BOB(601169) 光大证券·2024-11-02 12:42Investment Rating - The report maintains a "Buy" rating for Beijing Bank (601169.SH) [2] Core Views - Beijing Bank's revenue has shown positive year-on-year growth for four consecutive quarters, with a 4.1% increase in revenue and a 1.9% increase in net profit attributable to shareholders in the first three quarters of 2024 [4][5] - The bank's net interest income grew by 2.7%, while non-interest income increased by 8.3%, although the growth rate for both categories has declined compared to the first half of 2024 [4] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.31% and a provision coverage ratio above 200% [5][10] Summary by Sections Market Data - Total shares outstanding: 21.143 billion - Total market capitalization: 120.515 billion yuan - 1-year price range: 4.13 to 6.34 yuan - 3-month turnover rate: 48.68% [1] Financial Performance - For the first three quarters of 2024, Beijing Bank achieved operating income of 51.76 billion yuan, a year-on-year increase of 4.1%, and a net profit of 20.62 billion yuan, up 1.9% [2][4] - The annualized weighted average return on equity (ROE) was 10.41%, a decrease of 0.64 percentage points year-on-year [2] Revenue Composition - Net interest income increased by 2.7%, while non-interest income rose by 8.3%, with the latter primarily driven by a 20.1% increase in investment income [4][5] - Non-interest income accounted for 25.5% of total revenue, down 2.6 percentage points from the first half of 2024 [5] Asset and Liability Management - The growth rate of interest-earning assets and loans was 10.3% and 8.9%, respectively, with loans making up 59.6% of interest-earning assets [4] - Total interest-bearing liabilities and deposits grew by 10% and 14.6% year-on-year, respectively, with deposits accounting for 66.5% of interest-bearing liabilities [5] Profitability and Valuation - The bank's net interest margin for the first three quarters of 2024 was estimated at 1.47%, a decrease of 1 basis point from the first half of 2024 [4] - The report projects a slight reduction in EPS forecasts for 2024-2026, now estimated at 1.24, 1.28, and 1.33 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.45, 0.42, and 0.39 [5][6]