拨备负贡献基础上净利润增长近20%

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a nearly 20% growth in net profit for Q1 2024, driven by effective cost control and significant improvement in non-interest income [2]. - The bank's interest margin showed resilience despite slight narrowing, with a net interest margin of 2.83% [2]. - Asset quality remains stable, with non-performing loan ratio at 0.76% and provision coverage ratio at 539.18% [2]. Financial Performance Summary - For Q1 2024, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 12.01% [2]. - The net profit attributable to shareholders was 952 million yuan, reflecting a year-on-year growth of 19.80% [2]. - Non-interest income saw remarkable growth, with commission income and other non-interest income increasing by 635.41% and 67.00% respectively [2]. Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 10.95 billion, 12.15 billion, and 13.60 billion yuan, with respective growth rates of 10.98%, 10.89%, and 11.95% [3][7]. - Expected net profits for the same period are 3.82 billion, 4.52 billion, and 5.24 billion yuan, with growth rates of 16.42%, 18.19%, and 16.08% [3][7]. - The target price is set at 10.14 yuan, based on a price-to-book ratio of 1x for 2024 [2][4].