Investment Rating - The report maintains a strong buy recommendation for the company [6] Core Views - The company's revenue growth is recovering, with a significant contribution from non-interest income, which increased by 61.7% year-on-year in 2024 [2] - The credit scale continues to expand, with total assets growing by 5.8% year-on-year, surpassing the average growth rate of peer banks [2] - The asset quality is improving, as indicated by a decrease in the non-performing loan ratio to 1.38% and an increase in the provision coverage ratio to 178.67% [3] Summary by Sections Performance - In 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.19%, 4.97%, and 0.92% year-on-year, respectively [1] - The net profit growth rate slightly declined, while revenue and PPOP growth rates showed recovery [1][19] Non-Interest Income - Non-interest income saw a remarkable increase, with the core incremental revenue coming from investment gains from FVOCI, which rose by 2.53 billion [2] - The contribution from non-interest income to total revenue is significant, with a year-end figure of 60.5 billion in unrealized gains, accounting for 39.8% of the annual net profit [2] Interest Margin and Asset-Liability Management - The company's net interest margin for 2024 was 1.71%, reflecting a decrease of 9 basis points from previous quarters [4] - The decline in interest margin is attributed to a larger decrease in asset yields compared to the improvement in liability costs [4] Asset Quality - The non-performing loan ratio decreased to 1.38%, with a reduction in the non-performing loan balance by 470 million [3] - The overdue loan ratio also declined to 1.81%, continuing a downward trend [3] Capital and Shareholder Information - The company has a stable dividend policy with a high dividend yield, making it an attractive investment opportunity [4] - The major shareholder is Zhejiang Financial Holdings Co., Ltd., holding a 12.57% stake [6]