CEB BANK(601818) 海通证券·2024-09-11 07:52Investment Rating - The investment rating for the company is "Outperform the Market" [1][4]. Core Insights - The company's revenue decline has narrowed, and the net profit growth has increased on a quarter-on-quarter basis. The capital adequacy ratio has significantly improved, continuously meeting regulatory requirements, with good loan growth and an expanding retail scale [4][5]. - The company has achieved a total loan amount exceeding 3.8 trillion yuan, with a year-on-year growth of 4.0%. The growth rates for technology finance, green finance, and inclusive finance loans were +31.4%, +28.6%, and +13.2%, respectively [4][5]. - The projected EPS for 2024-2026 is 0.61, 0.64, and 0.66 yuan, with corresponding net profit growth rates of 0.61%, 3.47%, and 3.74% [4][5]. Summary by Sections Financial Performance - In H1 2024, the company's revenue decreased by 8.8% year-on-year, while the net profit increased by 1.7% year-on-year. The capital adequacy ratio stood at 13.87%, up by 0.37 percentage points year-on-year [4][5]. - The company plans to implement a specific mid-term dividend plan after fulfilling corporate governance procedures [4]. Loan and Retail Growth - The company has maintained a strong focus on serving the real economy, with total loans surpassing 3.8 trillion yuan, reflecting a 4.0% year-on-year increase. Corporate loans grew by 7.5% year-on-year [4]. - Retail assets under management (AUM) reached 2.87 trillion yuan, an increase of 5.42% from the end of 2023, with wealth management product management scale growing by 13.74% [4]. Valuation and Forecast - The reasonable value range for the company is estimated to be between 3.57 and 3.69 yuan, corresponding to a PE ratio of 5.84-6.03 times for 2024 [4][5]. - The company maintains a strong capital position, with total capital net amount reaching 663.8 billion yuan, an increase of 3.4 percentage points year-on-year [4].