INDUSTRIAL SECURITIES·2024-05-03 04:02Investment Rating - The report maintains a "Buy" rating for the company [3][28]. Core Views - The company has shown a rapid growth in scale, with total assets increasing by 10.8% year-on-year as of the end of Q1 2024, and loans growing by 12.3% year-on-year [1][7]. - Asset quality is improving, with a non-performing loan ratio decreasing by 3 basis points to 1.24% and a provision coverage ratio increasing by 8 percentage points to 200% [2][19]. - Revenue and profit have slightly declined, with Q1 2024 revenue down 3.0% year-on-year and net profit down 2.9% year-on-year, primarily due to a decrease in net interest income and fee-based income [4][18]. Summary by Sections Scale and Growth - Total assets as of Q1 2024 increased by 10.8% year-on-year, with loans up 12.3% year-on-year and deposits up 10.0% year-on-year [1][7]. Asset Quality - The non-performing loan ratio improved to 1.24%, with a provision coverage ratio of 200% [2][19]. Profitability - Q1 2024 revenue was 160.8 billion yuan, down 3.0% year-on-year, and net profit was 56 billion yuan, down 2.9% year-on-year [17][18]. - Net interest income decreased by 3.9% year-on-year, and fee-based income fell by 4.6% year-on-year [4][18]. Earnings Forecast - EPS is projected to be 0.79 yuan for 2024 and 0.80 yuan for 2025, with a projected PB of 0.54 times by the end of 2024 [3][28].