AGRICULTURAL BANK OF CHINA(601288) 中泰证券·2025-04-01 12:38Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].