CM BANK(600036) 国泰君安·2024-11-02 11:40Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 43.75 CNY [2][5]. Core Views - The company's Q3 2024 revenue and net profit growth rates are in line with expectations, with asset quality showing stability in corporate lending while retail lending faces pressure [2][3]. - The net profit growth forecast for 2024-2026 has been adjusted to 0.2%, 0.5%, and 3.8%, respectively, reflecting a cautious outlook due to economic conditions [3]. - The bank's net interest income and fee income have shown a narrowing decline, with wealth management income's year-on-year decline reducing from -32.6% in Q1 to -16% in Q3 2024 [3]. - The bank's asset quality remains robust, with corporate loan quality indicators improving, although retail non-performing loans have increased to 1.6% [3]. Financial Summary - Revenue for 2022 was 344,783 million CNY, with a projected decline to 329,687 million CNY in 2024, representing a -2.8% change [4]. - Net profit attributable to shareholders was 138,012 million CNY in 2022, expected to reach 146,877 million CNY in 2024, reflecting a growth of 0.2% [4]. - The book value per share (BVPS) is projected to increase from 36.71 CNY in 2023 to 41.25 CNY in 2024 [4]. - The net asset return rate is expected to decline from 14.5% in 2023 to 13.1% in 2024 [4].