CCB(601939) 平安证券·2024-11-01 02:30Investment Rating - The investment rating for the company is "Recommended" [2][8][12] Core Views - The company's profitability has returned to positive year-on-year growth, with a slight improvement in revenue [5][8] - The overall asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 1.35% [8][10] - The company is focusing on long-term strategies in housing rental, inclusive finance, and financial technology, which are expected to enhance its transformation efforts [8][10] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 569 billion yuan, a year-on-year decrease of 3.3% [4][10] - The net profit attributable to shareholders was 255.8 billion yuan, reflecting a slight increase of 0.1% year-on-year [4][10] - The annualized return on equity (ROE) was reported at 11.03% [4][10] Revenue Breakdown - The net interest income decreased by 5.9% year-on-year, impacted by declining interest margins [5][10] - Non-interest income increased by 6.8% year-on-year, with significant contributions from foreign exchange gains [5][10] - The company’s total assets reached 40.9 trillion yuan, marking an 8.1% increase year-on-year [4][10] Asset Quality and Provisioning - The NPL ratio remained stable at 1.35%, indicating solid asset quality [8][10] - The provision coverage ratio decreased to 237%, but remains at a high level, ensuring adequate provisioning [8][10] Future Outlook - The company is expected to continue its stable growth trajectory, with projected earnings per share (EPS) of 1.32, 1.36, and 1.43 yuan for 2024, 2025, and 2026 respectively [8][10] - The price-to-book (P/B) ratios for the next three years are projected at 0.63x, 0.58x, and 0.54x [8][10]