HZBank(600926) 国泰君安·2024-10-24 06:08Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank with an updated target price of 16.5 CNY, up from the previous 14.56 CNY [2][3]. Core Insights - Hangzhou Bank's revenue and profit growth for the first three quarters of 2024 have slightly slowed, primarily due to a high base effect from other non-interest income, but asset quality remains stable. The bank's net interest income increased by 11.0% year-on-year in Q3 2024, and the net interest margin showed a slight improvement [2][3]. - The bank's deposit growth was strong, with a year-on-year increase of 16.3% in Q3 2024, while loan growth was 15.9% year-on-year. The retail loan segment contributed significantly to this growth [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.76% as of Q3 2024, indicating a solid asset quality compared to industry peers [2][3]. Financial Summary - Revenue for 2024 is projected to be 36,580 million CNY, with a growth rate of 4.5% compared to 2023. Net profit attributable to shareholders is expected to reach 16,996 million CNY, reflecting an 18.2% growth [3]. - The bank's book value per share (BVPS) is forecasted to be 18.29 CNY for 2024, with a corresponding price-to-book (PB) ratio of 0.9 [3]. - The core Tier 1 capital adequacy ratio improved to 8.76% as of Q3 2024, indicating a strong capital position despite slight pressure from growth [2][3].