CCB(601939) INDUSTRIAL SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [12][28]. Core Insights - The company's total assets increased by 10.8% year-on-year, with loans growing by 12.6% [10][15]. - The company has focused on increasing credit in key areas such as green finance, inclusive finance, advanced manufacturing, and strategic emerging industries, with inclusive finance loans growing by 29.4% and green credit by 41.2% [10][15]. - The report indicates a slight decline in net interest income due to a decrease in interest margins, while non-interest income saw a significant increase of 53.1% year-on-year [20][25]. Financial Performance Summary - Total revenue for 2023 was 769.736 billion yuan, a decrease of 1.8% year-on-year, while net profit attributable to shareholders was 332.653 billion yuan, an increase of 2.4% [20][25]. - The company's net interest margin decreased to 1.70%, down 31 basis points year-on-year, with loan yield declining by 35 basis points [21][26]. - The report projects EPS for 2024 and 2025 to be 1.35 yuan and 1.37 yuan, respectively, with a projected PB of 0.54 times by the end of 2024 [12][28].