Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5][44]. Core Insights - The company's revenue and profit growth are showing signs of recovery, with a cumulative revenue decline of 3.2% year-on-year for Q3 2024, an improvement from a 3.4% decline in the first half of 2024. Net profit decreased by 0.6% year-on-year, compared to a 1.3% decline in the first half of 2024 [2][9]. - The net interest income has shown a slight recovery, with a quarter-on-quarter increase of 0.8 percentage points, supported by a stable growth in interest-earning assets [3][12]. - The asset quality remains robust, with a non-performing loan (NPL) ratio stable at 0.94% and a provision coverage ratio of 432.15%, indicating a strong safety margin [30][32][34]. Revenue and Profit Growth - Cumulative revenue for Q3 2024 is down 3.2% year-on-year, while net interest income has decreased by 3.1% and non-interest income by 3.4%. The net fee income has seen a significant decline of 16.9%, but other non-interest income has increased by 30.9% [2][9][22]. - The growth in net interest income is supported by a stable interest margin, with the annualized yield on interest-earning assets decreasing by 7 basis points to 3.49% [3][12]. Asset and Liability Growth - The growth rate of interest-earning assets is stable, with a year-on-year increase of 6.5%. Total loans increased by 5.3%, and bond investments rose by 8.2% [16][17]. - Total deposits grew by 7.7% year-on-year, with a notable increase in the proportion of time deposits [16][18]. Non-Interest Income - Non-interest income has faced pressure, with a year-on-year decline of 3.4%. The net fee income has decreased by 16.9%, while other non-interest income has increased by 30.9% [22][23]. - The wealth management segment has shown strong growth, with agency wealth management income increasing by 47.4% [22][23]. Retail Customers and AUM - The number of retail customers has surpassed 206 million, with total assets under management (AUM) reaching 14.3 trillion yuan. The growth rates for different customer segments remain robust [26][29]. Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.94% and a provision coverage ratio of 432.15%. The corporate NPL ratio has improved, while the retail NPL ratio has seen a slight increase [30][34]. - The overdue rate has improved, with a current rate of 1.25%, down 17 basis points [30][34]. Other Insights - The core tier one capital adequacy ratio has increased, indicating a strong capital position [44]. - The report has adjusted profit forecasts for 2024-2026, with expected net profits of 146.6 billion, 146.6 billion, and 149.5 billion yuan respectively [44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is steadily improving, with an enhancement in credit card asset quality [6] - For the first three quarters of 2024, the company achieved a revenue of 252.709 billion yuan, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 113.184 billion yuan, a year-on-year decrease of 0.62% [6] - The company is expected to maintain a significant retail business advantage, with a projected revenue growth of 2.60% CAGR over the next three years [6] Summary by Relevant Sections Financial Performance - In Q1-Q3 2024, the company's net interest income and commission income decreased by 3.07% and 16.90% year-on-year, respectively, but showed marginal improvement compared to H1 2024 [6] - The net profit growth rate for Q1-Q3 2024 increased by 0.71% compared to H1 2024, driven by interest margin business, commission income, and cost control [6] Retail Business - As of Q3 2024, the company's loan balance reached 6.76 trillion yuan, a year-on-year increase of 4.70%, with retail loans showing significant growth [6] - The average yield on loans and average cost of deposits for Q1-Q3 2024 were 3.98% and 1.58%, respectively, reflecting a slight decline compared to H1 2024 [6] Wealth Management - Wealth management fee and commission income for Q1-Q3 2024 was 17.405 billion yuan, a year-on-year decrease of 27.63%, but the decline rate narrowed compared to H1 2024 [6] - The company’s retail AUM reached 14.34 trillion yuan, an increase of 7.69% from the beginning of the year [6] Asset Quality - As of Q3 2024, the company's non-performing loan ratio was 0.94%, with a provision coverage ratio of 432.15%, indicating strong risk compensation ability [6] - The overall non-performing loan generation rate for Q1-Q3 2024 was 1.02%, stable compared to H1 2024 [6] Investment Outlook - The company is projected to achieve revenues of 333.4 billion yuan, 346.4 billion yuan, and 366.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profit estimates of 146.8 billion yuan, 151.1 billion yuan, and 159.5 billion yuan [6][7]

Investment Rating - The report assigns a rating of "Accumulate" with a target price of 43.02 CNY, indicating a potential upside of 15% from the current price of 37.36 CNY [6][25]. Core Insights - The report highlights that the company's net interest margin has stabilized, and profitability is showing signs of recovery, while provisions remain at a high level [1][5]. - The bank's revenue has shown a continuous upward recovery, with total revenue for the first three quarters of 2024 reaching approximately 252.7 billion CNY, a year-on-year decrease of 2.91% [2][9]. - The asset quality remains robust, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 432.15% [4][21]. Financial Performance Summary - As of Q3 2024, the bank's total revenue was approximately 252.7 billion CNY, with net interest income at 157.3 billion CNY, reflecting a year-on-year decline of 3.07% [2][9]. - The bank's net profit attributable to shareholders for Q3 2024 was 113.2 billion CNY, down 0.62% year-on-year [2][9]. - The bank's net interest margin for Q1-Q3 2024 was 1.99%, slightly below the mid-2024 target of 2.00% but showing a significant slowdown in the downward trend compared to previous quarters [3][12]. Asset and Liability Management - As of Q3 2024, the bank's interest-earning assets totaled 112,931 billion CNY, an increase of 776 billion CNY from H1 2024 [4][16]. - The bank's interest-bearing liabilities amounted to 99,455 billion CNY, reflecting a quarter-on-quarter increase of 542 billion CNY [4][16]. - The structure of liabilities shows a stable increase in deposits, with a slight decrease in existing bonds and interbank liabilities [4][20]. Asset Quality and Provisions - The non-performing loan balance stood at 636 billion CNY, maintaining a ratio of 0.94% [21]. - The overdue loan ratio improved to 1.36%, with a provision coverage ratio of 432.2% for non-performing loans [4][21]. Profitability Forecast and Valuation - The forecast for net profit growth from 2024 to 2026 is 2.25%, 3.79%, and 3.19%, respectively [5][25]. - The report utilizes a dividend discount model to estimate a target price of 43.02 CNY, corresponding to a price-to-book ratio of 1.04x for 2024 [5][25].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's performance in Q3 shows a marginal improvement, with a return to profit growth for the first time this year, achieving a net profit growth of 0.8% in Q3 [2][9] - The overall financial health remains strong, with a stable asset quality and a low non-performing loan (NPL) ratio of 0.94% [3][4] - The company is expected to maintain its leading position in the industry, supported by a low-cost, low-risk, and high return on equity (ROE) model [9] Financial Performance Summary - Revenue for the first three quarters was CNY 252.7 billion, a year-on-year decrease of 2.9%, while net profit was CNY 113.2 billion, down 0.6% [2] - Net interest income decreased by 3.1% year-on-year, but the decline is narrowing compared to the first half of the year [2] - The net interest margin for Q3 was 1.97%, showing only a slight decrease from the previous quarter [2] Asset Quality Summary - As of September, the NPL ratio stood at 0.94%, with a coverage ratio of 432% [3] - The company reported a decrease in the generation of non-performing loans in Q3, with corporate NPL generation at CNY 2.24 billion, down from the previous quarter [3][4] Business Segment Performance - Wealth management revenue saw a significant decline of 27.6% year-on-year, primarily due to fee rate reductions and market volatility [9] - The total assets reached CNY 11.7 trillion, with loans amounting to CNY 6.76 trillion, reflecting a growth of 3.8% year-to-date [5] Future Outlook - The company is expected to continue its recovery throughout the year, with a positive outlook for the medium to long term [9] - Financial projections indicate a gradual improvement in revenue and profit growth rates over the next few years [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's asset quality remains robust, and its fundamentals show strong resilience despite a slight decline in revenue and profit year-on-year [4][5]. - The report highlights a narrowing decline in revenue and profit compared to the first half of 2024, indicating a recovery trend [5]. - The bank's retail business continues to grow, with a significant increase in retail customer numbers and assets under management (AUM) [13]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 252.7 billion, a year-on-year decrease of 2.9%, and a net profit attributable to shareholders of 113.2 billion, down 0.6% year-on-year [4]. - The weighted average return on equity (ROE) stands at 15.38%, reflecting a decrease of 2 percentage points year-on-year [4]. - The net interest margin for the first three quarters decreased by 1 basis point to 1.99%, with a quarterly net interest margin of 1.97% [8]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable at 0.94%, with a non-performing loan balance of 63.6 billion, an increase of nearly 2 billion since the beginning of the year [11]. - The bank's provision coverage ratio slightly decreased to 432.2%, indicating strong risk mitigation capabilities [12][11]. Capital Adequacy - The bank's capital adequacy ratios have improved, with the core tier 1 capital ratio at 14.73%, tier 1 capital ratio at 16.99%, and total capital ratio at 18.67% as of the end of Q3 2024 [12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 5.82, 6.05, and 6.33 yuan, respectively, reflecting a downward revision of 3.8%, 5.2%, and 6.7% from previous estimates [13]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.95 for 2024, 0.86 for 2025, and 0.79 for 2026 [13].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 48.52 CNY based on a current price of 38.60 CNY [1][2]. Core Views - The company's performance shows a gradual improvement in revenue decline, with a reported operating income of 252.709 billion CNY for the first three quarters of 2024, reflecting a year-on-year decrease of 2.91% [1]. - The net profit attributable to shareholders for the same period was 113.184 billion CNY, down 0.62% year-on-year, indicating a narrowing of negative growth [1]. - The net interest margin for Q3 2024 was reported at 1.97%, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 432.15% [1]. Summary by Relevant Sections Financial Performance - The company experienced a continued contraction in revenue, with net interest income and non-interest income showing year-on-year declines of 3.07% and 16.90%, respectively, while other non-interest income increased by 28.23% [1]. - Q3 2024 saw a net interest income of 52.85 billion CNY, reflecting a quarter-on-quarter increase of 0.76% [1]. - The cost control measures have led to a reduction in credit impairment losses by 8.55% year-on-year, and management expenses decreased by 4.56% [1]. Asset Quality - The non-performing loan ratio remained stable at 0.94%, with a slight increase in the proportion of special mention loans to 1.30% [1]. - The company reported a non-performing loan generation rate of 1.02% for Q3, which is still considered low [1]. Credit and Deposits - The company maintained stable growth in credit, with a total new loan issuance of 10.95 billion CNY in Q3 2024, although retail demand remains weak [1]. - The proportion of loans in interest-earning assets slightly decreased to 58.7%, while the proportion of deposits in interest-bearing liabilities remained stable at 86.4% [1]. Future Outlook - The report anticipates a gradual recovery in the company's performance, with adjusted net profit growth rates for 2024E, 2025E, and 2026E projected at -0.3%, -0.2%, and 4.2%, respectively [2]. - The target price reflects a price-to-book ratio of 1.10X for 2025, indicating confidence in the company's long-term value [2].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][9][13] Core Views - The company's revenue decline has narrowed, and cost control efforts have intensified, with a year-on-year decrease in net profit of 0.62% and revenue down by 2.91% [4][9] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.92% and a decrease in the NPL generation rate [8][9] - The company is expected to maintain its competitive advantage in the long term, particularly in retail and wealth management sectors [9] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 252.7 billion yuan, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.62% year-on-year [3][4] - The total asset size reached 11.7 trillion yuan, growing 9.25% year-on-year, with loan and deposit scales increasing by 4.70% and 9.43% respectively [3][5] Revenue and Profitability - The net interest income decreased by 3.07% year-on-year, while non-interest income fell by 2.6%, with a notable decline in wealth management fees [4][5] - The cost-to-income ratio improved, decreasing by 0.5 percentage points to 29.58% due to effective cost management [4][5] Asset Quality - The NPL ratio decreased by 2 basis points to 0.92%, with the corporate sector showing improved asset quality [8][9] - The coverage ratio for provisions remains high at 432% despite a slight decrease [8][9] Future Outlook - The company is expected to face pressure on net interest margins due to ongoing interest rate adjustments, but it maintains a strong position in the retail banking sector [5][9] - Earnings per share (EPS) forecasts for 2024-2026 are 6.08, 6.39, and 6.83 yuan respectively, with corresponding profit growth rates of 4.5%, 5.2%, and 6.9% [9][11]

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company reported a revenue of 252.7 billion yuan for the first nine months of 2024, a year-on-year decline of 2.9%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.6% year-on-year [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.94% quarter-on-quarter, while the provision coverage ratio decreased by 2.3 percentage points to 432% [2][4]. - The decline in revenue was primarily driven by a decrease in non-interest income, which fell by 2.6% year-on-year, with a significant drop of 17% in fee income [3][11]. Summary by Sections Financial Performance - For 9M24, net interest income decreased by 3.1% year-on-year, contributing negatively to revenue growth by 1.9 percentage points [3][11]. - The company’s total revenue for 2024 is projected to be 336.3 billion yuan, with a year-on-year growth rate of -0.83% [6][21]. - The net profit for 2024 is expected to be 145.4 billion yuan, reflecting a year-on-year decline of 0.8% [21]. Asset Quality - The NPL ratio for 3Q24 was stable at 0.94%, with the corporate NPL ratio decreasing to 1.05% and retail NPL ratio increasing to 0.94% [4][10]. - The annualized NPL generation rate for 9M24 was 1.02%, consistent with 2023 levels [10][11]. - The company maintains a high provision coverage ratio, ensuring asset quality remains stable [10][11]. Loan and Deposit Trends - Total loans increased by 4.7% year-on-year, with retail loans showing steady growth [5][12]. - The company continues to adjust its loan structure, reducing exposure to real estate and low-yielding bills [5][12]. - The total deposits reached 8.73 trillion yuan, a year-on-year increase of 9.4% [19][21]. Market Position - The company’s stock closed at 38.60 yuan, with a market capitalization of 796.3 billion yuan [7][19]. - The price-to-book (P/B) ratio for 2024 is projected at 0.96, indicating a favorable valuation compared to peers [11][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Views - The company's performance is showing signs of recovery, particularly in its retail banking segment, with a positive growth in net profit for the third quarter [1]. - The company is expected to benefit from a rebound in its wealth management business due to increasing market activity driven by recent policy support [1]. - The asset quality remains stable, with a non-performing loan ratio of 0.94%, indicating a solid credit profile [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 252.7 billion yuan, a year-on-year decrease of 2.9%, while net profit was 113.2 billion yuan, down 0.6% year-on-year [1]. - The annualized ROAA and ROAE were reported at 1.33% and 15.38%, respectively, reflecting a decline compared to the previous year [1]. - The net interest margin for the third quarter was 1.97%, with a slight decrease from the previous quarter [1]. Revenue and Profit Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 147.3 billion yuan, 153.5 billion yuan, and 165.1 billion yuan, respectively, with corresponding year-on-year growth rates of 0.5%, 4.2%, and 7.6% [1][3]. - The projected PE ratios for 2024, 2025, and 2026 are 6.7x, 6.5x, and 6.0x, while the PB ratios are 0.94x, 0.85x, and 0.78x [1][3]. Asset Quality Indicators - The company reported a non-performing loan generation rate of 1.02%, which is a year-on-year decrease of 1 basis point, primarily driven by retail loans [1]. - The provision coverage ratio stands at 432%, indicating a strong buffer against potential credit losses [1][4].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 49.19 CNY, maintaining the rating [3]. Core Insights - The company's performance shows a gradual recovery, with a year-on-year decline in revenue of -2.91% for the first three quarters, an improvement from -3.09% in the mid-year report. The net profit attributable to shareholders decreased by -0.62%, improving from -1.33% [1]. - In Q3, the net profit attributable to shareholders increased by 0.79% year-on-year, driven by scale expansion and cost savings, although the net interest margin contracted [1][6]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.99% in Q3, reflecting a controlled credit risk environment [7][22]. Summary by Sections Financial Performance - Revenue for the first three quarters declined by -2.91%, while the pre-provision profit decreased by -2.66%. The net profit attributable to shareholders showed a smaller decline of -0.62% [1]. - In Q3, the bank's net interest margin was 1.97%, down 14 basis points year-on-year, with a slight quarter-on-quarter decrease of 2 basis points [2][3]. Credit Structure - New credit in Q3 amounted to 261 million CNY, a decrease of 844 million CNY year-on-year, primarily due to a significant reduction in bill discounting [2]. - General loans increased by 506 million CNY year-on-year, mainly driven by growth in corporate loans directed towards manufacturing, electricity, and wholesale retail sectors [2]. Deposit Growth - The bank saw a strong deposit growth in Q3, with new deposits of 115.6 billion CNY, an increase of 82.7 billion CNY year-on-year, outpacing credit expansion [2][3]. Non-Interest Income - Non-interest income in Q3 decreased by 5.7% year-on-year, with net fee and commission income down by 12.9% [6][19]. Cost Management - The cost-to-income ratio improved to 29.2%, down 3.1 percentage points year-on-year, benefiting from reductions in employee and business expenses [7][21]. Asset Quality - The non-performing loan ratio remained stable at 0.99%, with a slight increase in the attention rate and a decrease in the overdue rate [7][22]. - The bank has maintained a high provision level to mitigate risks, with a non-performing loan generation rate of 1.01% in Q3 [8][25]. Future Outlook - The bank's revenue growth is projected to be -2.62% for 2024, with a net profit growth of 0.2%, indicating a cautious recovery [10][9].