SPD BANK(600000) Guoxin Securities·2024-10-31 03:31Investment Rating - The investment rating for the company is "Neutral" [1][2]. Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 reached 35.2 billion yuan, a year-on-year increase of 25.9%, indicating a recovery towards normal levels after a significant decline in 2023 [1]. - Total assets grew by 6.9% year-on-year to 9.42 trillion yuan, with deposits increasing by 5.2% to 5.29 trillion yuan and loans rising by 9.0% to 5.37 trillion yuan, reflecting a stable growth in asset scale and an optimized credit structure [1]. - The net interest margin slightly decreased to 1.46%, primarily due to the impact of LPR adjustments, while non-interest income from investments increased by 13.6% [1]. - The asset quality remains stable, with a non-performing loan ratio of 1.38%, and the provision coverage ratio improved to 180% [1]. Summary by Sections Financial Performance - The company achieved operating income of 129.8 billion yuan in the first three quarters of 2024, a year-on-year decline of 2.2%, but a 1.0% increase when excluding one-time factors from the previous year [1][3]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 43.6 billion, 44.5 billion, and 45.8 billion yuan, with year-on-year growth rates of 18.8%, 2.0%, and 3.0% respectively [1][4]. Asset Quality - The proportion of non-performing loans is stable at 1.38%, with a slight decrease from the previous quarter [1][4]. - The company’s provision coverage ratio has increased by 5 percentage points from the previous quarter, indicating enhanced risk mitigation capabilities [1][4]. Capital Adequacy - The core Tier 1 capital adequacy ratio stood at 8.87%, unchanged from the previous quarter, reflecting a stable capital position [1][4]. - The forecasted return on equity (ROE) for 2024 is 6.8%, with a gradual improvement expected in subsequent years [3][4].