AGRICULTURAL BANK OF CHINA(601288) 国信证券·2024-10-31 03:31Investment Rating - The investment rating for Agricultural Bank of China (601288.SH) is "Outperform the Market" [3][6]. Core Views - The report highlights an increase in revenue and net profit growth, with revenue reaching 540.2 billion yuan and net profit at 214.4 billion yuan for the first three quarters of 2024, representing year-on-year growth of 1.29% and 3.38% respectively [1]. - The net interest margin has stabilized, and non-interest income has seen significant growth, with non-interest income increasing by 2.7% year-on-year, contributing to 19.0% of total revenue [1]. - The report indicates a strong performance in county-level finance, with loan balances growing by 10.9% and deposit balances by 4.9% compared to the beginning of the year [1]. - The asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302% [1]. Financial Forecasts and Valuation - The forecast for net profit from 2024 to 2026 is 279.5 billion yuan, 294.5 billion yuan, and 312.0 billion yuan, with corresponding year-on-year growth rates of 3.8%, 5.3%, and 6.0% [1][4]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.64x, 0.59x, and 0.55x, and a price-to-earnings (PE) ratio of 6.0x, 5.7x, and 5.4x for the years 2024 to 2026 [1][4].