24Q3招商银行业绩点评：Q3零售带动贷款增长，资产质量向更优异出发

Investment Rating - The report does not explicitly state an investment rating for the banking industry or China Merchants Bank, but it provides relevant financial metrics for evaluation [1][4]. Core Insights - China Merchants Bank reported a Q3 2024 revenue decline of 2.5% year-on-year, with a pre-provision profit increase of 1.6% and a net profit attributable to the parent company rising by 0.8% year-on-year [1][4]. - The annualized Return on Assets (ROA) for the first three quarters of 2024 was 1.33%, down by 0.13 percentage points, while the annualized Return on Equity (ROE) decreased by 2.00 percentage points to 15.38% [1][4]. - The Common Equity Tier 1 (CET1) capital ratio improved by 1.36 percentage points to 14.73% year-on-year [1][4]. - The net interest margin for the first three quarters of 2024 was stable, with a slight decrease of 1 basis point compared to the first half of 2024 [2][4]. - The bank's loan portfolio increased by 3.8% compared to the end of 2023, while deposits grew by 7.1% year-on-year [2][3]. Summary by Sections Financial Performance - Q3 2024 revenue decreased by 2.5% year-on-year, while the net profit attributable to the parent company increased by 0.8% [1][4]. - The net interest income for the first three quarters of 2024 fell by 3.1% year-on-year, showing improvement from a 4.2% decline in the first half of 2024 [2][4]. - The cost-to-income ratio was reported at 29.6%, a decrease of 0.5 percentage points year-on-year [4]. Asset Quality - The non-performing loan (NPL) generation rate remained stable at 1.02%, with the NPL ratio holding steady at 0.94% [3][4]. - The provision coverage ratio was reported at 432.15%, indicating a strong buffer against potential loan losses [3][4]. - Retail loan quality remained stable, with slight increases in the delinquency rates for small and micro loans and mortgages [3][4]. Market Position - The report indicates that the current A-share market valuation for 2024 is a Price-to-Book (P/B) ratio of 0.9x and a Price-to-Earnings (P/E) ratio of 6.6x, compared to industry averages of 0.6x and 5.5x respectively [1][4].