CNCB(601998) 开源证券·2024-11-01 05:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue growth has shown a marginal recovery, and the net interest margin continues to improve. For the first three quarters of 2024, the company achieved revenue of 162.2 billion yuan, a year-on-year increase of 3.83%. The net interest margin for the first three quarters was 1.79%, up 2 basis points from the first half of the year, primarily due to cost savings from the "manual interest supplement" ban [4][6]. Financial Summary and Valuation Metrics - The company's total assets as of Q3 2024 reached 9.26 trillion yuan, a year-on-year growth of 3.78%. Loan growth was 3.05%, slightly down from the end of the first half of the year. The deposit balance was 5.61 trillion yuan, with a year-on-year growth of 2.80%, reversing the negative growth trend of the previous two quarters [5]. - The non-performing loan ratio decreased by 2 basis points to 1.17%, remaining at a historical low. The non-performing loan balance was 65.98 billion yuan, down 1.23% year-on-year. The provision coverage ratio increased to 216.00%, significantly enhancing the provision buffer [6]. - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 67.98 billion yuan, 71.56 billion yuan, and 77.05 billion yuan, representing year-on-year growth of 1.5%, 5.3%, and 7.7% respectively. The current stock price corresponds to a price-to-book ratio of 0.5, 0.4, and 0.4 for 2024-2026 [4][7]. Key Financial Indicators - The company's revenue for 2024 is projected to be 209.775 billion yuan, with a year-on-year growth of 1.9%. The net profit for 2024 is expected to be 67.988 billion yuan, reflecting a year-on-year increase of 1.5% [7][20]. - The return on equity (ROE) is projected to be 10.4% for 2024, with earnings per share (EPS) expected to be 1.22 yuan [7][20].