营收表现积极，看好盈利能力修复

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][9]. Core Views - The company reported a revenue of 57.75 billion yuan in Q1 2024, showing a year-on-year growth of 4.2%, while the net profit attributable to shareholders was 24.34 billion yuan, a decrease of 3.1% year-on-year [3][6]. - The total asset size reached 10.3 trillion yuan by the end of Q1 2024, reflecting a growth of 0.97% since the beginning of the year [3][6]. - The bank's net interest margin slightly decreased by 2 basis points to 1.87% quarter-on-quarter, but the decline is expected to be less severe compared to peers [3][5]. Financial Performance Summary - Revenue and Profit: The company achieved a net income of 221.9 billion yuan in 2024E, with a year-on-year growth forecast of 0.9% [2]. The net profit attributable to shareholders is projected to be 91.38 billion yuan in 2024E, with a year-on-year decrease of 15.6% [2]. - Return on Equity (ROE): The ROE is expected to decline to 10.6% in 2024E from 14.6% [2]. - Earnings Per Share (EPS): The diluted EPS is projected to be 4.40 yuan in 2024E, with a slight increase in subsequent years [2]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is forecasted to be 3.7 in 2024E, indicating a relatively low valuation [2]. - Price-to-Book (P/B) Ratio: The P/B ratio is expected to be 0.51 in 2024E, suggesting a strong margin of safety in valuation [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 1.07% as of Q1 2024, with a provision coverage ratio of 245.51%, indicating a solid risk management framework [5][6]. - The bank's proactive risk management measures are reflected in the increase of the provision for credit losses by 46% year-on-year [3][5]. Strategic Outlook - The company is focusing on a "commercial bank + investment bank" model to differentiate its operations, aiming for high efficiency and light capital [5]. - The bank plans to enhance its dividend payout ratio, which has increased to 29.64%, highlighting its commitment to returning value to shareholders [5].