BANK OF CHINA(601988) 国海证券·2025-04-02 15:37Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The report highlights that the company's foreign currency asset hedging has mitigated the decline in interest margins, while its asset quality continues to improve [2][5]. - In 2024, the company achieved a revenue of 630.09 billion yuan, a year-on-year growth of 1.16%, and a net profit attributable to shareholders of 237.84 billion yuan, reflecting a 2.56% increase [5][7]. - The non-performing loan ratio decreased to 1.25%, with a provision coverage ratio rising to 200.60%, indicating robust asset quality [5][7]. - The net interest margin for 2024 was reported at 1.40%, with a slight reduction of 1 basis point, showing signs of stabilization [7][8]. - The company plans to distribute a dividend of 0.24 yuan per share for 2024, representing a 2.54% increase from the previous year [5][9]. Financial Performance Summary - The company’s total assets reached 35.06 trillion yuan, growing by 8.11% year-on-year, while total loans amounted to 21.54 trillion yuan, up by 8.22% [5][8]. - Deposits totaled 24.20 trillion yuan, reflecting a year-on-year growth of 5.66% [5][8]. - The report forecasts revenues for 2025-2027 to be 625.51 billion, 650.33 billion, and 683.35 billion yuan, with corresponding growth rates of -0.73%, 3.97%, and 5.08% [8][17]. - The net profit attributable to shareholders is projected to be 238.85 billion, 243.84 billion, and 249.12 billion yuan for the same period, with growth rates of 0.42%, 2.09%, and 2.17% respectively [8][17]. Dividend Information - The company plans to maintain a dividend payout ratio of 30%, with a projected dividend yield of 4.34% based on the current share price [9][17].