投资收益翻倍，营收增速超预期

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 2.94 CNY / 2.23 HKD and a reasonable value of 3.64 CNY / 2.76 HKD [2]. Core Views - The company reported a significant increase in revenue, PPOP, and net profit attributable to shareholders for Q1 2024, with year-on-year growth rates of 16.6%, 18.1%, and 5.1% respectively, exceeding expectations [2][3]. - Key highlights include a doubling of other non-interest income, which reached 5.1 billion CNY in Q1 2024, driven by a 136% increase in investment income [2][3]. - The core Tier 1 capital adequacy ratio improved to 8.60%, up 0.38 percentage points from the end of the previous year, due to a decrease in risk-weighted assets [2][3]. - The net interest margin for Q1 2024 was reported at 1.84%, reflecting a slight decrease from the previous quarter [2][3]. Summary by Sections Financial Performance - Q1 2024 revenue growth of 16.6% compared to Q4 2023, with PPOP growth of 18.1% and net profit growth of 5.1% [2][3]. - Other non-interest income surged by 105% year-on-year, primarily due to a significant increase in investment income [2][3]. - The company’s total assets grew by 15.1% year-on-year, while loan growth slowed to 10.96% [5][7]. Capital Adequacy - The core Tier 1 capital adequacy ratio increased to 8.60%, indicating improved capital strength [2][3]. - The total capital adequacy ratio reached 12.54%, reflecting a stable capital position [5][7]. Asset Quality - The non-performing loan ratio remained stable at 1.44%, with a provision coverage ratio of 177.50% [5][7]. - The new non-performing loan generation rate increased to 1.42%, indicating some pressure on asset quality [2][3]. Profitability Forecast - The company expects net profit growth rates of 8.8% and 10.0% for 2024 and 2025, respectively, with corresponding EPS of 0.53 CNY and 0.59 CNY [2][3]. - The current price corresponds to a PE ratio of 5.54X for 2024 and 4.98X for 2025, suggesting attractive valuation levels [2][3].