Guolian Securities·2024-11-01 13:33Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's net profit growth has turned positive, with a reduction in the drag from net interest margin [6] - The company reported a revenue of 626.422 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.82% [6] - The net profit attributable to shareholders for the same period was 269.025 billion yuan, showing a slight increase of 0.13% year-on-year [6] Summary by Relevant Sections Financial Performance - For Q1-Q3 2024, the company's interest income and other non-interest income showed marginal improvement, with interest net income down by 4.94% and other non-interest income up by 17.53% year-on-year [6] - The net interest margin for Q1-Q3 2024 was 1.43%, remaining stable compared to H1 2024 [6] - The company’s loan balance reached 28.10 trillion yuan, an increase of 8.97% year-on-year, with a notable increase in bill discounting [6] Asset Quality and Capital Strength - The non-performing loan ratio stood at 1.35%, unchanged from H1 2024, with a non-performing loan balance of 379.955 billion yuan, up 7.99% year-on-year [6] - The provision coverage ratio was 220.30%, indicating strong risk mitigation capabilities [6] - The core Tier 1 capital adequacy ratio was 13.95%, reflecting a slight increase from H1 2024 [6] Future Projections - Revenue projections for 2024-2026 are 826.2 billion yuan, 849.5 billion yuan, and 876.1 billion yuan, with year-on-year growth rates of -2.01%, +2.82%, and +3.13% respectively [6] - Net profit projections for the same period are 363.2 billion yuan, 369.1 billion yuan, and 379.3 billion yuan, with growth rates of -0.23%, +1.64%, and +2.77% respectively [6]