BOB(SH:601169) INDUSTRIAL SECURITIES·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for Beijing Bank [6] Core Views - Revenue growth shows strong performance, with 2023 revenue and net profit attributable to shareholders increasing by 0.7% and 3.5% year-on-year, respectively [4][6] - The retail transformation is accelerating, and regional layout optimization is evident, with total assets growing by 10.6% year-on-year and loan growth at 12.3% [4][5] - Asset quality continues to improve, with the non-performing loan ratio decreasing from a peak of 1.57% in 2020 to 1.32% in 2023 [5][6] Summary by Sections Revenue and Profitability - In 2023, Beijing Bank achieved operating income of 66.711 billion yuan and net profit of 25.624 billion yuan, reflecting year-on-year growth of 0.66% and 3.49%, respectively [3][4] - The weighted average return on equity (ROE) for 2023 was 9.32% [3] Loan Growth and Asset Quality - Total loan growth was 12.3%, with corporate and retail loan growth rates at 16.6% and 9.8%, respectively [4][5] - New loans in 2023 amounted to approximately 218.2 billion yuan, with corporate loans contributing 76% of the increase [4][5] - The non-performing loan ratio improved to 1.32%, with a provision coverage ratio of 217% [5][6] Retail Transformation and Interest Margin - Retail loan yield increased, with the net interest margin remaining stable at 1.54% compared to the first half of 2023 [4][5] - The bank's focus on consumer loans led to a 50% year-on-year increase in consumer loans, contributing significantly to overall loan growth [4][5] Dividend and Earnings Forecast - The dividend per share for 2023 was 0.32 yuan, with a total cash dividend of 6.766 billion yuan, resulting in a cash dividend rate of 30.28% [5][6] - Earnings per share (EPS) forecasts for 2024 and 2025 have been slightly adjusted to 1.23 yuan and 1.24 yuan, respectively [6]