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1、SWSResearchCo.LtdisasubsidiaryofShenwanHongyuanSecurities.99EastNanjingRoad,Shanghai
2、+862123297818www.swsresearch.comIndustryResearchBringingChinatotheWorldThecompanydoesnotholdanyequitiesorderivativesofthelistedcompanymentionedinthisreport(“target”),butthenweshallprovideHongKong-listedChinese
3、banksunderourcoveragereported4.7%YoYnetprofitgrowthin3Q17(vsfinancialadvisoryservicessubjectto1.7%YoYin2016and5.1%YoYin1H17).Overall,wenotestableassetgrowthwithimprovingassettherelevantlawsandregulations.Anystructure,increasingnetinterestmargin(NIM),decliningnon-performingloan(NPL)ratio,rising
4、affiliatesofthecompanymayholdequitiesofthetarget,whichmaycoverageratio,andstablecapitalpositionin3Q17.Wenotelargebanksreportedhigherdepositsexceed1percentofissuedsharesgrowth,whileNIMofsmallerbanksfinallycaughtupwiththatoflargerpeers,thankstorisingloansubjecttotherelevantlawsandregulations.The
5、companymayalsoyieldsandstabilisinginterbankliabilitycost.Weexpectearningstofurtherimprovein2018ontheprovideinvestmentbankingservicestobackofincreasingNIMandstableassetquality.thetarget.TheCompanyfulfillsitsdutyofdisclosurewithinitssphereofResultshighlights.Banks’totalloansgrowthmoderatedfrom12
6、.3%YoYin2016and12.5%YoYinknowledge.Theclientsmaycontact1H17to11.2%YoYin3Q17,whiledepositsgrowthmoderatedfrom10.9%YoYin2016and7.2%YoYcompliance@swsresearch.comforrelevantdisclosurematerialsorlogintoin1H17to5.2%YoYin3Q17.NIMreached2.01%in3Q17(vs2.08%in2016and1.95%in1H17).NPLwww.swsresearch.comun
7、derratioslightlydecreasedfrom1.72%in2016and1.65%in1H17to1.62%in3Q17.Coverageratiodisclosurecolumnforfurtherincreasedfrom158%in2016and165%in1H17to170%in3Q17.Totalcapitaladequacyratio(CAR)information.Theclientsshallhaveacomprehensiveunderstandingoftherosefrom13.5%in2016and1H17to13.7%in3Q17.discl
8、osureanddisclaimeruponthelastTighteningloanssupplyahead.Assuming13%loansgrowthin2017E,weexpectincrementalloanspage.toreachRmb13.8tnin17E(vsRmb12.7tnin16A),Rmb2.6tnin4Q17E(vsRmb4.2tnin1Q17,3.8tnin2Q17,andRmb3.2tnin3Q17),andonlyRmb800bnin
