Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in 2024 shows a slight revenue decline of 0.48% year-on-year, but a net profit increase of 1.22%, indicating a recovery in profit growth [1][12] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][11] - The bank has increased its dividend payout to 2.0 yuan per share, resulting in a dividend ratio of 35.32% for the year [1] Financial Performance - In 2024, the bank's total revenue was 337.5 billion yuan, with a net profit of 148.4 billion yuan, reflecting a revenue growth rate of -0.48% and a net profit growth rate of 1.22% [1][13] - The net interest income decreased by 1.58% year-on-year, but the decline was less severe compared to the first three quarters of 2024 [2] - Non-interest income from other sources grew by 34.13%, with investment income contributing significantly [4] Asset Quality - The NPL ratio for Q4 2024 was 0.95%, with a slight increase of 1 basis point from the previous quarter [5] - The bank's provision coverage ratio decreased by 20 percentage points to 411% [5] - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98% [10] Asset and Liability Management - As of Q4 2024, total assets and loans were 12.2 trillion yuan and 6.9 trillion yuan, respectively, showing year-on-year growth of 10.19% and 5.83% [11] - The bank's total deposits reached 9.1 trillion yuan, with a year-on-year growth of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, other income sources such as agency fund sales and securities trading saw significant growth [12]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 337.5 billion yuan in 2024, a slight decrease of 0.48% year-on-year, while the net profit attributable to shareholders increased by 1.22% to 148.4 billion yuan [1][12] - The company has improved its dividend payout ratio to 35.32% in 2024 from 35.01% in 2023, with a cash dividend of 2.0 yuan per share [1][12] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][12] Financial Performance - Revenue and net profit growth rates for 2024 were -0.48% and 1.22%, respectively, showing improvements of 2.4 percentage points and 1.8 percentage points compared to the first three quarters of 2024 [2] - Net interest income decreased by 1.58% year-on-year, with a net interest margin of 1.98%, reflecting a year-on-year decline of 17 basis points [2][12] - Non-interest income from fees and commissions fell by 14.28% year-on-year, while other non-interest income grew by 34.13% [4][12] Asset Quality - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98%, indicating slight increases in personal loan defaults [5][10] - The company reported a total NPL balance of 65.61 billion yuan, with a slight increase in personal loan defaults primarily due to small and micro loans [10][12] Asset and Liability Management - Total assets and loans reached 12.2 trillion yuan and 6.9 trillion yuan, respectively, with year-on-year growth rates of 10.19% and 5.83% [11] - The total deposit amount was 9.1 trillion yuan, reflecting a year-on-year increase of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, the company saw significant growth in sales of financial products and securities trading [12]