INDUSTRIAL BANK(601166) 国信证券·2024-04-28 01:30Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company achieved a revenue of 57.751 billion yuan in Q1 2024, representing a year-on-year increase of 4.22%. However, the net profit attributable to shareholders decreased by 4.17% to 24.336 billion yuan [1]. - The company's total assets reached 10.26 trillion yuan at the end of Q1 2024, a year-on-year growth of 4.38% [1]. - The net interest margin for Q1 2024 was 1.87%, with a slight decrease of 2 basis points quarter-on-quarter and 10 basis points year-on-year, indicating a narrowing decline [1]. - Non-interest income increased by 2.69% year-on-year, with significant growth in other non-interest income driven by increased investment returns from bond assets [1]. - The asset quality remained stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 245.51% [1]. Financial Forecasts - The company is expected to achieve net profits of 77.331 billion yuan, 78.478 billion yuan, and 80.932 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 0.3%, 1.5%, and 3.1% [2][5]. - The diluted EPS for the years 2024, 2025, and 2026 is projected to be 3.72 yuan, 3.78 yuan, and 3.90 yuan, respectively [2][5]. - The current price-to-earnings (PE) ratio is 4.4x for 2024, 4.3x for 2025, and 4.2x for 2026, while the price-to-book (PB) ratio is 0.44x for 2024, 0.41x for 2025, and 0.38x for 2026 [2][5].