CEB BANK(601818) 国信证券·2024-10-31 06:58Investment Rating - The investment rating for the company is "Neutral" [2][6]. Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 was CNY 38.4 billion, representing a year-on-year growth of 1.9%, indicating stable growth despite a decline in operating income [1]. - The total assets of the company grew by 0.7% year-on-year to CNY 6.9 trillion, reflecting a cautious expansion strategy [1]. - The net interest margin for the first three quarters of 2024 was 1.47%, down 25 basis points year-on-year, primarily due to a decrease in LPR and weak credit demand [1]. - Non-interest income showed a significant increase of 26.8% year-on-year, reaching CNY 14.6 billion, driven by higher investment income and fair value changes [1]. - The company maintained a stable non-performing loan ratio of 1.25% as of the end of the third quarter, with a provision coverage ratio of 171%, down 10 percentage points from the end of the previous year [1]. Summary by Relevant Sections Financial Performance - The company achieved operating income of CNY 102.4 billion in the first three quarters of 2024, a decrease of 8.8% year-on-year, with net interest income at CNY 72.6 billion, down 11.0% [1][3]. - The weighted average ROE for the first three quarters was 9.7%, a decline of 0.6 percentage points year-on-year [1]. Asset Quality - The non-performing loan balance increased by CNY 1 billion to CNY 48.5 billion by the end of the third quarter, with the non-performing loan ratio stable at 1.25% [1][4]. Profitability Forecast - The company is expected to achieve net profits of CNY 40.9 billion, CNY 41.4 billion, and CNY 42.6 billion for 2024, 2025, and 2026 respectively, with growth rates of 0.3%, 1.1%, and 2.9% [1][3].