CEB BANK(601818) 开源证券·2024-09-01 06:03Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The revenue decline has narrowed, and the certainty of mid-term dividends has increased [3] - The bank achieved a revenue of 69.8 billion yuan in the first half of 2024, a year-on-year decrease of 8.77%, but the decline is less than in the first quarter of 2024 [3] - The net interest margin decreased by 28 basis points to 1.54% year-on-year, primarily due to a significant drop in loan yields [3] - The bank's net profit attributable to shareholders was 24.5 billion yuan, showing a year-on-year increase of 1.72%, maintaining stable profitability [3] - The bank's 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] - The current stock price corresponds to a price-to-book ratio of 0.3 for 2024-2026, and the "Outperform" rating is maintained due to the narrowing revenue decline and stable asset quality [3] Summary by Sections Revenue and Profitability - In Q2 2024, the bank's revenue decreased by 7.93%, a smaller decline compared to Q1 2024, with net interest income and non-interest income changing by -12.48% and +3.35% respectively [3] - The bank's total assets grew at a marginally declining rate, with a focus on maintaining asset quality [5] Loan and Deposit Performance - As of the end of Q2 2024, corporate loan balances reached 2.27 trillion yuan, a year-on-year increase of 7.46%, outpacing the overall loan growth rate of 4.00% [4] - Retail loan demand remains weak, with a year-on-year decline of 1.69% as of Q2 2024 [4] - Total deposits were 3.92 trillion yuan, down 4.21% year-on-year, primarily due to negative growth in corporate deposits [4] Asset Quality - The non-performing loan ratio remained stable at 1.25% for three consecutive quarters, while the attention rate increased by 15 basis points to 1.99% [5] - The bank has increased its efforts in handling non-performing loans, maintaining overall asset quality stability [5] Dividends and Valuation - The bank announced a mid-term dividend on August 30, 2024, which is expected to enhance valuation recovery potential [5]