ICBC(601398) 中泰证券·2024-04-07 16:00Investment Rating - The report maintains an "Overweight" rating for the company with a market price of 5.33 [1] Core Insights - The company reported a revenue decline of 4% year-on-year and a net profit increase of 0.8% [20][52] - The net interest income decreased by 5.3% year-on-year, with a quarterly decline of 6.7% [20][55] - The asset quality remains robust, with a non-performing loan ratio and generation rate decreasing year-on-year [20][45] Financial Performance Summary - Revenue and net profit figures for 2022 and projections for 2023-2026: - Revenue (million): 843,392 (2022), 809,504 (2023A), 776,842 (2024E), 760,865 (2025E), 762,453 (2026E) [18] - Net Profit (million): 361,132 (2022), 363,993 (2023A), 357,372 (2024E), 357,345 (2025E), 357,397 (2026E) [18] - Earnings per Share (EPS): 1.00 (2022), 1.01 (2023A), 0.99 (2024E), 0.99 (2025E), 0.99 (2026E) [18] Revenue and Profit Analysis - The company’s revenue decreased by 4% year-on-year, while net profit saw a slight increase of 0.8% [20][52] - The net interest income has been under pressure, with a year-on-year decline of 5.3% and a quarterly decline of 6.7% [20][55] - Non-interest income showed a marginal increase of 2.0% year-on-year, driven by other non-interest income [20][42] Asset and Liability Management - The company maintained a high year-on-year growth in loans and deposits, with loans increasing by 12.4% and deposits by 12.1% [20][32] - The structure of loans and deposits remained stable, with corporate loans showing a significant contribution [20][61] Asset Quality - The non-performing loan ratio and generation rate have decreased year-on-year, indicating a strong safety margin [20][45] - The non-performing loan ratio remained stable at 1.37%, with a slight decrease in the proportion of special mention loans [20][45] Future Outlook - The report projects a price-to-book (PB) ratio of 0.52X for 2024E and 0.49X for 2025E, with a price-to-earnings (PE) ratio of 5.38X for both years [5] - The company is expected to maintain its competitive edge and high barriers to entry due to its solid customer base and comprehensive financial service system [5]