CNCB(SH:601998) KAIYUAN SECURITIES·2025-03-27 06:23Investment Rating - The investment rating for CITIC Bank is "Buy" (maintained) [1] Core Views - CITIC Bank's revenue for 2024 reached 213.6 billion yuan, showing a year-on-year growth of 3.76%. The net interest margin for 2024 was 1.77%, with a slight year-on-year decrease of 1 basis point, indicating a narrowing decline compared to other listed banks [4][5] - The bank's net profit attributable to shareholders for 2024 was 68.6 billion yuan, reflecting a year-on-year increase of 2.33%, demonstrating strong profitability resilience [4] - The bank's dividend payout ratio increased to 30.50% in 2024, up from 28.01% in 2023, highlighting its high dividend investment attribute [6] Summary by Sections Financial Performance - In 2024, CITIC Bank achieved a revenue of 213.6 billion yuan, with a quarterly revenue growth of 3.56% in Q4. The net interest income for Q4 grew by 7.02% year-on-year [4][10] - The bank's total assets as of Q4 2024 were 9.53 trillion yuan, with a year-on-year growth of 5.30%. Loan growth was 4.03%, while deposit growth was 7.04%, indicating a positive shift in the deposit structure [5][6] Asset Quality - The non-performing loan (NPL) ratio decreased to 1.16% by the end of Q4 2024, with a significant increase in the provision coverage ratio to 209.43% [6][24] - The bank's capital adequacy ratios improved, with core, tier 1, and total capital adequacy ratios at 9.72%, 11.26%, and 13.36% respectively [6][24] Profitability and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 68.8 billion yuan, 71.1 billion yuan, and 71.8 billion yuan respectively, with growth rates of 0.36%, 3.30%, and 1.01% [4][7] - The current stock price corresponds to a price-to-book (PB) ratio of 0.45 for 2025, indicating an attractive valuation given the bank's stable asset quality and narrowing interest margin decline [4][7]