Guoxin Securities·2024-08-31 08:03Investment Rating - The investment rating for Postal Savings Bank (601658.SH) is "Outperform the Market" [4][6] Core Views - The bank's revenue and net profit experienced a slight decline in the first half of 2024, with operating income at 176.8 billion yuan, down 0.1% year-on-year, and net profit attributable to shareholders at 48.8 billion yuan, down 1.5% year-on-year [1] - The bank's total assets grew steadily, reaching 16.4 trillion yuan, an 8.5% increase year-on-year, with loans and deposits growing by 10.4% and 11.8% respectively [1] - The net interest margin remained stable at 1.91% on average for the first half of the year, despite a year-on-year decrease of 17 basis points [1] - Fee income decreased by 16.7% year-on-year, primarily due to reduced income from insurance agency business [1] - The asset quality remains strong, with a non-performing loan ratio of 0.84%, stable compared to the beginning of the year [1] Financial Forecasts - The bank's projected net profit for 2024-2026 is 86.7 billion, 90.5 billion, and 94.7 billion yuan respectively, with year-on-year growth rates of 0.5%, 4.4%, and 4.6% [2][5] - The diluted EPS for the same period is expected to be 0.82, 0.86, and 0.90 yuan [2][5] - The current price corresponds to a PE ratio of 6.0, 5.7, and 5.4 times, and a PB ratio of 0.58, 0.54, and 0.51 times for the years 2024-2026 [1][5]