CNCB(601998) 国信证券·2025-03-27 14:11Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's overall performance meets expectations, with slight adjustments to profit forecasts for 2025-2027, projecting net profits of 695/709/721 million yuan, representing growth rates of 1.4%/1.9%/1.8% [3] - The current stock price corresponds to a PE ratio of 6.2/6.1/6.0x and a PB ratio of 0.55/0.52/0.49x, with a dividend rate slightly increased, resulting in a current dividend yield close to 5% [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 213.6 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 68.6 billion yuan, up 2.3% year-on-year [1][4] - The total assets grew by 5.3% year-on-year to 9.53 trillion yuan, with deposits increasing by 7.3% to 5.86 trillion yuan, and loans rising by 4.0% to 5.72 trillion yuan [1][4] - The average ROE for the year was 9.8%, a decrease of 1.0 percentage points year-on-year [1] Interest Margin and Income - The net interest income for the year was 146.7 billion yuan, reflecting a year-on-year growth of 2.2%, with an average net interest margin of 1.77%, down 1 basis point year-on-year [2] - Fee income decreased by 4.0% year-on-year, primarily due to declines in agency sales and credit card fees, while other non-interest income grew by 20% [2] Asset Quality - The non-performing loan generation rate for 2024 was 1.14%, a decrease of 2 basis points year-on-year, indicating stable asset quality [2] - The year-end non-performing loan ratio was 1.16%, down 1 basis point from the previous quarter and down 2 basis points from the beginning of the year [2]