Xinda Securities·2024-03-28 16:00Investment Rating - The report assigns an "Accumulate" rating to the company [28]. Core Views - The company has shown a positive revenue growth rate, with a year-on-year increase of 0.03% in 2023, recovering from a decline of -0.54% in the previous year [28]. - The net profit attributable to the parent company increased by 3.91% year-on-year, ranking first among major banks, outperforming the overall growth rate of commercial banks at 3.24% [28]. - The company's performance is supported by rapid scale expansion, positive contributions from income tax, provisions, and other non-interest income, which mitigated the negative impact of interest margin [28]. - The net interest margin for 2023 was 1.60%, a decrease of 30 basis points year-on-year, influenced by a decline in loan interest rates [28]. - The company has accelerated its expansion in county-level financial services, with county loans growing by 19.8% year-on-year, accounting for over 50% of total loan increments [28]. - The non-performing loan ratio decreased to 1.33%, indicating improved asset quality [28]. Financial Performance Summary - The company's total assets, total liabilities, total loans, and total deposits grew by 17.52%, 18.31%, 14.41%, and 14.96% year-on-year, respectively [28]. - The core Tier 1 capital adequacy ratio stood at 10.72%, indicating a reasonable level of capital adequacy [28]. - The report forecasts steady growth in net profit, with projections of 2802 million in 2024 and 2932 million in 2025 [21].