BOB(601169) 平安证券·2024-09-02 08:41Investment Rating - The report maintains a "Recommended" investment rating for Beijing Bank (601169.SH) [3][8] Core Views - Beijing Bank's performance shows steady growth, with a 6.4% year-on-year increase in revenue and a 2.4% increase in net profit attributable to shareholders in the first half of 2024 [5][6] - The bank's total assets reached 3.95 trillion yuan, growing by 5.25% since the beginning of the year, with total loans increasing by 7.56% and total deposits by 13.2% [5][6] - The report highlights a recovery in interest income growth, with net interest income increasing by 3.8% year-on-year, indicating a slowdown in the decline of interest margins [6][8] Summary by Sections Financial Performance - In the first half of 2024, Beijing Bank achieved operating income of 35.544 billion yuan, a 6.4% increase year-on-year, and net profit attributable to shareholders of 14.579 billion yuan, a 2.4% increase [5][9] - The bank's net interest margin was reported at 1.47%, down from 1.54% in 2023, with a quarterly annualized net interest margin of 1.34% in Q2 2024 [6][9] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.31%, while the attention rate increased to 1.87% [8][9] - The provision coverage ratio decreased slightly to 208%, indicating a still relatively strong buffer against potential loan losses [8][9] Future Outlook - The report anticipates continued improvement in performance due to ongoing retail transformation and recovery in market demand, with projected earnings per share (EPS) for 2024-2026 at 1.27, 1.34, and 1.42 yuan respectively [8][9] - The bank's valuation is considered to have a sufficient margin of safety, with price-to-book ratios projected at 0.42x, 0.39x, and 0.36x for 2024-2026 [8][9]