24Q1营收增速好于业绩

Investment Rating - The report maintains a "Buy" rating for Changsha Bank with a target price of 9.95 CNY per share, indicating an upside potential from the current price of 7.85 CNY [4]. Core Insights - Changsha Bank's revenue growth for 2023 and Q1 2024 was reported at 8.5% and 7.9% respectively, with a year-on-year increase in net profit attributable to shareholders of 9.6% and 5.8% [3]. - The bank's net interest margin remains stable at around 2.2%, despite a general decline in the industry [3]. - The bank's loan growth was robust, with an increase of 33.9 billion CNY year-to-date, exceeding the previous year's growth by 2.8 billion CNY [3]. - The core Tier 1 capital adequacy ratio improved significantly to 9.70% as of March, reflecting a decrease in the growth rate of risk-weighted assets [3]. Summary by Sections Financial Performance - Revenue growth for 2023 and Q1 2024 was 8.5% and 7.9%, respectively, with PPOP growth of 9.1% and 7.1% [3]. - The net profit attributable to shareholders increased by 9.6% in 2023 and 5.8% in Q1 2024, with Q1 revenue growth outpacing net profit growth [3][12]. Key Financial Metrics - The net interest margin for Q1 2024 was reported at 2.21%, with only a slight decline from previous quarters [3]. - The bank's loan growth was 339 billion CNY year-to-date, with a year-on-year increase of 28 billion CNY [3]. - The non-performing loan ratio remained stable at 1.15% as of March, with a provision coverage ratio of 313% [3]. Capital Adequacy - The core Tier 1 capital adequacy ratio increased by 0.11 percentage points to 9.70% as of March [3]. - The growth rate of risk-weighted assets decreased from 12.2% at the end of December to 7.0% by March [3]. Earnings Forecast - The report forecasts a net profit growth of 4.3% for 2023 and 6.2% for 2024, with expected EPS of 1.86 CNY and 1.98 CNY per share for the respective years [3].