宁波银行：信贷结构表现优异，不良生成压力减小

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 increased by 7.45% year-on-year, with net profit growth of 7.02% [6] - The performance has shown marginal improvement, with net interest margin contributions turning positive [6] - The credit structure is strong, and the pressure from non-performing loans has decreased [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved operating revenue of 50.753 billion yuan, a year-on-year increase of 7.45% [6] - Net interest income rose by 16.91% year-on-year, with net profit growth of 7.02% [6] - The contribution to net profit from interest-earning assets, net interest margin, cost control, and provisions were +14.65%, +2.26%, +6.21%, and -1.60% respectively [6] Credit Structure - As of Q3 2024, the loan balance was 1.46 trillion yuan, up 19.64% year-on-year [6] - The new retail loan proportion increased significantly compared to Q2 2024 [6] - The net interest margin for the first three quarters was 1.85%, showing resilience [6] Asset Quality - The non-performing loan ratio and attention ratio were 0.76% and 1.08% respectively, with a slight increase in the attention ratio [6] - The annualized non-performing loan generation rate for Q3 2024 was 1.07%, indicating reduced pressure [6] - The provision coverage ratio was 404.80%, reflecting strong risk mitigation capabilities [6] Investment Recommendations - The company is expected to achieve operating revenues of 66.233 billion yuan, 72.119 billion yuan, and 79.940 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 7.55%, 8.89%, and 10.85% [7] - Net profit forecasts for the same years are 28.177 billion yuan, 31.669 billion yuan, and 35.169 billion yuan, with growth rates of 10.34%, 12.40%, and 11.05% [7] - The company maintains a resilient operational outlook, justifying the "Buy" rating [6]