CNCB(601998) 国信证券·2024-05-06 02:30Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company has achieved a dual increase in revenue and profit, while maintaining stable asset quality [1] - The report highlights a projected decline in operating income for 2024, estimated at 201,117 million yuan, down 2.3% from 2023 [1] - The net profit attributable to shareholders is expected to grow to 69,974 million yuan in 2024, reflecting a 4.4% increase [1] - The report indicates a stable return on assets (ROA) of 0.77% for 2024, with a slight decrease projected in subsequent years [5] - The non-performing loan ratio is expected to remain stable at 1.18% through 2026 [5] Financial Forecasts and Valuation - The earnings per share (EPS) is projected to increase from 1.37 yuan in 2023 to 1.43 yuan in 2024 [5] - Total assets are forecasted to grow from 9,052 billion yuan in 2023 to 9,641 billion yuan in 2024, representing a year-on-year growth of 6.5% [5] - The company’s dividend per share (DPS) is expected to rise to 0.37 yuan in 2024 [5] - The price-to-earnings (PE) ratio is projected to decrease from 5.5 in 2023 to 5.2 in 2024 [1][5] - The report anticipates a stable net interest margin, with a slight decline expected in the coming years [5]