INDUSTRIAL SECURITIES·2024-05-06 01:32Investment Rating - The report maintains a "Buy" rating for the company [2][13] Core Insights - The company has shown stable asset quality with a decrease in non-performing loan ratio to 0.92%, down 3 basis points from the previous period [22] - The net interest margin for Q1 2024 is reported at 2.02%, reflecting a decrease of 2 basis points from Q4 2023 and a year-on-year decline of 27 basis points [3][5] - The company has achieved a year-on-year loan growth of 7.8%, with new loans exceeding 300 billion yuan in Q1 2024 [9][11] Financial Performance - For Q1 2024, the company reported total revenue of 864 billion yuan, a decrease of 4.7% year-on-year, and a net profit attributable to shareholders of 381 billion yuan, down 2.0% year-on-year [10][21] - The earnings per share (EPS) for 2024 and 2025 have been adjusted to 5.89 yuan and 6.15 yuan respectively, with an estimated net asset value per share of 40.66 yuan by the end of 2024 [2][13] - The company’s total assets are projected to grow from 11,028.48 billion yuan in 2023 to 12,008.37 billion yuan in 2024 [7] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios stand at 14.07%, 16.30%, and 18.20% respectively, indicating a solid capital position [8][12]