Guoxin Securities·2024-05-05 02:00Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company's Q1 2024 performance shows stable revenue growth with total revenue of 160.82 billion yuan, a year-over-year decrease of 3.01%, and a net profit of 55.99 billion yuan, down 2.90% year-over-year [2] - The total assets as of the end of Q1 2024 increased by 10.77% year-over-year to 33.66 trillion yuan, with loans growing by 12.38% to 20.88 trillion yuan and deposits increasing by 9.98% to 24.11 trillion yuan [2] - The net interest margin continued its downward trend, recorded at 1.44%, a decrease of 26 basis points year-over-year [2] - Non-interest income remained stable, with total non-interest income of 48.11 billion yuan, down 4.58% year-over-year [2] - The asset quality remained stable, with a non-performing loan ratio of 1.24%, down 0.03 percentage points from the beginning of the year [2] Financial Forecasts - The company is expected to achieve net profits of 236.8 billion yuan, 242.8 billion yuan, and 250.7 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-over-year growth rates of 2.1%, 2.6%, and 3.2% [2][5] - The diluted EPS is projected to be 0.76 yuan, 0.78 yuan, and 0.81 yuan for the years 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 5.2, 5.1, and 4.9 for the years 2024, 2025, and 2026, and a PB ratio of 0.49, 0.46, and 0.43 for the same years [2][5]