CNCB(601998) 国海证券·2025-04-02 08:48Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company reported a revenue growth of 3.76% year-on-year for 2024, with a net profit growth of 2.33%. The dividend payout ratio was increased to 30.50%, reflecting strong support for the real economy and a decrease in deposit costs [6][8]. - The company's asset scale reached 9.53 trillion yuan by the end of 2024, with a year-on-year growth of 5.31%. Customer deposits totaled 5.78 trillion yuan, up 7.04% year-on-year [6][8]. - The non-performing loan ratio stood at 1.16%, showing stability in asset quality, while the provision coverage ratio decreased to 209.43% [6][8]. Summary by Sections Financial Performance - In 2024, the company achieved operating income of 213.65 billion yuan, with a net profit attributable to shareholders of 68.43 billion yuan. The quarterly revenue growth rate for Q4 was 3.56%, while the net profit growth rate for the same quarter was 7.49% [6][7]. - Interest income reached 146.68 billion yuan, growing by 2.19%, while non-interest income increased by 7.39% to 66.97 billion yuan, accounting for 31.3% of total revenue [6][8]. Asset Quality and Risk Management - The non-performing loan balance was 66.49 billion yuan, with a year-on-year increase of 2.60%. The company maintained a stable asset quality with a slight decrease in the non-performing loan ratio [6][8]. - The net interest margin was 1.77%, showing a minor decline of 1 basis point year-on-year, while the interest expense on customer deposits decreased by 10.16% [6][8]. Future Projections - The company forecasts operating revenues of 214.86 billion yuan for 2025, with a growth rate of 0.57%. The net profit is expected to reach 70.22 billion yuan, reflecting a growth rate of 2.40% [7][8]. - The report anticipates a gradual improvement in profitability metrics, with EPS projected to be 1.24 yuan in 2025, and P/E ratios expected to decrease over the next few years [7][8].