CNCB(601998) 开源证券·2024-11-01 05:40Investment Rating - Investment rating is maintained as "Buy" for the company [1][4][6] Core Views - The company has shown a recovery in revenue growth with a year-on-year increase of 3.83% in the first three quarters of 2024, reaching a total revenue of 162.2 billion yuan [4][5] - The net interest margin has improved, reaching 1.79% in the first three quarters, up by 2 basis points from the first half of the year, primarily due to cost savings from the "manual interest supplement" ban [4][5] - The net profit attributable to shareholders for the first three quarters is 51.8 billion yuan, reflecting a year-on-year growth of 0.76% [4][5] Financial Performance Summary - Revenue for 2024 is projected at 209.8 billion yuan, with a slight increase of 1.9% year-on-year [6] - Net profit for 2024 is estimated at 67.99 billion yuan, representing a year-on-year growth of 1.5% [6] - The company’s total assets as of Q3 2024 are 9.26 trillion yuan, with a year-on-year growth of 3.78% [5][6] - The loan balance at the end of Q3 2024 is 5.61 trillion yuan, with a year-on-year growth of 2.80%, reversing the negative growth trend of the previous two quarters [5] Asset Quality and Capital Adequacy - The non-performing loan ratio has decreased to 1.17%, down by 2 basis points, indicating improved asset quality [5] - The provision coverage ratio has increased to 216%, enhancing the safety cushion for potential loan losses [5] - Capital adequacy ratios have improved, with core, tier one, and total capital adequacy ratios at 9.50%, 11.61%, and 13.78% respectively [5]