CNCB(601998) 开源证券·2024-07-08 23:00Investment Rating - The investment rating for CITIC Bank is "Buy" (maintained) [2][20] Core Views - The fundamental performance of CITIC Bank has shown steady improvement, with Q1 2023 revenue growth turning positive and being the second highest among listed joint-stock banks. The bank's Q2 performance is expected to remain stable, with projected net profits for 2024-2026 at 72.1 billion, 79.3 billion, and 82.9 billion yuan, respectively, reflecting year-on-year growth of 7.5%, 10.0%, and 4.6% [5][8] - Following the introduction of a manual interest subsidy ban, the deposit cost rate is expected to decline, which may support the net interest margin. CITIC Bank's large corporate client base has been increasing, with large client deposits accounting for 38% of corporate deposits and loans contributing 35% of corporate loans as of the end of 2023 [6][7] - Non-interest income may face pressure due to market volatility, but the bank's non-performing loan ratio is expected to remain low at 1.18%, enhancing its investment value through a high dividend payout ratio of over 28% for 2023 [7][8] Summary by Sections Investment Rating - Buy rating maintained for CITIC Bank [2][20] Financial Performance - Q1 2023 revenue growth was positive, with a projected net profit of 72.1 billion yuan for 2024, reflecting a year-on-year increase of 7.5% [5][8] - Expected net profits for 2025 and 2026 are 79.3 billion and 82.9 billion yuan, respectively [5][8] Market Position - CITIC Bank's large corporate client deposits increased by 3 percentage points year-on-year, indicating a strong client base [6] - The bank's non-performing loan ratio remains low at 1.18%, providing a safety margin [7] Dividend Policy - The bank maintains a high dividend payout ratio, with a current dividend yield of 4.86% [7][15]