CEB BANK(601818) 开源证券·2024-10-31 06:00Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The revenue decline has stabilized, and profit continues to grow steadily. For the first three quarters of 2024, the company achieved revenue of 102.4 billion yuan (YoY -8.76%), with net profit attributable to shareholders of 38.4 billion yuan (YoY +1.92%) [3][4] - The asset quality remains robust, with a non-performing loan ratio holding steady at 1.25% and a provision coverage ratio of 170.73% [5][6] - The company is expected to maintain a stable profit growth trajectory, with projected net profits of 41.9 billion yuan, 44.2 billion yuan, and 46.4 billion yuan for 2024, 2025, and 2026 respectively [3][6] Summary by Sections Financial Performance - In Q3 2024, net interest income was 24.5 billion yuan (YoY -8.84%), while non-interest income was 8.1 billion yuan (YoY -8.41%). The decline in net interest income has narrowed compared to Q2 [3][4] - The total loan principal at the end of Q3 2024 was 38,972 billion yuan, reflecting a growth of 2.91% since the beginning of the year [4] - The company’s total revenue for 2024 is projected to be 146.5 billion yuan, with a slight increase expected in subsequent years [6] Asset Quality - The non-performing loan ratio remained stable at 1.25%, indicating a solid asset quality. The provision coverage ratio is at a relatively sufficient level of 170.73% [5][6] - The company reported a credit impairment loss of 4.345 billion yuan in Q3, which is a significant decrease of 51.26% YoY, contributing positively to profits [5] Market Position and Outlook - The company is expected to benefit from an improved deposit structure and a potential recovery in agency sales as market conditions stabilize [3][4] - The projected price-to-book ratios for 2024-2026 are 0.3, indicating a favorable valuation relative to its earnings growth [3][6]