BOB(601169) 国泰君安·2024-05-06 05:02Investment Rating - The report maintains a "Buy" rating for Bank of Beijing with a target price of 6.50 CNY, corresponding to a 0.52x PB for 2024 [3][5]. Core Views - The performance of Bank of Beijing in Q1 2024 exceeded expectations, with rapid growth in deposits and loans, further optimization of the asset-liability structure, and stable asset quality [3]. - The bank's revenue in Q1 2024 grew by 7.8% year-on-year, primarily due to a low base in the same period of 2023 and a significant increase in investment income, which drove other non-interest income to grow by over 50% [3]. - The net profit for Q1 2024 increased by 5% year-on-year, despite pressures on net interest margins [3]. Summary by Sections Financial Performance - Q1 2024 total assets increased by 11.2% year-on-year, with loans growing by 11.6%, mainly driven by corporate loans, leading to an increase in the loan-to-asset ratio to 54.4% [3]. - Deposits grew by 9.3% year-on-year, with the deposit ratio in total liabilities rising to 61.3% [3]. - The bank's net profit forecast for 2024-2026 is projected to grow at rates of 1.96%, 3.55%, and 4.92%, respectively, with corresponding EPS of 1.08, 1.12, and 1.19 CNY [3][4]. Asset Quality - As of the end of Q1 2024, the non-performing loan ratio decreased by 1 basis point to 1.31%, while the provision coverage ratio fell by 3.7 percentage points to 213.1% [3]. - The loan loss provision ratio decreased by 7 basis points to 2.79%, indicating stable asset quality metrics [3]. Valuation Metrics - The report provides a financial summary indicating a projected net profit of 26,126 million CNY for 2024, with a slight increase in net interest income and a stable cost-to-income ratio [4][10]. - The bank's market capitalization is reported at 117,978 million CNY, with a current stock price of 5.58 CNY [5][7].