2024年一季报点评：上年资产清收导致业绩同比波动

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's net profit decreased by 10.8% year-on-year in Q1 2024, primarily due to high base effects from significant asset recoveries in the previous year. However, the pre-provision profit increased by 5.4% year-on-year, indicating solid operational performance [1][4] - Revenue for Q1 2024 was 7.13 billion yuan, down 2.9% year-on-year, but the decline was less severe compared to the full year of 2023. Non-interest income saw a substantial increase of 47% year-on-year, driven by declining bond market interest rates [1] - The company continues to optimize resource allocation and reduce costs, achieving a cost-to-income ratio of 27.2%, down 5.8 percentage points year-on-year [1] Financial Performance Summary - Q1 2024 net profit was 3.52 billion yuan, with a return on equity (ROE) of 12.01%, down 2.66 percentage points year-on-year. The total assets reached 1.49 trillion yuan, growing 3.5% from the beginning of the year [1][4] - The non-performing loan (NPL) ratio remained stable at 1.19% as of March 2024, with a provision coverage ratio of 367.5%, indicating robust asset quality management [1][5] - The company forecasts net profits of 11.8 billion yuan, 13 billion yuan, and 14.3 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 8.4%, 9.6%, and 10.0% [1][4]