CEB BANK(601818) 开源证券·2024-09-01 05:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][22]. Core Insights - The company's revenue decline has narrowed, with significant contributions from investment income. In the first half of 2024, the company achieved revenue of 69.8 billion yuan, a year-on-year decrease of 8.77%, which is an improvement compared to the first quarter of 2024. The net interest margin decreased by 28 basis points to 1.54% due to a significant drop in loan yield. The net profit attributable to shareholders for the first half of 2024 was 24.5 billion yuan, reflecting a year-on-year increase of 1.72%, indicating stable profitability [3][23]. - The company has a solid support for corporate loans, with a significant decrease in deposit costs. As of the end of Q2 2024, the corporate loan balance was 2.27 trillion yuan, a year-on-year increase of 7.46%, outpacing the overall loan growth rate of 4.00%. Retail loan demand remains weak, with a year-on-year decrease of 1.69% [4][24]. - Asset quality remains stable, with a non-performing loan ratio holding steady at 1.25% for three consecutive quarters. The coverage ratio for provisions decreased to 172.45% due to increased write-off efforts. The core tier one capital adequacy ratio has improved, and the announcement of a mid-term dividend is expected to enhance valuation recovery [5][25]. Summary by Sections Revenue and Profitability - The company reported a revenue of 69.8 billion yuan in H1 2024, down 8.77% year-on-year, with a net profit of 24.5 billion yuan, up 1.72% year-on-year. The profit forecast for 2024-2026 has been adjusted to 41.9 billion, 44.2 billion, and 46.4 billion yuan respectively, with year-on-year growth rates of 2.8%, 5.5%, and 4.9% [3][23][26]. Loan and Deposit Performance - Corporate loans showed a robust growth of 7.46% year-on-year, while retail loans declined by 1.69%. Total deposits reached 3.92 trillion yuan, down 4.21% year-on-year, primarily due to a decrease in corporate deposits [4][24]. Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a slight increase in the attention ratio to 1.99%. The company has focused on managing non-performing loans, maintaining overall asset quality stability [5][25].