Guolian Securities·2024-09-01 07:12Investment Rating - The investment rating for the company is "Buy (Maintain)" [9] Core Views - The company has shown balanced business development with stable performance, as evidenced by its H1 2024 revenue of 1729.45 billion yuan, a year-on-year decrease of 3.09% [14][29] - The net profit attributable to shareholders for H1 2024 was 747.43 billion yuan, reflecting a year-on-year decline of 1.33% [14][29] - The company’s interest income and commission income have shown marginal improvements, with interest income at 1044.49 billion yuan and commission income at 383.28 billion yuan for H1 2024, despite year-on-year declines of 4.17% and 18.61% respectively [29] - Retail business remains a significant strength, with a loan balance of 6.75 trillion yuan, up 6.17% year-on-year, driven primarily by retail lending [29] - The company’s wealth management business has seen strong growth, particularly in the distribution of financial products, with a notable increase in revenue from this segment [29] Financial Data and Valuation - The company’s total assets are projected to reach 11,900.21 billion yuan by 2024, with a compound annual growth rate (CAGR) of 4.30% from 2024 to 2026 [33] - The forecasted net profit for 2024 is 1498 billion yuan, with a year-on-year growth of 2.22% [29][33] - The company’s earnings per share (EPS) for 2024 is estimated at 5.71 yuan, with a price-to-earnings (PE) ratio of 6.01 [29][33]