Guoxin Securities·2024-08-29 08:30Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company's revenue and net profit decreased year-on-year in the first half of the year, with revenue at 132.35 billion yuan (YoY, -3.51%) and net profit at 45.29 billion yuan (YoY, -1.63%) [3][5] - The annualized weighted average ROE for the first half was 9.29%, a decrease of 0.87 percentage points year-on-year [3] - The company’s total assets grew by 2.64% year-on-year to 14.18 trillion yuan, with loans increasing by 6.05% to 8.27 trillion yuan [3] - The net interest margin was reported at 1.29%, a slight decrease of 2 basis points year-on-year, indicating effective cost reduction on liabilities [3] - The overall asset quality remained stable, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 204.82% [3] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 260.89 billion yuan, 267.53 billion yuan, and 277.95 billion yuan, respectively, with corresponding year-on-year growth rates of -3.3%, 2.5%, and 6.4% [3][6] - Net profit forecasts for the same period are 89.68 billion yuan, 91.89 billion yuan, and 97.74 billion yuan, with year-on-year growth rates of -3.3%, 2.5%, and 6.4% [3][6] - The diluted EPS for 2024-2026 is projected to be 1.11 yuan, 1.14 yuan, and 1.22 yuan, respectively [3][6] - The current PE ratios are 7.3, 7.1, and 6.6 for 2024-2026, while the PB ratios are 0.62, 0.58, and 0.55 [3][6]