中收拖累整体营收，息差拖累边际走弱

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.64 CNY [21]. Core Insights - The company's revenue growth is being impacted by a decline in non-interest income, with a reported revenue of 200.93 billion CNY in Q1 2024, down 2.97% year-on-year [12]. - The net profit attributable to shareholders for Q1 2024 was 86.82 billion CNY, reflecting a decrease of 2.17% year-on-year [12]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.36% as of Q1 2024, showing a slight improvement from the previous year [4]. Financial Performance Summary - The company is projected to achieve revenues of 772.32 billion CNY, 787.28 billion CNY, and 811.35 billion CNY for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 0.34%, 1.94%, and 3.06% [4][5]. - The net profit attributable to shareholders is expected to be 334.34 billion CNY, 342.44 billion CNY, and 354.68 billion CNY for the same years, with growth rates of 0.51%, 2.42%, and 3.58% respectively [4][5]. - The bank's net interest margin for Q1 2024 was reported at 1.57%, a decrease of 13 basis points compared to the previous year, primarily due to pressure on the asset side [3][4]. Asset Quality and Capital Adequacy - As of Q1 2024, the bank's provision coverage ratio was 238.17%, indicating a strong capacity to cover potential loan losses [4]. - The core Tier 1 capital adequacy ratio stood at 14.11%, providing sufficient capital support for future expansion [4].