Bank of Ningbo(SZ:002142) Huaan Securities·2024-10-30 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit growth rates are marginally increasing, primarily driven by interest income [1] - For the first three quarters of 2024, the company's revenue and net profit attributable to shareholders increased by 7.45% and 7.02% year-on-year, respectively [1] - The net interest income grew by 16.91% year-on-year, indicating a steady increase in interest business over four consecutive quarters [1] - The company is expected to benefit from macroeconomic recovery and valuation restoration in the upcoming periods [4] Financial Performance Summary - In Q3 2024, the company's total assets, interest-earning assets, and loan scale grew by 14.88%, 14.91%, and 20.29% year-on-year, respectively [1] - The loan structure shows a year-on-year increase of 22.46% for corporate loans and 15.2% for personal loans in Q3 2024 [1] - The company maintained a non-performing loan ratio of 0.76%, with a provision coverage ratio of 404.8%, indicating strong asset quality [3] - The company expects revenue growth of 7.85%, 6.85%, and 6.19% for 2024, 2025, and 2026, respectively, with net profit growth of 10.22%, 9.53%, and 9.06% for the same years [4][6] Key Financial Indicators - The company's total revenue for 2023 is projected at 61.585 billion, with expected growth to 66.418 billion in 2024 [6] - The net profit attributable to shareholders is expected to increase from 25.535 billion in 2023 to 28.145 billion in 2024 [6] - The company's P/E ratio is projected to decrease from 6.80 in 2023 to 6.17 in 2024, indicating improving valuation [6][8]