兴业银行：2024年三季报点评：营收增长有韧性

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price maintained at 20.53 CNY, compared to the current stock price of 18.28 CNY [5]. Core Views - The company's revenue growth shows resilience, with a year-to-date revenue growth rate of 1.81% and a pre-provision profit growth rate of 3.75%. However, the net profit attributable to shareholders has decreased by 3.02% year-on-year [2][12]. - The bank has increased its provision for credit losses significantly in the third quarter, leading to a year-on-year decline in net profit of 10.45% [2][12]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 233.54% [11][12]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported a revenue of 211.36 billion CNY, with a slight increase in revenue growth compared to the previous year [13]. - The net profit attributable to shareholders is projected to be 77.92 billion CNY for 2024, reflecting a growth rate of 1.04% [13]. Asset Quality - The non-performing loan ratio stands at 1.08%, with a slight increase in the attention rate to 1.77% [11][12]. - The bank has increased its provision for credit losses by 14.31% year-on-year, impacting profit growth [12]. Loan and Deposit Growth - The total asset size has grown by 3.87% year-on-year, with loans increasing by 8.05% [2][3]. - Corporate loans have increased by 13.00% year-on-year, although the growth rate has shown signs of weakening [3]. - Retail loans have seen a recovery, with a year-on-year growth of 10.45% in inclusive loans [3]. Interest Margin and Non-Interest Income - The net interest margin for the third quarter is reported at 1.79%, with a year-on-year decline of 13 basis points [4][11]. - Non-interest income has increased by 10.33% year-on-year, driven by growth in investment income [11][12]. Cost Management - The cost-to-income ratio has improved to 28.96%, down 1.09 percentage points year-on-year, contributing positively to profit growth [12][13]. - The bank has focused on cost control, which has positively impacted profitability despite the challenges in revenue growth [12].