EBSCN·2024-11-02 02:39Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown resilience in its operations, with revenue and profit growth returning to positive territory. For the first three quarters of 2024, the company achieved operating revenue of 478.3 billion yuan, a year-on-year increase of 1.6%, and a net profit attributable to shareholders of 175.8 billion yuan, up 0.5% year-on-year [3][4] Summary by Sections Revenue Performance - The company's revenue growth has improved compared to the first half of 2024, with operating revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders increasing by 1.6%, -2.4%, and 0.5% respectively, showing an increase of 2.3, 0.3, and 1.8 percentage points compared to the first half of 2024 [4] Income Composition - The main components of revenue include a 4.8% year-on-year decline in net interest income, which has worsened by 1.7 percentage points compared to the first half of 2024, and a significant 21% year-on-year increase in non-interest income, which has improved by 15 percentage points compared to the first half of 2024 [4][7] Asset Growth and Loan Distribution - As of the end of Q3 2024, the growth rate of interest-earning assets decreased by 2.1 percentage points to 7.6% year-on-year. Loans, financial investments, and interbank assets grew by 8.5%, 15.6%, and -8.1% year-on-year respectively [5] Deposit and Liability Trends - By the end of Q3 2024, interest-bearing liabilities and deposits grew by 7.4% and 4.5% year-on-year, with a slight decline in growth rates compared to the previous quarter [6] Non-Interest Income - Non-interest income for the first three quarters of 2024 reached 142.4 billion yuan, a year-on-year increase of 21%, with net other non-interest income growing significantly by 49.9% [7] Asset Quality - The non-performing loan (NPL) ratio stood at 1.26% at the end of Q3 2024, with a provision coverage ratio maintained around 200% [8] Capital Adequacy - The capital adequacy ratio as of the end of Q3 2024 was 19.01%, indicating a solid capital buffer for future lending [8][18] Earnings Forecast and Valuation - The company is projected to have earnings per share (EPS) of 0.80, 0.83, and 0.86 yuan for 2024, 2025, and 2026 respectively, with a current price-to-book (PB) ratio of 0.59, 0.55, and 0.51 for the same years [9][19]