兴业银行：营收稳健增长，负债成本持续改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth with a year-on-year increase of 1.81% in operating income for the first three quarters of 2024, amounting to 164.217 billion yuan [6] - The net profit attributable to shareholders decreased by 3.02% year-on-year, totaling 63.006 billion yuan, primarily due to the impact of interest margin business and provision for impairment [6] - The company has shown resilience in net interest margin, which stood at 1.84% for the first three quarters of 2024, despite a slight decline of 2 basis points compared to the first half of 2024 [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue growth slightly improved by 0.01 percentage points compared to H1 2024, driven by marginal improvements in non-interest income [2][6] - The company’s non-interest income showed a mixed performance, with commission income down by 15.16% and other non-interest income up by 12.79% year-on-year [2][6] - The company’s total loan balance reached 5.74 trillion yuan, reflecting an 8.05% year-on-year increase, with a significant portion of new loans coming from bill discounting [6] Asset Quality and Provisions - As of Q3 2024, the company maintained a non-performing loan ratio of 1.08% and a focus rate of 1.77%, indicating stable asset quality [6] - The company made provisions for asset impairment losses amounting to 47.703 billion yuan, which is a 14.31% increase year-on-year [6] Future Outlook - The company is expected to achieve operating revenues of 214.7 billion yuan, 222.8 billion yuan, and 235.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.83%, 3.78%, and 5.50% [6][7] - The net profit attributable to shareholders is projected to be 77.5 billion yuan, 80.1 billion yuan, and 83.8 billion yuan for the same years, with growth rates of 0.48%, 3.32%, and 4.71% respectively [6][7]