2023年报2024年一季报点评：不良连续双降，资产质量高居第一梯队

Investment Rating - The investment rating for Xiamen Bank is "Buy" and is maintained [9]. Core Views - Xiamen Bank's revenue growth turned positive in Q1 2024, driven by investment income, while it has adequately provisioned for impairments. The bank continues to maintain a prudent risk appetite with restrained growth in scale [2][5]. - The non-performing loan (NPL) ratio has reached a new low of 0.74%, ranking second among listed banks, indicating strong asset quality management [2][6]. - The bank's focus on asset quality over scale growth is crucial during economic downturns, and if the economy enters a recovery phase, it will facilitate accelerated expansion and significant performance potential [2][12]. Summary by Sections Revenue and Profitability - In 2023, Xiamen Bank's revenue growth was -5.0%, while Q1 2024 saw a growth of 3.7%. The net profit attributable to shareholders grew by 6.3% in 2023 and 4.4% in Q1 2024 [9]. - The bank's net interest income decreased by 12.6% in Q1 2024, reflecting a slowdown in scale and pressure on net interest margins. However, non-interest income surged by 63%, with investment income increasing by 84% [10]. Asset Quality - The NPL ratio decreased to 0.74% at the end of Q1 2024, down 2 basis points from the previous quarter, with a significant reduction in NPL balance [6][9]. - The provision coverage ratio was stable at 412% in Q1 2024, indicating robust risk management practices [6][10]. Loan and Deposit Growth - Loan growth remained restrained at 3.4% in 2023, with corporate loans increasing by 4.5% and retail loans by only 0.2%. In Q1 2024, loans grew by 0.3% compared to the beginning of the year [5]. - Deposits decreased by 6.7% at the beginning of Q1 2024, which is expected to improve long-term deposit costs [5]. Future Outlook - The bank is expected to see revenue growth of 0.9% and net profit growth of 2.9% in 2024. The valuation metrics indicate it is significantly undervalued, with a projected dividend yield of 5.6% [12].