24Q3建设银行业绩点评：其他净收入和计提支撑营收利润，不良率稳定

Investment Rating - The report provides a 2024E P/B of 0.6x and a 2024E P/E of 6.0x for China Construction Bank, with a TTM dividend yield of 5.1% [1][2] Core Insights - China Construction Bank's Q3 2024 results show a YoY revenue decline of 2.7% and a net profit attributable to the parent company increase of 3.8%, supported by significant contributions from other net income exceeding 16 billion [1][2] - The annualized ROA for the first three quarters of 2024 is reported at 0.87%, while the annualized ROE stands at 11.03%, reflecting a YoY change of -0.07pct and +1.02pct respectively [1][2] - The NPL ratio remains stable at 1.35%, indicating that the quality of public loans is expected to be a stabilizing factor [2][3] Summary by Sections Revenue and Profitability - In Q3 2024, revenue decreased by 2.7% YoY, while profit before provision fell by 10.9%. For the first three quarters, revenue declined by 3.3% YoY, but net profit attributable to the parent company showed a slight increase of 0.1% YoY [1][2] - The net interest margin decreased to 1.52% for the first three quarters, with a further decline to 1.46% in Q3 [2][3] Asset Quality - The NPL ratio remained unchanged at 1.35%, with a provision coverage ratio of 238.8%, indicating a stable asset quality outlook [2][3] Other Income Sources - Net fee income for the first three quarters decreased by 10.3% YoY, although there was a slight improvement compared to the first half of 2024. Other net income sources included fair value changes and exchange net gains and losses [2][3]