0.60 for H shares [5][9]. Summary by Sections Financial Performance - For 2024, the company's total assets, loans, and deposits are expected to grow by 9.2%, 8.8%, and 3.9% respectively, showing improvements compared to previous quarters [2]. - The net interest margin for 2024 is projected at 1.42%, with a slight decrease of 1 basis point from previous quarters [2]. Non-Interest Income - Non-interest income is forecasted to decline by 1.9% year-on-year for 2024, with a notable decrease in fee and commission income by 8.3% [3]. - Other non-interest income is expected to increase by 9.2% year-on-year, driven by growth in asset custody and agency payment services [3]. Asset Quality - The non-performing loan (NPL) ratio is projected to remain stable at 1.34% by the end of 2024, with a provision coverage ratio of 215% [4]. - The company’s retail loan quality shows some fluctuations, while corporate loan quality is improving [4]. Capital Adequacy and Valuation - The capital adequacy ratio and core tier one capital ratio are expected to be 19.39% and 14.10% respectively by the end of 2024 [3][4]. - The estimated earnings per share (EPS) for 2025 is projected at 1.04 RMB, with a price-to-earnings (PE) ratio of 6.60 [7][26].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved an operating income of 821.8 billion, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 365.9 billion, a year-on-year increase of 0.5% [3][4] - The weighted average return on equity (ROE) was 9.88%, down 0.78 percentage points year-on-year [3] - The company continues to expand its balance sheet with a strong focus on key areas of credit support, with interest-earning assets growing by 8.6% year-on-year [5][6] Financial Performance Summary - Revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for 2024 showed year-on-year growth rates of -2.5%, -4.2%, and 0.5% respectively, indicating a stabilization in operational performance [4] - The net interest income decreased by 2.7% year-on-year, while non-interest income fell by 1.9% [4][10] - The company’s loan growth for 2024 was 2.29 trillion, with significant increases in loans to key sectors such as manufacturing and green development [6] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio was 1.34%, a slight decrease from the previous quarter, indicating stable asset quality [11] - The provision coverage ratio was 214.9%, reflecting a solid buffer against potential loan losses [11][29] - The core tier one capital adequacy ratio stood at 14.1%, showing a healthy capital position [11][27] Earnings Forecast and Valuation - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 1.05, 1.08, and 1.11 respectively, with a current price-to-book (PB) ratio of 0.63 for 2025 [12][30] - The company’s cash dividend payout ratio remains stable at 31.3%, with a current dividend yield of 4.5% [12]

Investment Rating - The report maintains a strong buy recommendation for the company [5] Core Views - The company demonstrates stable operational performance with a slight recovery in revenue, PPOP, and net profit growth rates in 2024 compared to previous quarters [1] - The asset scale is steadily expanding, with total assets growing by 9.2% year-on-year and loans increasing by 8.8%, driven by significant growth in bill discounting [2] - The net interest margin remains stable at 1.42%, with a slight decrease compared to earlier quarters, while the cost of interest-bearing liabilities has improved [2] - The company plans to distribute a stable dividend of 0.308 CNY per share, maintaining a cash dividend ratio of 31.3% for three consecutive years [3] - The company’s non-performing loan ratio is stable at 1.34%, with improvements in corporate loans, although retail loans show some pressure [3] Summary by Sections Performance Overview - In 2024, the company reported a total revenue of 821.8 billion CNY, a decrease of 2.52% year-on-year, while net profit increased by 0.51% to 365.9 billion CNY [1][13] - The company’s total assets reached 48.8 trillion CNY, with a year-on-year growth of 9.2% [13] Non-Interest Income - Non-interest income has shown a decline, with a year-on-year decrease of 1.95% in 2024, primarily due to a drop in fee income [14][31] Interest Margin and Capital - The net interest margin for 2024 is reported at 1.42%, with a slight contraction from previous periods, while the cost of interest-bearing liabilities decreased to 1.94% [2][12] - The company maintains a robust capital adequacy ratio, with a core Tier 1 capital ratio of 13.78% [29] Asset Quality - The non-performing loan ratio stands at 1.34%, with a slight improvement in corporate loans, while retail loans face increased pressure [3][14] - The provision coverage ratio is reported at 214.69%, indicating a strong buffer against potential loan losses [3][14]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported strong financial performance for 2024, achieving a net profit of 366.9 billion yuan and total assets nearing 49 trillion yuan, while emphasizing its commitment to a five-pronged transformation strategy focused on enhancing value creation, market competitiveness, and risk management [1][2][5]. Financial Performance - ICBC's total assets reached approximately 49 trillion yuan, with an annual operating income of 786.1 billion yuan and a net profit of 366.9 billion yuan [1]. - The bank's net interest margin, capital adequacy ratio, non-performing loan ratio, and provision coverage ratio are all positioned at industry-leading levels [1]. - The bank's A-shares and H-shares saw annual increases of 44.8% and 36.4%, respectively, with a total dividend payout close to 110 billion yuan [5]. Transformation Strategy - ICBC is advancing its "five transformations" strategy, which includes intelligent risk control, modern layout, digital momentum, diversified structure, and ecological foundation [1][2]. - The bank aims to optimize its asset-liability structure and enhance its growth potential by focusing on "full quantity, full scenarios, and full cycles" [2]. Risk Management - ICBC reported a decrease in non-performing assets and non-performing loan ratios by 2 basis points, with an increase in provision coverage, indicating a solid foundation for asset quality [6][7]. - The bank's proactive approach to risk management includes a significant increase in resource write-offs, totaling 85.1 billion yuan, which is 12.4 billion yuan more than the previous year [6]. Internationalization and Diversification - ICBC has established a global presence, serving 49 countries and regions, and holds significant stakes in various financial sectors, enhancing its international and comprehensive service capabilities [8]. - The bank's international and comprehensive assets account for 11.8% of the group, contributing 9.6% to revenue and 11% to pre-tax profit [8]. Financial Technology and Innovation - ICBC is leveraging its strengths in financial technology, having built a comprehensive AI model system that supports over 200 business scenarios, significantly improving operational efficiency [10][17]. - The bank is committed to enhancing its digital capabilities and expanding its service offerings in the financial infrastructure sector, aiming to create a more flexible and responsive asset-liability structure [9][10]. Future Outlook - ICBC anticipates continued challenges from a low interest rate environment but is focused on maintaining a healthy asset-liability structure and optimizing its asset allocation [11][12]. - The bank plans to enhance its support for the real economy through targeted credit policies and improved cost management strategies [12][13].

华夏时报（www.chinatimes.net.cn）记者 刘佳 北京摄影报道 "宇宙行"交卷，2024年净利润达到3669.46亿元。 3月28日晚间，工商银行披露了2024年经营情况。年报数据显示，2024年末，该行资产总额48.82万亿元，较上年 末增长9.2%；客户存款34.84万亿元，较上年末增长3.9%；各项贷款28.37万亿元，较上年末增长8.8%；净利润较 上年增长0.5%。 拒绝科目腾挪与报表粉饰 "去年是工商银行40年后再出发，而摆在我们面前的宏观经济环境是要穿越低息差的环境，对于这么大的资产负债 表银行，压力可想而知。"刘珺直言，这是打造一流银行、领军银行、现代银行、价值银行的必经之路，所以工商 银行作为领军银行，一定要闯出一条新路来。 刘珺用三个"没有变"和三个"立起来"诠释工商银行在转型路上探索前行所取得的进展。 三个"没有变"体现在，从价值创造看，志存高远的导向没有变。2024年年度分红接近1100亿元，在A股上市公司 中，分红总额稳居前列；从服务实体经济看，提质增量、扩面强效的方向并没有变，集团总资产增长9.2%，其中 人民币贷款和债券投资的增量是两个2.3万亿元；从风险防控角度 ...