2024-10-31 06:41Investment Rating - The report does not explicitly state an investment rating for the Agricultural Bank of China, but it provides relevant financial metrics for evaluation [1][3]. Core Insights - The Agricultural Bank of China reported a year-on-year revenue increase of 3.4% in Q3 2024, with pre-provision profit rising by 4.9% and net profit attributable to the parent company growing by 5.9% [1][4]. - For the first three quarters of 2024, revenue increased by 1.3%, pre-provision profit rose by 1.5%, and net profit attributable to the parent company grew by 3.4% [1][4]. - The annualized ROA decreased by 0.07 percentage points to 0.69%, while the annualized ROE increased by 0.60 percentage points to 10.79% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.98 percentage points year-on-year to 11.42% [1][4]. - The estimated P/B for A-shares in 2024 is 0.6x, the estimated P/E is 6.0x, and the TTM dividend yield is 4.9%, compared to industry averages of 0.6x, 5.4x, and 4.8% respectively [1][4]. Financial Performance Summary - Net interest income growth and net interest margin show the best performance among peers, supported by effective cost control on the liability side [2][4]. - In Q3 2024, net interest income increased by 2.6% year-on-year, with a net interest margin of 1.45% [2][4]. - The non-performing loan ratio remained stable at 1.32%, while the provision coverage ratio slightly declined to 302.36% [2][4]. - Net fee and commission income decreased by 7.6% year-on-year, consistent with the mid-year growth rate of -7.9% [3][4]. - The cost-to-income ratio for Q1-Q3 2024 was 28.9%, a decrease of 0.2 percentage points year-on-year [3].