CEB BANK(601818) 开源证券·2025-03-30 00:23Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The asset quality of the company remains stable, and it continues to exhibit a high dividend payout attribute [1] - In 2024, the company achieved a revenue of 135.4 billion yuan, a year-on-year decrease of 7.05%, while the net profit attributable to shareholders was 41.7 billion yuan, reflecting a year-on-year growth of 2.22% [4][5] - The report indicates that the decline in revenue has narrowed, and profit growth remains stable, with a projected net profit of 41.7 billion yuan for 2025, showing a slight increase of 0.05% compared to the previous year [4][5] Financial Performance Summary - The company's total assets at the end of Q4 2024 amounted to 6.96 trillion yuan, with a year-on-year growth rate of 2.76% [6] - The non-performing loan ratio remained stable at 1.25%, and the provision coverage ratio increased to 180.59% [6] - The average cost of deposits for 2024 was 2.18%, down 14 basis points year-on-year, which partially offset the decline in asset yield [5][6] Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 5.44, 5.43, and 5.35 respectively, indicating a stable valuation outlook [7] - The projected price-to-book (P/B) ratios for the same years are 0.45, 0.43, and 0.41, reflecting the company's solid asset quality and high dividend payout [4][7] Loan and Deposit Growth - As of the end of Q4 2024, the total loan principal amounted to 3.93 trillion yuan, representing a growth of 3.88% from the beginning of the year, with corporate loans being the main driver of credit expansion [5] - The total deposit balance was 4.04 trillion yuan, showing a year-on-year decrease of 1.44%, although retail deposits increased by 7.01% [5]