BOB(601169) 中国银河·2024-09-04 08:31Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a stable performance in its 2024 H1 results, with operating income and net profit attributable to shareholders reaching 35.544 billion yuan and 14.579 billion yuan, respectively, representing year-on-year growth of 6.37% and 2.39% [1]. - The net interest margin (NIM) decline has narrowed, with interest income increasing by 3.84% year-on-year, and the company has effectively managed its funding costs [1]. - Non-interest income has shown a robust growth of 13.43% year-on-year, although intermediary business income has faced pressure [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating income of 35.544 billion yuan and net profit of 14.579 billion yuan, with a weighted average ROE of 10.98%, down 0.6 percentage points year-on-year [1]. - Interest income was 25.536 billion yuan, up 3.84% year-on-year, with a net interest margin of 1.47%, down 7 basis points [1]. Loan and Deposit Growth - Total loans increased by 7.56% year-to-date, with corporate loans growing by 17.46% [1]. - Total deposits grew by 13.18% year-to-date, with corporate and personal time deposits increasing by 12.41% and 16.81%, respectively [1]. Asset Quality - As of June, the non-performing loan ratio was 1.31%, down 0.01 percentage points from the beginning of the year, and the real estate non-performing loan ratio was 2.14%, down 1.46 percentage points [2]. Investment and Non-Interest Income - Non-interest income reached 10.008 billion yuan, accounting for 28.16% of total revenue, with investment income growing by 29.72% year-on-year to 6.971 billion yuan [1][2]. - The company is focusing on digital wealth management to enhance its non-interest income streams [1]. Future Outlook - The company is expected to maintain strong growth in its core deposit acquisition capabilities and cost management, with projected BVPS for 2024-2026 at 12.72, 13.55, and 14.42 yuan, respectively [2].