信贷规模高增，息差企稳回升

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a strong performance in Q1 2024, with revenue, PPOP, and net profit attributable to shareholders increasing by 5.8%, 8.8%, and 6.3% year-on-year, respectively [1][2]. - Key highlights include significant growth in loan volume, stabilization and recovery of net interest margin, and a decrease in cost-to-income ratio [1]. - The report emphasizes the importance of monitoring rising loan rates and the pressure on non-interest income [1][2]. Summary by Relevant Sections Financial Performance - In Q1 2024, the company experienced a loan growth of 24.2% year-on-year, with corporate and retail loans increasing by 22.4% and 27.3%, respectively [1]. - The net interest margin for Q1 2024 was 1.90%, up 2 basis points from the previous year, indicating a recovery trend [1]. - The cost-to-income ratio improved to 31.53%, a decrease of 2.21 percentage points year-on-year, primarily due to a reduction in management expenses [1]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, while the provision coverage ratio decreased to 431.63%, down 29.41 percentage points from the end of 2023 [1]. - The report notes an increase in the attention loan ratio to 0.74%, indicating a slight rise in potential asset quality concerns [1]. Capital Adequacy - The core Tier 1 capital adequacy ratio slightly declined to 9.26%, reflecting a year-on-year increase in risk-weighted assets by 20.43% [1][2]. Earnings Forecast - The company is expected to achieve net profit growth rates of 5.4% and 6.3% for 2024 and 2025, respectively, with estimated EPS of 3.96 and 4.22 CNY per share [2]. - The current stock price corresponds to a PE ratio of 5.8X for 2024 and 5.4X for 2025, with a reasonable value target set at 36.43 CNY per share [2].