BANK OF CHANGSHA(601577) 开源证券·2024-10-30 07:31Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577 SH) [1] Core Views - Changsha Bank's profitability remains stable with a slight improvement, and the net interest margin (NIM) has shown signs of stabilization [1] - Non-interest income, particularly from financial market investments, has provided significant support [1] - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 1 16% in Q3 2024, unchanged from H1 2024 [3] - The bank's capital adequacy ratios have improved, supported by the successful issuance of perpetual bonds [4] Financial Performance - In the first three quarters of 2024, Changsha Bank achieved revenue of 19 471 billion yuan (YoY +3 83%) and net profit attributable to shareholders of 6 187 billion yuan (YoY +5 85%) [1] - Q3 2024 net interest income was 5 057 billion yuan (YoY -1 70%), with the decline narrowing compared to Q2 2024 [1] - The bank's core tier 1 capital adequacy ratio increased to 9 93% in Q3 2024, up by 0 23 percentage points from H1 2024 [4] Asset and Liability Structure - Total assets reached 1 12 trillion yuan by the end of Q3 2024, a YoY increase of 10 37% [2] - Total loans amounted to 543 23 billion yuan, a YoY increase of 11 30%, with Q3 2024 seeing new loans of 9 638 billion yuan [2] - Total deposits reached 688 695 billion yuan, a YoY increase of 8 85%, though deposit growth slowed due to disintermediation [2] Profitability and Growth Forecast - The report forecasts net profit attributable to shareholders of 7 996 billion yuan for 2024, 8 892 billion yuan for 2025, and 10 047 billion yuan for 2026, with YoY growth rates of 7 15%, 11 20%, and 12 99% respectively [1] - The bank's ROE is expected to remain stable, with 2024-2026 ROE forecasts of 11 19%, 11 00%, and 10 98% respectively [5] Capital and Risk Management - The bank's provision coverage ratio stood at 314 54% in Q3 2024, recovering to levels above the beginning of the year [3] - Asset impairment losses for the first three quarters of 2024 were 6 485 billion yuan, a YoY increase of 2 91%, indicating room for profit replenishment [3]