INDUSTRIAL SECURITIES·2024-08-31 06:10Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The bank's non-performing loan (NPL) ratio and attention rate have slightly increased, but real estate risks show marginal improvement. As of mid-2024, the NPL ratio is 1.19%, up 1 basis point quarter-on-quarter, with corporate NPLs down 12 basis points to 1.25% and retail NPLs up 9 basis points to 1.30% [4] - The bank's mid-term dividend payout ratio has increased, with a cash dividend of 1.847 yuan per 10 shares, totaling 9.873 billion yuan, resulting in a payout ratio of 29.20%, slightly up from 28.01% in 2023 [3][4] - Revenue growth remains positive, but profit growth has slowed. For the first half of 2024, revenue and net profit attributable to shareholders grew by 2.7% and decreased by 1.6% year-on-year, respectively [2][3] - The bank's total assets increased by 3.1% year-on-year, with loans up by 4.0%. Corporate and retail loans grew by 6.5% and 5.3%, respectively [2][3] - The net interest margin for the first half of 2024 is 1.77%, down 8 basis points year-on-year but up 7 basis points quarter-on-quarter, primarily due to improved deposit costs and a shift in the asset structure [2][4] Summary by Sections Earnings Forecast and Rating - The company is expected to have an EPS of 1.34 yuan and 1.36 yuan for 2024 and 2025, respectively, with a projected book value per share of 13.27 yuan by the end of 2024, resulting in a price-to-book (PB) ratio of 0.50 times [5][6]