长沙银行：营收小幅回暖，规模增长稳健

Investment Rating - The report maintains a "Recommended" rating for Changsha Bank (601577.SH) [4][10]. Core Views - Changsha Bank's revenue shows a slight recovery with a steady growth in scale, achieving an operating income of 19.5 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 6.2 billion yuan, up 5.9% year-on-year [4][7]. - The bank's annualized weighted average ROE stands at 13.12% as of the end of Q3 2024, with total assets reaching 1.12 trillion yuan, total loans at 543.2 billion yuan, and total deposits at 688.7 billion yuan [4][6]. Financial Performance Summary - Revenue and Profit: - Operating income for 2024 is projected to be 22.87 billion yuan, with a year-on-year growth of 9.6% [5]. - Net profit attributable to shareholders is expected to reach 6.81 billion yuan in 2024, reflecting an 8.0% year-on-year increase [5]. - Return on Equity (ROE): - The ROE is forecasted to be 13.2% in 2024, slightly decreasing to 12.6% by 2026 [5]. - Earnings Per Share (EPS): - EPS is projected at 1.69 yuan for 2024, increasing to 2.51 yuan by 2026 [5]. - Price-to-Earnings (P/E) Ratio: - The P/E ratio is expected to decline from 4.9 in 2024 to 3.3 by 2026 [5]. - Price-to-Book (P/B) Ratio: - The P/B ratio is anticipated to decrease from 0.61 in 2024 to 0.41 by 2026 [5]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable at 1.16% as of Q3 2024, with a slight increase in the attention rate to 2.48% [9]. - The provision coverage ratio has improved to 315%, indicating strong risk mitigation capabilities [9][10]. Strategic Outlook - The report emphasizes the potential for retail business growth, supported by the robust consumer activity in Hunan province, and ongoing improvements in the bank's retail business model [10]. - The successful issuance of perpetual bonds in Q3 2024 has strengthened the bank's capital position, contributing positively to its long-term development [10].