负债成本管控成效显著，息差逐步企稳

Investment Rating - The investment rating for the company is "Buy" with a target price of 20.35 CNY [4][6]. Core Views - The company reported a Q1 2024 revenue of 57.751 billion CNY, a year-on-year increase of 4.22%, with a net profit attributable to shareholders of 24.336 billion CNY, down 3.10% year-on-year [2]. - The bank's net interest income increased by 5.09% year-on-year, driven by the expansion of interest-earning assets, while the net interest margin showed resilience at 1.87% despite a slight decline [2]. - The asset quality remains stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 245.51% as of Q1 2024 [2]. Financial Performance Summary - Q1 2024 revenue: 577.51 billion CNY, up 4.22% year-on-year [2]. - Q1 2024 net profit: 243.36 billion CNY, down 3.10% year-on-year [2]. - Q1 2024 net interest income: 61.98 billion CNY, down 18.99% year-on-year [2]. - Loan balance as of Q1 2024: 55.5 trillion CNY, up 7.91% year-on-year [2]. - Non-performing loan ratio: 1.07%, unchanged from the end of the previous year [2]. Earnings Forecast - Projected revenues for 2024-2026 are 216.27 billion CNY, 225.18 billion CNY, and 235.80 billion CNY, with respective growth rates of 2.58%, 4.12%, and 4.72% [2]. - Projected net profits for 2024-2026 are 79.40 billion CNY, 82.45 billion CNY, and 86.99 billion CNY, with respective growth rates of 2.96%, 3.84%, and 5.52% [2].