CZBANK(601916) 国信证券·2024-08-31 04:13Investment Rating - The investment rating for the company is "Neutral" [1] Core Views - The company's performance in the second quarter was under pressure, with a year-on-year revenue decline of 3.3% and a net profit margin decrease of 1.31 percentage points [1] - The company has increased efforts in managing non-performing loans, with a non-performing loan ratio of 1.83%, up from 1.43% at the beginning of the year [1] - The net interest income decreased by 1.4% in the first half of the year, with a net interest margin of 1.81%, showing a slight improvement compared to the previous quarter [1] - Non-interest income grew by 25.7%, although net commission income declined [1] Financial Performance Summary - Revenue for the first half of 2024 is projected at 67.39 billion yuan, with a year-on-year growth of 5.8% [2] - Net profit is expected to reach 15.53 billion yuan in 2024, reflecting a 3.2% increase [2] - The company’s total assets are forecasted to grow to 35.21 billion yuan in 2024, with a loan growth rate of 10% [2] - The return on equity (ROE) is projected to be 9.6% in 2024, down from 10.3% in 2023 [2] Asset Quality Indicators - The non-performing loan ratio is expected to improve slightly to 1.42% in 2024 [2] - The provision coverage ratio is projected to remain stable at around 184% [2] - The credit cost ratio is expected to decrease to 1.68% in 2024 [2]