INDUSTRIAL SECURITIES·2024-11-10 04:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue for the first three quarters of 2024 decreased by 1.4% year-on-year, while net profit attributable to shareholders fell by 0.7%. However, the third quarter showed positive growth with revenue and net profit increasing by 3.3% and 1.2% respectively [2] - The bank's net interest income increased by 2.2% year-on-year, driven by accelerated loan growth, although the interest margin continued to narrow [2][3] - Fee income dropped by 14.0% year-on-year, primarily due to regulatory changes in the insurance and public fund sectors, as well as a decline in credit card commission and penalty income [2] - Investment-related income saw a significant decline of 13.2% year-on-year, but rebounded with a 42.1% increase in Q3 [2] - The bank's cost side showed a 7.3% decrease in impairment losses, with the overall credit cost slightly declining to 0.44% [2] Summary by Relevant Sections Revenue and Profitability - Total revenue for 2024 is projected at 256.8 billion, with net interest income expected to be 169.9 billion [6] - The net profit for 2024 is forecasted at 93.7 billion, translating to an EPS of 1.23 [6] Loan Growth and Asset Quality - Loan growth accelerated to 6.7% year-on-year, with corporate and retail loans growing by 6.5% and 8.2% respectively [3] - The non-performing loan (NPL) ratio remained stable at 1.32%, with a slight increase in retail NPLs [3] Financial Projections - The bank's total assets are expected to reach approximately 14.8 trillion by the end of 2024, with a projected net asset value per share of 13.16 [4][5] - The price-to-book (PB) ratio is estimated at 0.55 times based on the closing price on November 1, 2024 [4]