CNCB(601998) 光大证券·2024-11-03 03:14Investment Rating - The report maintains a rating of "Accumulate" for CITIC Bank (601998.SH) with a current price of 6.52 CNY [2]. Core Insights - CITIC Bank's Q3 2024 report shows a year-on-year revenue growth of 3.8% to 162.2 billion CNY and a net profit growth of 0.8% to 51.8 billion CNY, with an annualized weighted average return on equity of 10.14%, down 1.16 percentage points year-on-year [3][4]. Summary by Sections Revenue Performance - Revenue growth improved by 1.1 percentage points quarter-on-quarter, with net interest income increasing by 0.7% year-on-year and non-interest income growing by 11.2% [4][8]. - The main contributors to revenue growth were scale expansion and non-interest income, which contributed 8.2 and 9.7 percentage points respectively [4]. Asset Quality - The non-performing loan ratio decreased by 2 basis points to 1.17% as of Q3 2024, with a provision coverage ratio of 216%, up 9.2 percentage points from the previous quarter [8][14]. - The bank's risk-weighted asset growth rate was 4.7%, with capital adequacy ratios showing a stable increase [15][18]. Profitability and Valuation - The net interest margin improved by 2 basis points to 1.79%, benefiting from a reduction in funding costs [7][16]. - The bank's current A/H share dividend yield is 5%/7.4%, indicating strong dividend characteristics and valuation appeal [8][19]. - EPS forecasts for 2024-2026 are maintained at 1.29, 1.34, and 1.39 CNY, with corresponding PB valuations of 0.51, 0.47, and 0.44 times [8][18].