SRCB(SH:601825) Xiangcai Securities·2024-11-03 09:12Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown stable credit expansion and an increase in deposit growth [2] - The performance indicators for Q3 2024 show total assets, loans, and deposits growing year-on-year by 7.9%, 6.0%, and 8.9% respectively, with loan balances reaching 428.762 billion yuan, a 5.0% increase [3] - Non-interest income has increased by 11.8% year-on-year, driven by improved fee and commission income from wealth management and strong performance in financial market operations [3] - The company maintains a stable asset quality with a non-performing loan ratio of 0.97% and a provision coverage ratio of 364.98% [3] Summary by Sections Financial Performance - For Q3 2024, the company's operating income growth is 0.3% and net profit growth is 0.8%, both slightly up from mid-year figures [3] - The forecast for operating income from 2024 to 2026 shows a gradual increase, with expected revenues of 26.6 billion yuan in 2024 and 27.7 billion yuan in 2026 [5] - The projected net profit for 2024 is 12.269 billion yuan, reflecting a growth rate of 1.1% [5] Asset Quality - The company’s non-performing loan ratio remains stable at 0.97%, with a slight increase in the attention loan ratio to 1.36% [3] - The capital adequacy ratio is strong at 14.51%, indicating a solid capital position [3] Investment Outlook - The company is expected to maintain stable credit growth supported by incremental policy measures, with potential for further reduction in funding costs due to improved deposit management [3] - The adjusted forecast for net profit growth from 2024 to 2026 is 1.1%, 2.6%, and 4.2% respectively, with corresponding EPS of 1.31, 1.34, and 1.40 yuan [3][5]