CCB(601939) 光大证券·2024-10-31 03:45Investment Rating - Maintain "Buy" rating with a target price of 7.92 RMB [1] Core Views - Revenue growth turned positive, with a year-on-year increase of 0.1% in net profit attributable to shareholders, reaching 255.8 billion RMB [1] - Net interest income declined by 5.9%, while non-interest income grew by 6.8% [1] - The company's scale expansion accelerated, with a year-on-year growth of 8.7% in interest-bearing assets and 8.9% in loans [1] - Non-performing loan ratio remained low at 1.35%, with a provision coverage ratio of 237% [3] - Capital adequacy ratios improved, with core tier 1 capital adequacy ratio reaching 14.1% [4] Financial Performance - Revenue for the first three quarters was 569 billion RMB, a year-on-year decrease of 3.3% [1] - Net profit attributable to shareholders was 255.8 billion RMB, a year-on-year increase of 0.1% [1] - Annualized ROAE was 11.03%, down 1 percentage point year-on-year [1] - Net interest margin (NIM) was 1.52%, narrowing by 2 basis points compared to the first half of the year [2] - Non-interest income accounted for 22.5% of total revenue, with a growth rate of 6.8% [3] Asset Quality - Non-performing loan ratio remained stable at 1.35% [3] - Provision coverage ratio was 237%, down 1.7 percentage points from the previous quarter [3] - Credit impairment losses accounted for 12% of revenue, down 3.5 percentage points year-on-year [3] Capital Adequacy - Core tier 1 capital adequacy ratio increased by 9 basis points to 14.1% [4] - Tier 1 capital adequacy ratio and total capital adequacy ratio were 15% and 19.4%, respectively [4] - The company issued 50 billion RMB in subordinated bonds and 50 billion RMB in TLAC non-capital bonds to optimize capital structure [4] Loan and Deposit Structure - Corporate loans increased by 10.4% year-to-date, while retail loans grew by 1.4% [1] - Loans to technology enterprises, strategic emerging industries, and green loans increased by 13.5%, 22%, and 18%, respectively [1] - Deposits grew by 2.3% year-on-year, with time deposits accounting for 57% of total deposits [1] Profit Distribution - The company announced a mid-term dividend of 49.3 billion RMB, with a dividend payout ratio of around 30% [4] - A-share dividend yield was 5.05%, while H-share dividend yield was 7.34% [4] Strategic Focus - The company is advancing its "housing rental," "inclusive finance," and "financial technology" strategies [5] - Focus on optimizing asset and liability structure, with a steady increase in credit demand expected as the economy recovers [5]