CCB(601939) 兴业证券·2024-11-10 04:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profit growth has turned positive, with a significant improvement in quarterly performance. For the first three quarters of 2024, revenue decreased by 3.3% year-on-year, while net profit attributable to shareholders increased by 0.1%. In Q3 alone, revenue decreased by 2.7% year-on-year, but net profit increased by 3.8%, indicating an upward trend in performance [1][2] - Asset expansion has accelerated, although loan growth has slightly slowed. As of September 2024, total assets increased by 8.1% year-on-year, and loans grew by 9.0%. The company is actively promoting various initiatives, with significant growth in loans to technology enterprises, green loans, and inclusive finance loans [2] - The net interest margin has narrowed, with a net interest margin of 1.52% for the first three quarters of 2024, down 23 basis points year-on-year, but the decline has slowed compared to the first half of the year [2] - The company's asset quality remains stable, with a non-performing loan ratio of 1.35% as of September 2024, and a provision coverage ratio of 237% [4] Summary by Sections Financial Performance - For the first three quarters of 2024, net interest income decreased by 5.9% year-on-year, while fee income fell by 10.3%. Investment-related income surged by 154.1%, driven by fluctuations in exchange rates and capital markets [1][2] - The company has adjusted its EPS forecasts for 2024 and 2025 to 1.33 yuan and 1.35 yuan, respectively, with an estimated net asset value per share of 12.72 yuan by the end of 2024 [3] Asset and Liability Management - As of September 2024, total assets reached approximately 41.83 trillion yuan, with loans amounting to about 25.16 trillion yuan. The company has seen a notable increase in deposits, with personal deposits growing by 7.5% year-on-year [2][5] Capital Adequacy - As of September 2024, the company's core Tier 1 capital ratio, Tier 1 capital ratio, and total capital adequacy ratio were 14.10%, 15.00%, and 19.35%, respectively [2]