兴业银行(601166)：净息差保持稳定净利润增速实现由负转正

中泰证券股份有...08-23 16:53

半年报综述：净利润增速由负转正至增长0.9%。兴业银行2024 年二季度在负债端成本的有力管控下息差保持稳定，带动净利息收入增速较一季度实现由负转正，不过受中收拖累，营收整体累计同比增速较一季度下降2.5 个百分点至1.9%；公司资产质量整体稳定，拨备计提力度有所放缓，净利润增速由一季度的-3.1%提升了4%至0.9%，实现由负转正。净利息收入：Q2 环比由负转正至增长1.09%，净息差环比...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024082316534795b7875d&s=b><strong>中泰证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>半年报综述：净利润增速由负转正至增长0.9%。兴业银行2024 年二季度在负债端成本的有力管控下息差保持稳定，带动净利息收入增速较一季度实现由负转正，不过受中收拖累，营收整体累计同比增速较一季度下降2.5 个百分点至1.9%；公司资产质量整体稳定，拨备计提力度有所放缓，净利润增速由一季度的-3.1%提升了4%至0.9%，实现由负转正。净利息收入：Q2 环比由负转正至增长1.09%，净息差环比...</p>\n\n<a 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个百分点至237.82%；拨贷比环比下行7bp 至2.56%。投资建议：公司2024E、2025E PB 0.46X/0.42X；PE 4.52X/4.38X，公司基本面稳健，未来“商行+投行”战略下，表内净利息收入维持平稳增长，表外在直接融资发展的大背景下中收增长有望打开空间。公司高ROE 低估值，低估值没有包含公司转型升级的期权，建议积极关注管理层的转型推动。我们维持“增持”评级，建议关注。注：根据公司年报及相关宏观数据，我们相应调整贷款收益率、手续费净收入、信用成本等相关假设，盈利预测调整至2024E/2025E 营业收入2144.0/2208.9 亿（原值2144.0/2143.0 亿），净利润773.3/797.5 亿（原值747.7/747.6 亿）。风险提示：经济下滑超预期、公司经营不及预期、研报信息更新不及时。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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兴业银行(601166)：净息差保持稳定 净利润增速实现由负转正

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兴业银行(601166)：净息差保持稳定净利润增速实现由负转正