CEB BANK(601818) 开源证券·2024-10-31 06:43Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's 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] - The bank's asset quality remains robust, with a non-performing loan ratio steady at 1.25% and a provision coverage ratio of 170.73% [5] - The bank's capital structure is optimized, and its asset quality is stable, supporting its strategic transformation and business expansion [3][5] Summary by Sections Financial Performance - In Q3 2024, the bank's 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] - The bank's total assets at the end of Q3 2024 reached 38,972 billion yuan, reflecting a growth of 2.91% since the beginning of the year [4] Asset Quality - The non-performing loan ratio remained stable at 1.25%, and the provision coverage ratio slightly decreased but remains at a relatively sufficient level [5] - The bank's credit impairment losses for Q3 were 4.345 billion yuan (YoY -51.26%), which continues to support profit [5] Future Outlook - The bank is expected to maintain a steady growth trajectory, with projected net profits for 2024-2026 of 41.9 billion, 44.2 billion, and 46.4 billion yuan, respectively, indicating YoY growth of 2.8%, 5.5%, and 4.9% [3] - The current stock price corresponds to a price-to-book ratio (PB) of 0.3 for 2024-2026, suggesting potential for appreciation [3]