Guoxin Securities·2024-10-05 14:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][9]. Core Views - Postal Savings Bank of China announced a reduction in the savings agency fee rate, which is expected to stabilize the cost-to-income ratio. The comprehensive agency fee rate will decrease from 1.24% to 1.08%, resulting in a reduction of agency fees by 15.1 billion yuan [2][5]. - The adjustment is projected to lead to a 4.0% decrease in agency fees compared to 2022, which is lower than the expected revenue growth for 2023, indicating a potential stabilization in the cost-to-income ratio moving forward [5][9]. - The bank plans to enhance the proactive adjustment mechanism for agency fees, considering market interest rate changes and operational needs, which will promote a healthier development of the "self-operated + agency" model [7][8]. Financial Forecasts - The company’s net profit forecasts for 2024-2026 are adjusted to 86.6 billion, 91.0 billion, and 94.6 billion yuan respectively, with year-on-year growth rates of 0.4%, 5.1%, and 4.0% [9][12]. - The diluted EPS for the same period is expected to be 0.82, 0.86, and 0.90 yuan, with corresponding PE ratios of 6.2, 5.8, and 5.6 times, and PB ratios of 0.60, 0.56, and 0.52 times [9][12].