CZBANK(SH:601916) Guoxin Securities·2024-05-05 02:00Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 18.4 billion yuan in Q1 2024, representing a year-on-year growth of 16.6%, which is an increase of 12.3 percentage points compared to the full year of 2023 [1] - The net profit attributable to shareholders for Q1 2024 was 5.9 billion yuan, a year-on-year increase of 5.1%, but a decline of 5.4 percentage points compared to the full year of 2023, primarily due to a 38.1% increase in asset impairment losses [1] - The annualized weighted average ROE was 14.39%, down 1.6 percentage points year-on-year [1] - The company’s net interest income grew by only 0.6% year-on-year, while other non-interest income saw a significant increase of 63.34% [1] - The company’s total assets reached 3.16 trillion yuan, with total loans of 1.77 trillion yuan and total deposits of 1.89 trillion yuan, reflecting growth of 0.57%, 3.10%, and 1.26% respectively since the beginning of the year [1] - The net interest margin for Q1 was 1.84%, a decrease of 26 basis points year-on-year, and a decline of 17 basis points compared to the full year of 2023 [1] - The non-performing loan ratio remained stable at 1.44% at the end of the period, unchanged from the beginning of the year [1] - The company has increased its provisions for non-credit assets to solidify asset quality [1] - The forecast for net profit attributable to shareholders for 2024-2026 is 16.4 billion, 18.2 billion, and 20.2 billion yuan respectively, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The current stock price corresponds to a PE ratio of 4.8, 4.3, and 3.9 for 2024-2026, and a PB ratio of 0.44, 0.41, and 0.38 for the same periods [1][2]