2024年一季报点评：营收实现15%的增长，资产质量稳健

Investment Rating - The investment rating for the company is "Buy" [10][19] Core Views - The company achieved a revenue of 1.055 billion yuan in Q1 2024, representing a year-on-year growth of 15.3%, and a net profit attributable to shareholders of 398 million yuan, up 14.7% year-on-year [10] - The company has maintained a strong asset quality with a non-performing loan ratio of 0.97%, consistent with the beginning of the year, and a provision coverage ratio of 304.8%, indicating a solid safety cushion [10] - The company is expected to continue its growth trajectory with projected net profits of 1.96 billion yuan, 2.29 billion yuan, and 2.67 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 13.5%, 16.8%, and 16.5% [10] Financial Performance - In Q1 2024, the company reported a net interest income growth of 5.6% year-on-year, with total assets reaching 206.5 billion yuan, an increase of 4.9% from the beginning of the year [10] - The company's net interest margin for Q1 2024 was 1.60%, a decrease of 28 basis points year-on-year, while the full-year 2023 net interest margin narrowed by 48 basis points to 1.73% [10] - Other non-interest income saw a significant increase of approximately 47% year-on-year, contributing to 27.6% of total revenue in Q1 2024, up 6 percentage points year-on-year [10] Asset Quality - The company has maintained a non-performing loan ratio below 1.0% for four consecutive quarters, indicating stable asset quality [10] - The company has increased its credit risk provision by 32.0% year-on-year in Q1 2024, reflecting a proactive approach to managing credit risk [10] - The company’s provision coverage ratio has improved by 0.8 percentage points since the beginning of the year, reinforcing its strong risk management framework [10]