2024年一季报点评：业绩微降，关注中期分红安排

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company experienced a slight decline in revenue and net profit in Q1 2024, but remains in a relatively strong position among large banks. The Q1 revenue was 186 billion yuan, down 1.76% year-on-year, and the net profit attributable to shareholders was 70.4 billion yuan, down 1.63% year-on-year [13] - The company has a unique advantage in county-level finance, with a focus on expanding credit in manufacturing, green finance, and inclusive finance sectors. The loan balance in county areas reached 9.4 trillion yuan, growing 7.1% year-to-date [13] - The board has decided on a mid-term dividend arrangement for 2024, with the total dividend not exceeding 30% of the net profit attributable to shareholders for the first half of 2024 [13] Financial Forecasts and Key Metrics - Revenue forecast for 2024 is 730.46 billion yuan, with a year-on-year growth of 5.1%. The net profit attributable to shareholders is projected to be 295.19 billion yuan, reflecting a growth rate of 9.6% [3][13] - The diluted earnings per share (EPS) is expected to be 0.84 yuan in 2024, increasing to 0.93 yuan by 2026 [3][13] - The company maintains a stable asset quality with a non-performing loan ratio of 1.32% as of the end of the reporting period, down 1 basis point from the beginning of the year [13]