BOB(601169) 中泰证券·2024-05-14 02:00Investment Rating - The report assigns a rating of "Accumulate" for the company [1]. Core Insights - The company's revenue growth rate has significantly improved, with a year-on-year increase of 7.9% in Q1 2024, and net profit growth of 5.0% [4][6]. - The company is experiencing positive trends in asset quality and expansion momentum, which have previously suppressed its valuation [4][18]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.46X for 2024E, indicating potential upside [18]. Financial Performance Summary Revenue and Profitability - Total revenue for 2022 was 66,236 million, with a projected increase to 68,668 million in 2024E, reflecting a growth rate of 3.0% [4]. - Net profit for 2022 was 24,760 million, expected to rise to 27,236 million by 2024E, with a growth rate of 6.3% [4]. - Earnings per share (EPS) is projected to be 0.35 in 2024E, up from 0.31 in 2022 [4]. Non-Interest Income - Non-interest income increased by 27.2% year-on-year, primarily driven by other non-interest income contributions [13]. - Net fee income decreased by 16.1%, while net other non-interest income rose by 51.3% [13]. Asset Quality - The non-performing loan (NPL) ratio improved to 1.31% in Q1 2024, down from 1.32% in the previous quarter [16]. - The provision coverage ratio stands at 213.13%, indicating a strong buffer against potential loan losses [16]. Capital Adequacy - As of the end of Q1 2024, the core Tier 1 capital adequacy ratio is 9.11%, reflecting a slight decrease [18]. Shareholder Dynamics - Significant changes in major shareholders include an increase in holdings by Beijing State-owned Assets Management Co. and others [18][19]. Valuation Metrics - The report highlights that the company's high dividend yield is a significant advantage in the current market environment [18].