2024-09-04 07:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is expected to achieve BVPS of 40.84, 44.99, and 49.38 for the years 2024, 2025, and 2026 respectively, indicating a narrowing decline and strong investment income performance [2][10]. - The company's non-interest income for H1 2024 was 68.496 billion yuan, a year-on-year decrease of 1.39%, accounting for 39.61% of total revenue, which is an increase of 0.69 percentage points year-on-year [3][10]. - The asset quality remains stable, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points from the beginning of the year [3][10]. Financial Performance Summary - For H1 2024, the company reported operating income and net profit attributable to shareholders of 172.945 billion yuan and 74.743 billion yuan, respectively, representing year-on-year declines of 3.09% and 1.33% [10]. - The annualized weighted average ROE was 15.44%, down 2.11 percentage points year-on-year [10]. - Interest income for H1 2024 was 104.449 billion yuan, a year-on-year decrease of 4.17%, with a net interest margin of 2%, down 23 basis points year-on-year [11]. - The company’s total loans grew by 3.67% from the beginning of the year, with corporate loans increasing by 6.61% and retail loans by 3% [11]. Strategic Outlook - The company is focused on its "Value Bank" strategic goal, emphasizing a balanced approach to quality, efficiency, and scale, with steady expansion of its balance sheet [3][10]. - The competitive edge in wealth management and asset management is continuously improving, with digital finance initiatives paving the way for long-term business development [3][10].