CEB BANK(601818) 信达证券·2025-03-30 12:23Investment 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, representing a growth of 2.75% compared to the end of 2023 [2] - The loan balance increased to 3.93 trillion yuan, with a year-on-year growth of 3.88%, driven primarily by corporate loans [2] - The bank has focused on supporting the real economy, with significant growth in loans to technology and green sectors, achieving a 42.06% increase in loans to technology enterprises and a 41.01% increase in green loans [2] - The net interest margin for 2024 was reported at 1.45%, down 9 basis points from the end of the first half of 2024, influenced by multiple LPR reductions [2] - The non-performing loan ratio remained stable at 1.25%, with a coverage ratio of 180.6%, indicating strong risk management capabilities [2] - The bank has increased its dividend payout ratio over the past three years, with ratios of 25.05%, 25.06%, and 26.78% respectively [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 core tier one capital adequacy ratio improved to 9.82% by the end of 2024, indicating a strengthening capital position [2][4]