CNCB(601998) 国信证券·2024-10-31 07:30Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company has maintained positive growth in revenue and profit, with a year-on-year revenue of 162.21 billion yuan, reflecting a growth of 3.83%. The net profit attributable to shareholders reached 51.83 billion yuan, with a year-on-year increase of 0.76% [1]. - The net interest margin has shown continuous improvement, with an average net interest margin of 1.79% for the first three quarters, only down by 3 basis points year-on-year, and has improved by 2 basis points since the half-year report [1]. - The asset quality remains stable, with a non-performing loan ratio of 1.17% as of the end of September, slightly down from the previous period, while the attention ratio increased to 1.69% [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 67.84 billion yuan, 71.56 billion yuan, and 75.56 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 1.2%, 5.5%, and 5.6% [2][4]. - The diluted EPS is projected to be 1.39 yuan, 1.46 yuan, and 1.54 yuan for the years 2024, 2025, and 2026, respectively [2][4]. - The current stock price corresponds to a PE ratio of 5.2, 5.0, and 4.7 for the years 2024, 2025, and 2026, and a PB ratio of 0.54, 0.50, and 0.47 for the same years [2][4].