Xin Lang Cai Jing·2025-05-02 00:24Core Viewpoints - The company's revenue growth has rebounded, with a 7.41% increase in Q1 2025, up 10.63 percentage points from the full year of 2024, driven by stable scale, recovering interest margins, and significant growth in non-interest income [2] - The net interest margin has improved, with a net interest margin of 1.41% in Q1 2025, up 2 basis points from the full year of 2024, and up 3 basis points from Q1 2024 [2] - The asset quality indicators remain stable, with a slight decrease in the non-performing loan ratio to 1.46%, down 1 basis point from the end of Q4 2024 [2] Revenue and Profitability - Q1 2025 operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 7.41%, 9.98%, and -5.13% year-on-year, respectively [1] - The growth rates for PPOP and net profit have increased by 15.37 percentage points and 4.72 percentage points compared to the full year of 2024 [1] Non-Interest Income and Asset Growth - Non-interest income saw a significant year-on-year increase of 43.79% in Q1 2025, with a growth rate improvement of 42.7 percentage points compared to the full year of 2024 [2] - Total assets grew by 0.72% year-on-year in Q1 2025, with loan growth at 0.48%, both showing a decline in growth rates compared to the full year of 2024 [3] Investment Recommendations - The company shows signs of revenue growth recovery, improving interest margins, and stable asset quality indicators, suggesting potential for valuation recovery if macroeconomic policies continue to support economic recovery [3]