长沙银行2024年三季度业绩点评：单季营收和利润增速回升，资产质量整体平稳

Investment Rating - The investment rating for Changsha Bank is "Outperform the Market" and is maintained [1]. Core Views - Changsha Bank's Q3 performance shows a recovery in revenue and net profit growth, with stable asset quality [4]. - The bank's total deposits reached 688.695 billion yuan, an increase of 29.838 billion yuan or 4.53% since the beginning of the year [4]. - Loans and advances totaled 543.230 billion yuan, increasing by 54.839 billion yuan or 11.23% year-to-date [4]. - The non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio improved to 314.54% [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, revenue growth was 3.83% and net profit growth was 5.85%, with Q3 showing a revenue increase of 4.90% and net profit growth of 9.72% [4]. - Forecasted EPS for 2024-2026 is 1.86, 1.99, and 2.13 yuan, with net profit growth rates of 4.73%, 6.25%, and 6.82% respectively [5]. Valuation - The reasonable value range for the bank is estimated between 9.37 and 9.73 yuan, corresponding to a PE ratio of 5.02-5.22 times for 2024 [5]. - The bank's 2024E PB valuation is set at 0.57 times, compared to a peer average of 0.61 times [5]. Market Comparison - The bank's stock price has fluctuated between 6.47 and 9.18 yuan over the past 52 weeks, with a closing price of 8.85 yuan on May 5 [1]. - The bank's performance has been compared to the Haotong Composite Index, showing a relative performance of -10.14% [2]. Asset Quality - The bank's asset quality remains stable, with a slight increase in the ratio of special mention loans to 2.48% from 2.26% in the previous quarter [4].