息差表现亮眼，信贷扩张保持积极

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][11]. Core Views - The report highlights that the company's net interest income performance is strong, and overall profitability remains stable. Despite a slight decrease in profit growth due to increased provisioning, the company maintains a robust level of profitability [4][5]. - The company is expected to benefit from a diversified shareholding structure, a market-oriented governance mechanism, and a stable management team, which contribute to its strategic consistency and superior profitability compared to peers [7][8]. Financial Summary - Total assets reached CNY 2.89 trillion as of Q1 2024, growing by 6.51% year-to-date, with loans increasing by 8.73% and deposits by 16.2% [3][4]. - In Q1 2024, the company achieved operating income of CNY 175 billion, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of CNY 70.13 billion, up 6.3% year-on-year [3][4]. - The annualized return on equity (ROE) for Q1 2024 was 15.51% [4]. - The company’s net interest margin (NIM) for Q1 2024 was 1.90%, showing resilience in interest spread despite market pressures [4][8]. - The non-performing loan (NPL) ratio remained stable at 0.76%, indicating strong asset quality [7][8]. Earnings Forecast - The company’s earnings per share (EPS) for 2024-2026 are projected to be CNY 4.10, CNY 4.49, and CNY 4.95, respectively, with corresponding profit growth rates of 6.1%, 9.6%, and 10.2% [5][7]. - The price-to-earnings (P/E) ratio for 2024-2026 is expected to be 6.5, 5.9, and 5.6, while the price-to-book (P/B) ratio is projected at 0.78, 0.69, and 0.61 [3][5].