兴业银行（601166）：盈利增速回暖，分红水平抬升

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [3][14]. Core Views - The company's profit growth has rebounded, with a slight increase in dividend levels, indicating a positive outlook for future performance [4][7]. - The bank's total assets grew by 3.4% year-on-year, with loans and deposits increasing by 5.0% and 7.7% respectively, showcasing stable growth [4][8]. - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.07%, reflecting improved asset quality [8][11]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 212.2 billion yuan, a year-on-year increase of 0.66%, and a net profit of 77.2 billion yuan, up 0.12% [4][6]. - The annualized ROE for the company was reported at 9.89% [4]. Revenue and Profitability - The net interest income for 2024 was 148.1 billion yuan, with a year-on-year growth of 1.1% [9][11]. - Non-interest income showed a slight decline of 0.3% year-on-year, indicating stability in revenue streams [7][9]. Asset Quality - The NPL ratio improved to 1.07%, with a coverage ratio of 238%, indicating strong risk mitigation measures [8][11]. - The report notes a decrease in credit impairment losses by 1.6% year-on-year, contributing to the recovery in profit growth [7][9]. Dividend Policy - The company announced a dividend plan of 10.60 yuan per 10 shares, resulting in a cash dividend payout ratio of 30.17%, enhancing the attractiveness of the stock for income-focused investors [4][8]. Future Outlook - The report projects a modest growth in EPS, estimating 3.77 yuan for 2025, 3.93 yuan for 2026, and 4.14 yuan for 2027, reflecting a cautious but positive growth trajectory [7][12].