PSBC(601658) 国信证券·2024-10-31 10:01Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company's revenue and net profit growth have turned positive, with a revenue of 260.3 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.1% [1]. - The net profit attributable to shareholders reached 75.8 billion yuan, reflecting a year-on-year growth of 0.2% [1]. - The company maintains a strong asset growth, with total assets increasing by 9.3% year-on-year to 16.7 trillion yuan [1]. - The net interest margin has slightly narrowed, with an average of 1.89% for the first three quarters, down 16 basis points year-on-year [1]. - The company has a significant advantage in liabilities, with a rapid growth in deposits, which increased by 11.2% year-on-year [1]. - The asset quality remains strong, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 302% [1]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 86.6 billion yuan, with a year-on-year growth of 0.4% [2][4]. - The diluted EPS is projected to be 0.82 yuan for 2024, with a PE ratio of 6.4x [2][4]. - The total assets are forecasted to reach 17.5 trillion yuan by 2024, reflecting a year-on-year growth of 11.0% [4]. - The company’s return on equity (ROE) is expected to decline to 10.7% in 2024 [4].