ICBC(601398) 招商证券·2025-03-29 09:29Investment Rating - The report maintains a strong buy recommendation for the company [5] Core Views - The company demonstrates stable operational performance with a slight recovery in revenue, PPOP, and net profit growth rates in 2024 compared to previous quarters [1] - The asset scale is steadily expanding, with total assets growing by 9.2% year-on-year and loans increasing by 8.8%, driven by significant growth in bill discounting [2] - The net interest margin remains stable at 1.42%, with a slight decrease compared to earlier quarters, while the cost of interest-bearing liabilities has improved [2] - The company plans to distribute a stable dividend of 0.308 CNY per share, maintaining a cash dividend ratio of 31.3% for three consecutive years [3] - The company’s non-performing loan ratio is stable at 1.34%, with improvements in corporate loans, although retail loans show some pressure [3] Summary by Sections Performance Overview - In 2024, the company reported a total revenue of 821.8 billion CNY, a decrease of 2.52% year-on-year, while net profit increased by 0.51% to 365.9 billion CNY [1][13] - The company’s total assets reached 48.8 trillion CNY, with a year-on-year growth of 9.2% [13] Non-Interest Income - Non-interest income has shown a decline, with a year-on-year decrease of 1.95% in 2024, primarily due to a drop in fee income [14][31] Interest Margin and Capital - The net interest margin for 2024 is reported at 1.42%, with a slight contraction from previous periods, while the cost of interest-bearing liabilities decreased to 1.94% [2][12] - The company maintains a robust capital adequacy ratio, with a core Tier 1 capital ratio of 13.78% [29] Asset Quality - The non-performing loan ratio stands at 1.34%, with a slight improvement in corporate loans, while retail loans face increased pressure [3][14] - The provision coverage ratio is reported at 214.69%, indicating a strong buffer against potential loan losses [3][14]