HZBank(SH:600926) Guoxin Securities·2024-10-22 03:30Investment Rating - The investment rating for Hangzhou Bank is "Outperform the Market" [4][7] Core Views - The performance growth has slightly slowed down, with revenue for the first three quarters of 2024 reaching 28.49 billion yuan, a year-on-year increase of 3.87%, and net profit attributable to shareholders reaching 13.87 billion yuan, a year-on-year increase of 18.63% [1] - The decline in non-interest income has impacted revenue growth, with a 16.2% year-on-year decrease in non-interest income in the third quarter [1] - The bank maintains good asset quality with a non-performing loan ratio of 0.76% and a provision coverage ratio of 543% [1] Financial Performance Summary - Revenue and net profit forecasts for 2024-2026 are 17.42 billion yuan, 20.92 billion yuan, and 24.39 billion yuan respectively, with corresponding year-on-year growth rates of 21.1%, 20.1%, and 16.6% [2][5] - The bank's total assets reached 2.02 trillion yuan, a 9.58% increase from the beginning of the year, with total loans growing by 12.77% [1] - The annualized net interest margin for the first three quarters is estimated at 1.29%, remaining stable compared to the first half of the year [1] Valuation Metrics - The current stock price corresponds to a PE ratio of 4.9x for 2024, 4.1x for 2025, and 3.5x for 2026, and a PB ratio of 0.79x for 2024, 0.68x for 2025, and 0.59x for 2026 [1][2]