CEB BANK(601818) 信达证券·2025-03-30 10:03Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Insights - The company reported a total operating revenue of 135.415 billion yuan in 2024, a year-on-year decrease of 7.05%, while net profit reached 41.696 billion yuan, reflecting a year-on-year increase of 2.22% [1][2] - The total assets of the company reached 6.96 trillion yuan by the end of 2024, marking a growth of 2.75% compared to the end of 2023, with total liabilities increasing by 2.42% to 6.37 trillion yuan [2] - The loan balance at the end of 2024 was 3.93 trillion yuan, showing a year-on-year growth of 3.88%, driven primarily by corporate loan growth [2] - The bank has made significant strides in technology and green finance, with loans to technology enterprises growing by 42.06% year-on-year to 379.526 billion yuan, and green loans increasing by 41.01% to 442.443 billion yuan [2] - The net interest margin for 2024 was 1.45%, down 9 basis points from the end of the first half of 2024, influenced by multiple LPR reductions and adjustments in loan rates [2] - The non-performing loan ratio remained stable at 1.25% by the end of 2024, with a provision coverage ratio of 180.6%, indicating strong risk management capabilities [2] - The core tier one capital adequacy ratio improved to 9.82%, with the total capital adequacy ratio at 14.13%, reflecting a solid capital position [2] Financial Summary - Total operating revenue for 2023 was 145.685 billion yuan, with a projected revenue of 137.707 billion yuan for 2025, indicating a growth rate of 1.69% [4] - The net profit attributable to the parent company for 2023 was 40.792 billion yuan, with an expected increase to 43.127 billion yuan by 2025, reflecting a growth rate of 3.43% [4] - The earnings per share (EPS) for 2024 is projected at 0.71 yuan, with a price-to-earnings (P/E) ratio of 5.48 [4] - The bank's asset quality is expected to remain stable, with a focus on expanding retail assets under management (AUM) and improving capital indicators [3]