工商银行：整体经营稳健，不良生成压力维持低位

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a total operating income of 420.499 billion yuan for H1 2024, a year-on-year decrease of 6.03%, with a marginal decline in revenue growth compared to Q1 2024 [6][2] - The net profit attributable to shareholders for H1 2024 was 170.467 billion yuan, down 1.89% year-on-year, but with a slight improvement in growth rate compared to Q1 2024 [6][2] - The company's interest income and commission income both showed declines, with interest income down 6.84% and commission income down 8.25% year-on-year [6] - The bank's loan balance reached 27.84 trillion yuan by the end of H1 2024, reflecting a year-on-year increase of 10.06% [6] - The net interest margin for H1 2024 was 1.43%, a decrease of 5 basis points from Q1 2024, primarily due to pressure on asset yields [6] - Wealth management services negatively impacted overall commission income, which decreased by 8.25% year-on-year [6] - The non-performing loan ratio stood at 1.35% at the end of H1 2024, with a slight decrease from Q1 2024, indicating stable asset quality [6] Summary by Sections Financial Performance - For H1 2024, the company achieved operating income of 420.499 billion yuan, down 6.03% year-on-year, and net profit of 170.467 billion yuan, down 1.89% year-on-year [6] - The company expects operating income for 2024-2026 to be 838.1 billion, 878.8 billion, and 913.6 billion yuan, with year-on-year growth rates of -0.59%, +4.85%, and +3.96% respectively [6][7] Asset Quality - The non-performing loan ratio was 1.35% at the end of H1 2024, with a net generation rate of non-performing loans at 0.46%, indicating low pressure on asset quality [6] - The provision coverage ratio was 218.43%, reflecting strong risk mitigation capabilities [6] Future Outlook - The company maintains a stable operational outlook, with a projected compound annual growth rate (CAGR) of 2.71% for operating income over the next three years [6]