CM BANK(600036) 财信证券·2024-11-04 10:41Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Views - The report indicates that the company has a sustainable capital generation ability and stable asset quality, despite pressure on net interest margin and non-interest income. It is expected that with an improving economic environment, the company's revenue will also improve [4][7]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 252.71 billion yuan, a year-on-year decrease of 2.91%. The net profit attributable to shareholders was 113.18 billion yuan, down 0.62% year-on-year. The net interest income was 157.30 billion yuan, a decline of 3.07% year-on-year [4][5]. - The annualized return on average total assets (ROAA) and return on average equity (ROAE) were 1.33% and 15.38%, respectively, both showing a year-on-year decline [4][6]. Income Breakdown - The net interest income accounted for 62.24% of total revenue, with a net interest margin of 1.99%, down 20 basis points year-on-year. The average yield on interest-earning assets was 3.49%, which decreased by 7 basis points from the previous quarter [5][6]. - Non-interest income was 95.41 billion yuan, representing 37.76% of total revenue, with a year-on-year decrease of 2.63%. The net fee and commission income fell by 16.90% due to reduced insurance channel fees and declining fund distribution income [6][7]. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.94%, with a strict recognition standard. The core Tier 1 capital adequacy ratio improved to 14.73%, up 0.87 percentage points from the previous report [6][7]. - The total assets reached 116,547.63 billion yuan, a year-on-year increase of 5.68%, with total loans and advances amounting to 67,587.51 billion yuan, up 3.84% year-on-year [5][6]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 5.88 yuan, 6.08 yuan, and 6.34 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are 6.56, 6.35, and 6.08 [7][8].