INDUSTRIAL SECURITIES·2024-08-31 05:38Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company announced a cash dividend of 0.182 CNY per share, totaling 13.516 billion CNY, with a dividend payout ratio of 32.36%, consistent with the previous year's payout [1][5]. - Revenue and net profit for the first half of 2024 decreased by 3.5% and 1.6% year-on-year, respectively, primarily due to a decline in non-interest income [1][4][5]. - The net interest income increased by 2.2% year-on-year, supported by steady asset growth and a recovery in interest margins [1][5]. - The company focused on stable asset expansion, with total assets growing by 2.6% year-on-year and loans increasing by 5.9% [2][5]. - The net interest margin for the first half of 2024 was 1.29%, showing a slight year-on-year decrease of 2 basis points but a quarter-on-quarter increase of 2 basis points [2][5]. - Asset quality remained stable, with a non-performing loan ratio of 1.32% at the end of the first half of 2024, unchanged from the previous quarter [2][6]. - The capital adequacy ratios at the end of the first half of 2024 were 10.30% for core Tier 1, 12.25% for Tier 1, and 16.34% for total capital [2][7]. - Earnings per share (EPS) for 2024 and 2025 are projected to be 1.25 CNY and 1.26 CNY, respectively, with a projected price-to-book (PB) ratio of 0.60 times by the end of 2024 [2][7].