Xinda Securities·2024-11-01 07:35Investment Rating - The investment rating for Postal Savings Bank is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue and profit growth trends [1][2]. Core Insights - The bank reported a revenue of 260.35 billion yuan for Q3 2024, showing a year-on-year growth of 0.09%, indicating a return to positive growth [1]. - The net profit attributable to shareholders reached 75.82 billion yuan, with a year-on-year increase of 0.22% [1]. - The annualized average return on total assets was 0.62%, while the annualized weighted average return on equity was 11.79% [1]. - The bank's asset scale reached 16.7 trillion yuan, with a year-on-year growth of 9.34%, driven primarily by corporate loan growth [1]. - The bank continues to support the real economy, focusing on high-tech manufacturing, strategic emerging industries, and inclusive finance [1]. Financial Performance Summary - For 2024, the bank's projected revenue is 368.09 billion yuan, with a growth rate of 7.47% [3]. - The net profit attributable to shareholders is expected to reach 95.41 billion yuan in 2024, reflecting a growth rate of 10.59% [3]. - The bank's earnings per share (EPS) for 2024 is projected at 0.96 yuan, with a price-to-earnings (P/E) ratio of 5.42 [3]. - The bank's non-performing loan (NPL) ratio was reported at 0.86%, indicating a stable asset quality [1][2]. Loan and Deposit Trends - The bank's retail loan scale reached 4.7 trillion yuan, with a year-on-year growth of 7.3% [1]. - The corporate loan growth was particularly strong, with a year-on-year increase of 13.7% [1]. - The cost of liabilities has decreased by 8 basis points, with a net interest margin of 1.89% [1]. Risk Management and Asset Quality - The non-performing loan generation rate improved to 0.79%, down 3 basis points year-on-year [1]. - The provision coverage ratio remained robust at 301.9%, indicating strong risk mitigation capabilities [1][2].