EBSCN·2024-03-28 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [13]. Core Views - The company achieved an operating income of 622.9 billion, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 231.9 billion, up 2.4% year-on-year [3][15]. - The bank's loan growth was robust, with new loans amounting to 2.4 trillion, an increase of 0.6 trillion year-on-year, primarily supported by corporate loans [5]. - Non-interest income saw significant growth of 24% year-on-year, contributing to the overall revenue increase [28]. - The bank's capital adequacy ratios showed a stable upward trend, with the core tier one capital ratio at 11.63% [7][29]. Summary by Sections Financial Performance - The bank's total assets and liabilities structure indicates a strong performance, with a net interest margin of 1.59%, down 5 basis points from the previous quarter and 16 basis points year-on-year [27]. - The bank's non-performing loan ratio remained stable at 1.27%, indicating solid asset quality [18][22]. Loan and Deposit Growth - The bank's new loan issuance in 2023 was 2.4 trillion, with corporate loans contributing significantly, while retail loans saw a decrease [5]. - The bank's deposit growth was also robust, with a year-on-year increase of 13% in interest-bearing liabilities [27]. Capital Adequacy and Risk Management - The bank's capital adequacy ratios improved, with the total capital adequacy ratio at 17.74% and the tier one capital ratio at 13.83% [7][37]. - The bank's provisioning coverage ratio was 191.7%, reflecting a conservative approach to risk management [22][37]. Earnings Forecast and Valuation - The report adjusts the EPS forecast for 2024 to 0.80, reflecting a slight decrease, while the 2026 EPS forecast is set at 0.86 [29]. - The current stock price corresponds to a price-to-book ratio of 0.54, indicating potential for value appreciation [29].