Tai Ping Yang·2024-10-10 11:30Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank, expecting the stock to outperform the CSI 300 index by more than 15% over the next six months [6][7]. Core Views - The report highlights that Postal Savings Bank has optimized its asset-liability structure and maintained a high net interest margin, supporting stable revenue and profit growth [4]. - The bank's H1 2024 operating income was CNY 176.79 billion, a slight decrease of 0.11% year-on-year, while net profit attributable to shareholders was CNY 48.82 billion, down 1.51% year-on-year [4]. - The bank's total assets reached CNY 16.41 trillion, an increase of 4.37% from the end of 2023, with total loans growing by 6.26% to CNY 8.66 trillion [4]. - The net interest income for H1 2024 was CNY 142.88 billion, up 1.83% year-on-year, driven by growth in loan volumes [4]. Financial Performance Summary - The bank's net interest margin for H1 2024 was 1.91%, showing resilience despite a slight decline [4]. - The non-performing loan ratio stood at 0.84%, maintaining a strong position within the industry [4]. - The capital adequacy ratios were stable, with the core Tier 1 capital ratio at 9.28% and total capital ratio at 14.15% [4]. - The report projects revenue growth rates of 2.26%, 4.21%, and 5.82% for 2024, 2025, and 2026 respectively, with net profit growth rates of 1.70%, 3.89%, and 4.98% for the same years [5].