CCB(SH:601939) Guolian Securities·2024-09-02 05:06Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 385.965 billion yuan for H1 2024, a year-on-year decrease of 3.57%, with a net profit attributable to shareholders of 164.326 billion yuan, down 1.80% year-on-year [3][9] - The performance is relatively stable, with other non-interest income showing good results despite a decline in net interest income and commission income [9] - The bank's net interest income decreased by 5.17% year-on-year, primarily due to weak effective financing demand [9] - The bank's non-performing loan (NPL) ratio was 1.35% at the end of H1 2024, showing marginal improvement [9] Financial Performance Summary - For H1 2024, the company achieved a revenue of 385.965 billion yuan, down 3.57% year-on-year, and a net profit of 164.326 billion yuan, down 1.80% year-on-year [3][9] - The bank's net interest income and commission income decreased by 5.17% and 11.20% year-on-year, respectively [9] - The loan balance reached 25.39 trillion yuan, an increase of 10.03% year-on-year [9] - The average yield on loans and average cost of deposits were 3.55% and 1.72%, respectively, showing a decline compared to 2023 [9] Asset Quality and Risk - The NPL ratio was 1.35% at the end of H1 2024, with a slight increase in the NPL generation pressure [9] - The bank's provision coverage ratio was 238.75%, indicating a strong risk mitigation capability [9] Earnings Forecast - The company is expected to generate revenues of 762.7 billion yuan, 784.9 billion yuan, and 811.8 billion yuan for 2024, 2025, and 2026, respectively, with a three-year CAGR of 1.79% [9] - The net profit attributable to shareholders is projected to be 323.6 billion yuan, 333.7 billion yuan, and 347.5 billion yuan for the same years, with a three-year CAGR of 1.47% [9]