CNCB(601998) 兴业证券·2024-05-06 01:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Insights - The company achieved a revenue growth of 4.7% year-on-year in Q1 2024, with a net profit growth of 1.4% year-on-year. The breakdown shows a decline in net interest income by 4.5% due to a decrease in interest margins, while other non-interest income surged by 68.5% driven by significant bond investment gains [1][3][4] - Total assets increased by 3.2% year-on-year, with loans growing by 4.5%. The new credit issued in Q1 2024 amounted to 84 billion, with steady growth in corporate and retail loans [1][3] - The company continues to focus on enhancing its core capabilities in wealth management, asset management, and comprehensive financing, with retail managed assets reaching 4.39 trillion, an increase of 3.57% from the end of the previous year [1][3] Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 53.8 billion, a year-on-year increase of 4.7%, and a net profit of 19.2 billion, a year-on-year increase of 0.2%. The cost-to-income ratio improved to 27.0%, down by 0.6 percentage points year-on-year [3][4] - The net interest margin for Q1 2024 was 1.70%, down by 17 basis points year-on-year, with expectations of marginal improvement in funding costs [2][3] Asset Quality - The non-performing loan ratio remained stable at 1.18%, with a coverage ratio of 208% [2][3] Capital Adequacy - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.69%, 11.44%, and 13.61%, respectively [2][4] Earnings Forecast - The expected EPS for 2024 and 2025 is projected to be 1.35 and 1.37, respectively, with an estimated book value per share of 13.28 by the end of 2024, resulting in a price-to-book ratio of 0.52 [4][5]