CEB BANK(601818) 海通证券·2024-11-08 12:50Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's net profit attributable to shareholders increased by 1.9% year-on-year in the first three quarters of 2024, with a quarterly increase of 2.3% in Q3 2024. The company's asset quality remains stable, and core capital has been further solidified, supporting its service to the real economy [4][5] - The report maintains the "Outperform the Market" rating based on a reasonable value range of 3.84 to 4.47 yuan per share, with projected EPS for 2024-2026 at 0.67, 0.68, and 0.69 yuan respectively [5][6] Summary by Sections Financial Performance - In Q3 2024, the company's revenue decreased by 8.7% year-on-year, while the net profit attributable to shareholders increased by 2.3%. For the first three quarters of 2024, revenue decreased by 8.8% year-on-year, and net profit increased by 1.9% [4] - The company reported a non-performing loan ratio of 1.25% in Q3 2024, remaining stable compared to the previous quarter, with a provision coverage ratio of 170.73% [4][5] Loan Growth and Capital Adequacy - The total loan amount reached approximately 3.9 trillion yuan, reflecting a year-on-year growth of 3.62%. The company has increased its lending to key areas, with significant growth in technology finance, green finance, and inclusive finance [5] - The core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were reported at 9.67%, 11.83%, and 13.89% respectively, showing slight increases from the previous quarter [4] Valuation and Earnings Forecast - The report forecasts a net profit growth rate of 0.23%, 1.23%, and 1.50% for 2024, 2025, and 2026 respectively, with a projected PE ratio for 2024 ranging from 5.70 to 6.64 times [5][6] - The DDM model indicates a reasonable value of 3.84 yuan per share, while the PB-ROE model suggests a 2024E PB valuation of 0.51 times, with a comparable company PB of 0.56 times [5][6]