2024年一季报：息差环比回升，营收、业绩保持高增速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's revenue growth remains strong, with a year-on-year increase of 12.0% in Q1 2024, driven by a 5.6% increase in net interest income and a significant 70% increase in non-interest income. The net profit attributable to shareholders grew by 19.8% year-on-year [3][4]. Summary by Sections Revenue and Profitability - In Q1 2024, the company's revenue reached 9,869 million yuan, reflecting a year-on-year growth rate of 12.0%. The net profit was 3,280 million yuan, with a year-on-year growth of 19.6% [2][3]. - The annualized net interest margin improved by 25 basis points to 2.77%, with the asset yield rising by 24 basis points to 4.92% [6][8]. Asset and Liability Growth - The company experienced a significant increase in loans, with a total of 12.8 billion yuan added in Q1 2024, primarily from corporate loans, which accounted for 7.9 billion yuan. Retail loans added 3.06 billion yuan [8][9]. - Deposits grew by 14.4% quarter-on-quarter, with a total increase of 35.58 billion yuan in Q1 2024, indicating a strong deposit base [8][10]. Asset Quality - The non-performing loan (NPL) ratio slightly increased to 0.76%, while the annualized NPL generation rate improved significantly to -0.08%, indicating better asset quality management [11][12]. - The provision coverage ratio stood at 539.17%, reflecting a strong capacity to cover potential losses [11][12]. Capital Adequacy - The core Tier 1 capital adequacy ratio decreased slightly to 10.15%, while the total capital adequacy ratio was 13.51% [13]. Shareholder Structure - The top ten shareholders include major institutional investors, with notable changes such as the entry of the CSI 500 ETF and reductions by some existing shareholders [14]. Investment Recommendation - The company is projected to have price-to-book ratios of 0.82X, 0.69X, and 0.61X for 2024E, 2025E, and 2026E respectively, indicating a favorable investment outlook [14].