CCB(601939) 国联证券·2024-03-30 16:00Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.64 CNY, based on a current price of 6.87 CNY [5][12]. Core Insights - The company's total revenue for 2023 was 769.736 billion CNY, a decrease of 1.79% year-on-year, while the net profit attributable to shareholders was 332.653 billion CNY, an increase of 2.44% year-on-year [12]. - The bank's asset quality is improving, with a non-performing loan ratio of 1.37% as of the end of 2023, remaining stable compared to the previous quarter [2][12]. - The bank's personal AUM and private banking AUM reached 18.50 trillion CNY and 2.52 trillion CNY, respectively, showing year-on-year growth of 8.82% and 12.00% [2][3]. Financial Performance Summary - The bank's net interest income for 2023 decreased by 4.11% year-on-year, while the loan balance increased by 12.59% year-on-year, reaching 23.81 trillion CNY [12]. - The bank's net interest margin for 2023 was 1.70%, reflecting a decline of 5 basis points from the previous quarter [12]. - The projected operating revenues for 2024, 2025, and 2026 are 785.104 billion CNY, 818.729 billion CNY, and 855.870 billion CNY, respectively, with year-on-year growth rates of 2.00%, 4.28%, and 4.54% [2][4]. Asset Quality and Provisions - The bank's provision coverage ratio was 239.85% as of the end of 2023, indicating sufficient provisions against potential loan losses [2]. - The overdue loans for more than 90 days showed a deviation of 56.03%, an increase of 5.50 percentage points compared to mid-year [2]. Valuation Metrics - The report estimates the bank's earnings per share (EPS) for 2024, 2025, and 2026 to be 1.34 CNY, 1.40 CNY, and 1.47 CNY, respectively [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 5.29 in 2023 to 4.69 in 2026, while the price-to-book (P/B) ratio is expected to decline from 0.58 to 0.47 over the same period [4].