PSBC(601658) 海通证券·2024-11-16 12:08Investment Rating - The investment rating for Postal Savings Bank is "Outperform the Market" [2][4]. Core Views - The report indicates that Postal Savings Bank's profitability remains stable, with a net interest income growth rate improving. The bank's asset quality is overall stable, and it continues to deepen its support for rural revitalization [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, Postal Savings Bank's revenue growth was +0.1%, and the net profit attributable to the parent company grew by +0.22%. In Q3 2024, revenue increased by +0.5% year-on-year, and net profit rose by +3.5%, both showing an increase compared to Q2 2024 [3]. - The net interest margin for Q1-Q3 2024 was 1.89%, a slight decrease of 2 basis points compared to H1 2024. The Q3 2024 net interest income grew by +0.7% year-on-year, an improvement from Q2 2024's growth of +0.6% [3]. Loan and Asset Growth - As of the end of Q3 2024, the total assets of Postal Savings Bank increased by 6.48% compared to the end of 2023. Customer loans grew by 7.74%, with personal loans increasing by 5.69% and corporate loans by 11.66%. The bank has significantly increased its credit investment in key areas of rural revitalization, with agricultural loans totaling 2.22 trillion yuan, an increase of 187.77 billion yuan from the end of 2023 [4]. Investment Recommendations - The report forecasts EPS for 2024-2026 to be 0.83, 0.85, and 0.89 yuan, with net profit growth rates of 1.16%, 3.19%, and 4.00% respectively. The DDM model suggests a fair value of 7.24 yuan, while the PB-ROE model gives a 2024E PB valuation of 0.70 times, leading to a reasonable value range of 5.94-7.24 yuan [4].