CHINA EVERBRIGHT BANK(6818.HK):NET PROFIT INCREASED IN 9M24
CHINA EVERBRIGHT BANK(6818.HK):NET PROFIT INCREASED IN 9M24
Asset quality remained stable in 9M24. Its NPL ratio was 1.25% at end- September 2024, unchanged from end-June 2024 and end-December 2023. Its allowance to NPLs was 170.73% in 9M24, against 172.45% in 1H24 and 181.27% in 2023. We expect its NPL ratio to stay at 1.25% in 2024.China Everbright Bank's (CEB) attributable net profit increased 2.3% YoY in 3Q24 and 1.9% YoY in 9M24, against 1.7% YoY growth in 1H24. Its net interest income dropped 11% YoY in 9M24, against negative YoY growths of 12.1% in 1H24 and 5.4% in 2023. Its net fee and commission income dropped 20.6% YoY in 9M24, against negative growths of 21.7% YoY in 1H24 and 9.3% YoY in 2023. As of end-September 2024, its loans increased 3.1% from end-2023 while its deposits decreased 1.8% from end-2023. CEB's asset quality remained stable in 9M24 as NPL ratio was unchanged from 1H24. Looking ahead, we expect CEB to report positive growth in net profit in 4Q24 as the declining pace of NIM will be slow in 4Q24. Valuation remains cheap. Maintain BUY rating.
中國光大銀行（CEB）的歸屬淨利潤在2024年第三季度同比增長2.3%，在2024年前9個月同比增長1.9%，遠高於2024年上半年1.7%的同比增長。其淨利息收入在2024年前9個月同比下降11%，而在2024年上半年和2023年分別爲-12.1%和-5.4%的同比增長。其淨手續費及佣金收入在2024年前9個月同比下降20.6%，而在2024年上半年和2023年分別爲-21.7%和-9.3%的同比減少。截至2024年9月底，其貸款較2023年末增長3.1%，而存款較2023年末減少1.8%。CEB的資產質量在2024年前9個月保持穩定，不良貸款率與2024年上半年持平。展望未來，預計CEB將在2024年第四季度報告淨利潤正增長，因爲淨利息收入的下降速度將在2024年第四季度放緩。估值仍然便宜。保持買入評級。
Key
密鑰
Factors for Rating
評級因素
Asset quality remained stable in 9M24. Its NPL ratio was 1.25% at end- September 2024, unchanged from end-June 2024 and end-December 2023. Its allowance to NPLs was 170.73% in 9M24, against 172.45% in 1H24 and 181.27% in 2023. We expect its NPL ratio to stay at 1.25% in 2024.
資產質量在2024年前9個月保持穩定。在2024年9月底，其不良貸款率爲1.25%，與2024年6月底和2023年底持平。其撥備覆蓋率在2024年前9個月爲170.73%，分別爲2024年上半年的172.45%和2023年的181.27%。預計其不良貸款率將在2024年保持在1.25%。
Net interest income dropped in 9M24. Its net interest income decreased 8.8% YoY in 3Q24 and 11% YoY in 9M24, against negative growths of 12.1% YoY in 1H24 and 5.4% YoY in 2023. As China's banks lowered deposit rates as well as RRR and outstanding personal mortgage loans rates reduced, CEB's NIM pressure may have alleviated in 3Q24. We expect its NIM to remain largely stable in 4Q24.
淨利息收入在2024年前9個月下降。淨利息收入在2024年第三季度同比減少8.8%，在2024年前9個月同比減少11%，而在2024年上半年和2023年分別爲-12.1%和-5.4%的同比增長。由於中國銀行降低存款利率以及存款準備金率和個人按揭貸款利率降低，CEB的淨息差壓力在2024年第三季度可能有所緩解。預計其淨息差在2024年第四季度將基本保持穩定。
Net fee and commission income decreased in 9M24. Its net fee and commission income decreased 20.6% YoY in 9M24. As a result, the proportion of net fee and commission income in total operating income reached 14.8% in 9M24, against 17% in 9M23.
淨手續費及佣金收入在2024年前9個月下降。淨手續費及佣金收入在2024年前9個月同比減少20.6%。因此，淨手續費及佣金收入在總營業收入中的比例在2024年前9個月達到了14.8%，而在2019年前9個月爲17%。
Key Risks for Rating
評級的主要風險
The bank might be under strong pressure to provide more support to the real economy if China's economy slows down significantly.
如果中國經濟顯著放緩，銀行可能面臨着爲實體經濟提供更多支持的巨大壓力。
Valuation
估值
Its H shares are now trading at 0.3x 2024E P/B, which remains quite cheap. We expect its ROAE to reach 7.8% in 2024, lower than sector's average level. Its 2024E dividend yield will be around 7.3%. We slightly revised down our target price from HK$3.20 to HK$3.19, based on about 0.35x 2024E P/B. Maintain BUY rating.
其H股目前交易價格爲2024年預期每股賬面價值的0.3倍，仍然相當便宜。我們預計其2024年ROAE將達到7.8%，低於該板塊的平均水平。其2024年預期股息率將約爲7.3%。我們稍微調低了目標價，從HK$3.20降至HK$3.19，基於約0.35倍2024年預期每股賬面價值。繼續維持買入評級。
譯文內容由第三人軟體翻譯。
