招商银行：优化结构仍是主线，高拨备确保资产质量平稳

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company reported a revenue of 252.7 billion yuan for the first nine months of 2024, a year-on-year decline of 2.9%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.6% year-on-year [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.94% quarter-on-quarter, while the provision coverage ratio decreased by 2.3 percentage points to 432% [2][4]. - The decline in revenue was primarily driven by a decrease in non-interest income, which fell by 2.6% year-on-year, with a significant drop of 17% in fee income [3][11]. Summary by Sections Financial Performance - For 9M24, net interest income decreased by 3.1% year-on-year, contributing negatively to revenue growth by 1.9 percentage points [3][11]. - The company’s total revenue for 2024 is projected to be 336.3 billion yuan, with a year-on-year growth rate of -0.83% [6][21]. - The net profit for 2024 is expected to be 145.4 billion yuan, reflecting a year-on-year decline of 0.8% [21]. Asset Quality - The NPL ratio for 3Q24 was stable at 0.94%, with the corporate NPL ratio decreasing to 1.05% and retail NPL ratio increasing to 0.94% [4][10]. - The annualized NPL generation rate for 9M24 was 1.02%, consistent with 2023 levels [10][11]. - The company maintains a high provision coverage ratio, ensuring asset quality remains stable [10][11]. Loan and Deposit Trends - Total loans increased by 4.7% year-on-year, with retail loans showing steady growth [5][12]. - The company continues to adjust its loan structure, reducing exposure to real estate and low-yielding bills [5][12]. - The total deposits reached 8.73 trillion yuan, a year-on-year increase of 9.4% [19][21]. Market Position - The company’s stock closed at 38.60 yuan, with a market capitalization of 796.3 billion yuan [7][19]. - The price-to-book (P/B) ratio for 2024 is projected at 0.96, indicating a favorable valuation compared to peers [11][21].