大行股价调整点评：国有大行投资价值依旧凸显，短期回调或是更好配置窗口

Investment Rating - The report maintains a "Positive" outlook on state-owned banks, indicating they possess medium to long-term investment value despite recent stock price adjustments [3][4]. Core Insights - The recent stock price decline of state-owned banks (4-5% on August 29) is viewed as a temporary market sentiment fluctuation that does not alter the banks' stable fundamentals and attractive dividend yields [3][4]. - The report highlights that the revenue and net profit growth rates for state-owned banks are expected to be relatively stable, with a projected loan growth of 11.6% year-on-year in Q1 2024, outperforming the average of listed banks [3][4]. - The asset quality of these banks is better than expected, with non-performing loan ratios remaining stable, and proactive measures are being taken to enhance risk resilience [3][4]. Summary by Sections Financial Performance - In Q1 2024, state-owned banks reported a revenue decline of 2.2% and a net profit decline of 2.0% year-on-year, reflecting pressures from interest margin compression and support for the real economy [3][6]. - For the first half of 2024, Bank of China and Bank of Communications reported revenue growth rates of -0.7% and -3.5%, and net profit growth rates of 1.2% and -1.6%, respectively [3][6]. Dividend Outlook - The dividend payout ratio for state-owned banks has shown a consistent upward trend, reaching nearly 32% in 2023, which is higher than the average for listed banks (26.6%) and the CSI 300 index (25.7%) [4][9]. - Mid-term dividend plans have been announced, with Bank of China proposing a dividend of 35.6 billion (0.121 yuan per share) and Bank of Communications proposing 13.5 billion (0.182 yuan per share), both representing about 30% of their net profits for the first half of 2024 [4][9]. Valuation and Market Position - Despite a valuation recovery this year, state-owned banks still offer attractive dividend yields, with a current yield of 4.93%, significantly higher than the 10-year government bond yield of approximately 2.2% [4][7]. - The static price-to-book (PB) ratio for state-owned banks is in the range of 0.6-0.7x, which remains lower than leading banks in the US and Japan, indicating potential for further valuation upside [4][10]. Investment Recommendation - The report recommends continued investment in state-owned banks, emphasizing their ability to deliver substantial absolute and relative returns, especially following recent price corrections [4].