盈利表现优于同业，息差保持韧性

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by over 20% within the next six months [2][14]. Core Insights - The company reported a 12.0% year-on-year increase in revenue for Q1 2024, reaching 2.7 billion yuan, and a 19.8% increase in net profit attributable to shareholders, totaling 952 million yuan [5][6]. - The annualized weighted average ROE for Q1 2024 was 14.74%, reflecting strong profitability [5]. - The company's asset scale grew by 9.04% year-to-date, with loan and deposit growth rates of 5.76% and 14.35%, respectively [5][6]. - The net interest margin for Q1 2024 was 2.83%, showing a controlled decline compared to the previous year, indicating a competitive position in the industry [6][9]. Financial Performance Summary - Revenue and profit growth: Q1 2024 revenue increased by 12.0% year-on-year, while net profit rose by 19.8% [5][6]. - Asset quality: The non-performing loan (NPL) ratio slightly increased to 0.76%, but the company maintains a strong position in asset quality compared to peers [9]. - Provisioning: The provision coverage ratio improved to 539%, enhancing the company's risk mitigation capabilities [9][12]. Future Projections - The company is expected to maintain strong growth, with projected EPS of 1.42, 1.69, and 2.01 yuan for 2024 to 2026, corresponding to profit growth rates of 18.6%, 19.1%, and 19.0% respectively [9][12]. - The stock is currently trading at a price-to-book (P/B) ratio of 0.77x for 2024, indicating potential undervaluation [9][12].