ZHONGTAI SECURITIES·2024-05-20 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [11] Core Views - The company's revenue for Q1 2024 decreased by 4.9% year-on-year, while net profit fell by 2.0%, indicating a marginal weakening in performance due to both interest and non-interest income pressures [40][18] - The net interest income decreased by 0.7% quarter-on-quarter, with the average net interest margin declining by 2 basis points to 2.02%, primarily due to asset pricing pressures [22][44] - The growth rate of total assets has slightly slowed, with an increase in the proportion of loans [40][27] - The company continues to see a two-digit growth in retail clients and assets under management (AUM) [31][34] Financial Performance Summary - Revenue (in million yuan): 2022A: 339,102; 2023A: 332,881; 2024E: 323,432; 2025E: 323,507; 2026E: 323,656, with a year-on-year growth rate of -1.80% for 2023A and -2.80% for 2024E [3] - Net profit (in million yuan): 2022A: 138,012; 2023A: 146,602; 2024E: 146,665; 2025E: 148,213; 2026E: 149,739, with a year-on-year growth rate of 6.20% for 2023A and 0.00% for 2024E [3] - Earnings per share (in yuan): 2022A: 5.41; 2023A: 5.75; 2024E: 5.75; 2025E: 5.81; 2026E: 5.87 [3] Asset and Liability Analysis - Total liabilities increased by 5.9% year-on-year, with total deposits rising by 6.3% [25] - The proportion of loans in total assets has increased, with loans accounting for 63.4% of total assets [40][50] - The company reported a total loan increase of 6.3% year-on-year, with a quarterly average loan addition of 1,388 million yuan in Q1 2024 [40][27] Non-Interest Income - Non-interest income decreased by 2.9% year-on-year, primarily due to a decline in fee income [30][31] - The proportion of net fee income to total revenue has decreased, with net fee income accounting for 23.8% of total revenue in Q1 2024 [31] Asset Quality - Overall asset quality has improved, with a non-performing loan ratio of 0.92% and a provision coverage ratio of 436.82% [34][31] - The company has seen a continuous improvement in the quality of corporate loans, while retail overdue rates have slightly increased [34][31]