CZBANK(SH:601916) Guoxin Securities·2025-03-31 07:14Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company's revenue showed a marginal recovery with a total revenue of 67.65 billion yuan in 2024, representing a year-on-year increase of 6.19%, while the net profit attributable to shareholders was 15.19 billion yuan, up 0.92% year-on-year [1][3] - The total assets of the company grew by 5.78% year-on-year to 3.33 trillion yuan, with deposits and loans increasing by 2.57% and 8.20% respectively [2] - The net interest margin decreased to 1.71%, down 30 basis points year-on-year, while the cost of interest-bearing liabilities improved, decreasing by 10 basis points [2] - Non-interest income saw a significant increase of 39.05% year-on-year, accounting for 33.25% of total revenue, with investment income showing strong growth [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 67.65 billion yuan, with a year-on-year growth of 6.19%, and a net profit of 15.19 billion yuan, reflecting a slight increase of 0.92% [1][5] - The average ROE for 2024 was 8.49%, a decrease of 0.96 percentage points compared to the previous year [1] Asset Growth - Total assets increased by 5.78% year-on-year to 3.33 trillion yuan, with deposits and loans growing by 2.57% and 8.20% respectively [2] - New credit issuance in 2024 was 140.1 billion yuan, with corporate loans being the main driver of growth [2] Interest Income and Costs - The net interest margin was 1.71%, down 30 basis points year-on-year, primarily due to a decline in asset yield [2] - The cost of interest-bearing liabilities decreased by 10 basis points year-on-year, indicating ongoing improvements in the liability side [2] Non-Interest Income - Non-interest income rose by 39.05% year-on-year, making up 33.25% of total revenue, with a notable increase in other non-interest income [3] Asset Quality - The non-performing loan ratio at the end of 2024 was 1.38%, a slight decrease from the previous quarter, while the coverage ratio improved to 178.67% [3]