单季息差企稳，不良率下降

Investment Rating - The report provides a detailed analysis of the company's performance metrics, indicating a stable investment rating with no significant changes noted in the overall revenue structure [2][5]. Core Insights - The company's operating income remains consistent at 100% across various periods, with net interest income showing a slight decline from 84.9% in 2022A to 82.3% in 2023A [2]. - Non-interest income has increased from 15.1% in 2022A to 17.7% in 2023A, indicating a positive trend in diversifying revenue sources [2]. - The report highlights a decrease in net profit margin from 37.3% in 2022A to 38.8% in 2023A, suggesting a need for monitoring profitability [2][5]. Revenue Structure - The total operating income for 2023A is reported at 100.0%, with net interest income contributing 82.3% and non-interest income at 17.7% [2]. - Interest income has shown a gradual increase from 159.6% in 2022A to 176.1% in 2023A, while interest expenses have also risen from 74.7% to 93.8% in the same period [2]. - The report indicates a stable trend in operating expenses, maintaining around 54.5% in 2023A, with a slight increase in management fees from 32.8% in 2022A to 33.9% in 2023A [2][5]. Profitability Metrics - The report notes a decline in the provision for impairment losses, which decreased from 20.9% in 2022A to 19.6% in 2023A, indicating improved asset quality [2]. - The pre-provision profit margin has remained relatively stable, with a slight increase from 65.0% in 2022A to 73.7% in 2023A [2]. - The total profit margin has shown a slight decrease from 44.1% in 2022A to 44.2% in 2023A, reflecting the need for strategic adjustments [2][5]. Balance Sheet Analysis - The report indicates that deposits constitute 81.3% of the total liabilities in 2023H1, showing a slight decrease from 82.4% in 2023Q1 [12]. - The proportion of interbank liabilities has increased from 9.1% in 2023Q1 to 11.3% in 2023A, indicating a shift in funding sources [12]. - The total interest-bearing liabilities have shown a year-on-year growth of 19.1% in 2023A, reflecting the company's strategy to leverage its funding capabilities [12].