CZBANK(02016) 国泰君安·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 3.45, down from the previous forecast of 4.16 [1][2]. Core Views - The report highlights that the company's asset expansion speed has improved, leading to strong profit growth. The total asset growth rate reached 19.9%, which is significantly higher than other listed banks. The profit release is positive, and the asset quality forward indicators are stable, maintaining a "Buy" rating [1][2]. Summary by Sections Financial Performance - The company's revenue and net profit growth rates for 2023 met expectations, with a net profit growth rate of 10.5%, which is higher than the average level of other listed banks by 14 percentage points [1][2]. - The annual loan balance increased by 12.4% year-on-year, maintaining a high expansion speed. The net interest margin for 2023 was 2.01%, a year-on-year decrease of 20 basis points, but still among the top in the industry [1][2]. Asset Quality - The core indicators of asset quality are stable, with a decrease in the non-performing loan ratio by 20 basis points compared to the end of Q3. The overdue rate and attention rate have also improved [1][2]. Earnings Forecast - The forecast for net profit growth for 2024-2026 is projected at 3.61%/6.57%/7.66%, with EPS estimates of 0.57 for 2024, down from the previous estimate of 0.60 [1][2]. Market Position - The company has a total market capitalization of 82,394 million, with a circulating share ratio of 100% [1][2]. The average daily trading volume is 144.28 million shares, indicating strong market activity [1][2].