浙商银行：营收韧性平滑盈利波动，关注战略转型深化

Investment Rating - The report maintains a "Recommendation" rating for the company [3][11][17] Core Views - The company demonstrates revenue resilience with stable profit fluctuations, focusing on deepening strategic transformation [3][7] - The company has shown a slight slowdown in profit growth, with a year-on-year increase of 1.2% in net profit attributable to shareholders [5][11] - The asset quality is entering an improvement cycle, supported by a strategic focus on risk control and anti-cyclical capabilities [11][12] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 52.5 billion yuan, a year-on-year increase of 5.6% [5][12] - The net profit attributable to shareholders for the same period was 12.9 billion yuan, reflecting a year-on-year growth of 1.2% [5][12] - The annualized weighted average ROE stands at 10.33% [5][12] Asset and Liability Management - As of the end of Q3 2024, total assets reached 3.28 trillion yuan, with total loans amounting to 1.83 trillion yuan and total deposits of 1.91 trillion yuan [5][12] - The company’s total assets grew by 10.8% year-on-year, with loans increasing by 7.6% [8][12] - The non-performing loan ratio remained stable at 1.43%, indicating a steady asset quality [10][12] Revenue Composition - The net interest income showed a slight decline, with a year-on-year decrease of 1.0% in Q3 2024 [7][8] - Non-interest income growth slowed down, with a year-on-year increase of 23.0% in Q3 2024, down from previous periods [7][12] - Investment-related non-interest income grew by 34.0% year-on-year, although overall investment income faced slight declines due to market fluctuations [7][12] Strategic Outlook - The company is focusing on a "weak sensitivity to economic cycles" strategy, enhancing risk control and supporting stable development in corporate and retail banking [11][12] - The report projects EPS for 2024-2026 to be 0.58, 0.62, and 0.68 yuan respectively, with corresponding profit growth rates of 5.2%, 7.9%, and 9.4% [11][12]