2024年一季报点评：业绩高速增长

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 9.32 CNY, maintaining the rating [4]. Core Views - The company has demonstrated rapid growth in its financial performance, with a year-on-year increase in operating income of 12.01%, pre-provision profit growth of 20.76%, and net profit attributable to shareholders rising by 19.80% in Q1 2024 [1][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 539.18%, indicating robust risk mitigation capabilities [7][8]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit growth accelerated by 4.91 percentage points compared to the previous quarter, driven by the expansion of interest-earning assets, increased non-interest income, and a decrease in the cost-to-income ratio [1][8]. - The total assets of the bank grew by 15.05% year-on-year, with a net increase of 302 billion CNY in the quarter [2]. Asset and Liability Management - The bank's loan portfolio increased by 15.01% year-on-year, with corporate loans growing by 18.66% [2][3]. - Deposits rose by 18.02% year-on-year, with retail deposits increasing by 22.37% [2][7]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2024 was 2.83%, ranking first among listed banks, despite a year-on-year decline of 19 basis points [3][7]. - Non-interest income surged by 70.90% year-on-year, primarily driven by a significant increase in commission income [7][8]. Future Outlook - The bank is expected to maintain a revenue growth rate of 11.00% and a profit growth rate of 19.09% for 2024, supported by its strong asset quality and leading net interest margin [8][9].