兴业银行：息差韧性较强，地产领域风险较为可控

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has demonstrated strong resilience in net interest margin, and risks in the real estate sector are considered manageable [7] - The company's revenue for H1 2024 was CNY 1130.43 billion, a year-on-year increase of 1.80%, while net profit attributable to shareholders was CNY 430.49 billion, up 0.86% year-on-year [11] - The report highlights improvements in profit growth margins and a notable increase in credit issuance, particularly in corporate loans and bills [11] Financial Performance Summary - For H1 2024, the company achieved net interest income of CNY 748.91 billion and other non-interest income of CNY 254.07 billion, with year-on-year growth rates of 4.22% and 8.70% respectively [11] - The loan balance reached CNY 5.67 trillion, reflecting an 8.55% year-on-year increase, with corporate loans and bill discounts driving the growth [11] - The net interest margin for H1 2024 was 1.86%, showing a slight decline of 7 basis points compared to the full year of 2023, primarily due to asset-side pressures [11] Asset Quality and Risk Management - The company's non-performing loan ratio stood at 1.08% and the attention ratio at 1.73% as of H1 2024, indicating stable asset quality despite some fluctuations [11] - The non-performing asset ratio in the real estate sector was 3.65%, with adequate provisioning levels maintained [11] - The company has a provisioning coverage ratio of 237.82%, indicating strong risk mitigation capabilities [11] Earnings Forecast - The company is projected to achieve revenues of CNY 2169 billion, CNY 2284 billion, and CNY 2404 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 2.88%, 5.30%, and 5.26% [11] - Net profit attributable to shareholders is expected to be CNY 787 billion, CNY 825 billion, and CNY 871 billion for the same years, with growth rates of 1.99%, 4.89%, and 5.57% respectively [11]