2024年一季报点评：营收超预期高增，息差降幅收窄

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 6.6 CNY, compared to the current price of 5.04 CNY [1][4][6]. Core Insights - The company's revenue and profit growth in Q1 2024 exceeded expectations, with a revenue increase of 15.3% year-on-year and a net profit growth of 14.7% [3][4]. - The narrowing decline in net interest margin, combined with a low base from the previous year, contributed to the strong growth in net interest income, which rose by 5.6% [3][4]. - Non-interest income saw a significant increase of 52%, with notable recovery in middle-income segments [3][4]. - Cost savings played a positive role in profit growth, with operating tax expenses decreasing by 65.5% [3][4]. Summary by Sections Financial Performance - Q1 2024 revenue reached 1.055 billion CNY, up 15.3% year-on-year, and net profit was 398 million CNY, reflecting a 14.7% increase [3][4]. - The non-performing loan ratio remained stable at 0.97%, while the provision coverage ratio improved to 304.8% [3][4]. Interest Margin and Income - The annualized net interest margin for Q1 2024 decreased slightly by 2 basis points to 1.56%, with a reduction in the decline rate due to improved asset yield [3][4]. - The yield on interest-earning assets fell by only 4 basis points to 3.67%, attributed to an optimized asset structure [3][4]. Loan Demand and Quality - New loans in Q1 2024 totaled 91.1 billion CNY, significantly higher than the 59.2 billion CNY in the same period last year, with a year-on-year growth of 12.6% [3][4]. - The asset quality remained stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 304.8% [3][4]. Capital Adequacy - The core tier one capital adequacy ratio increased by 68 basis points to 13.36% in Q1 2024, supported by net profit growth and adjustments in risk-weighted assets [3][4].