ICBC(601398) 光大证券·2025-03-29 10:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved an operating income of 821.8 billion, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 365.9 billion, a year-on-year increase of 0.5% [3][4] - The weighted average return on equity (ROE) was 9.88%, down 0.78 percentage points year-on-year [3] - The company continues to expand its balance sheet with a strong focus on key areas of credit support, with interest-earning assets growing by 8.6% year-on-year [5][6] Financial Performance Summary - Revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for 2024 showed year-on-year growth rates of -2.5%, -4.2%, and 0.5% respectively, indicating a stabilization in operational performance [4] - The net interest income decreased by 2.7% year-on-year, while non-interest income fell by 1.9% [4][10] - The company’s loan growth for 2024 was 2.29 trillion, with significant increases in loans to key sectors such as manufacturing and green development [6] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio was 1.34%, a slight decrease from the previous quarter, indicating stable asset quality [11] - The provision coverage ratio was 214.9%, reflecting a solid buffer against potential loan losses [11][29] - The core tier one capital adequacy ratio stood at 14.1%, showing a healthy capital position [11][27] Earnings Forecast and Valuation - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 1.05, 1.08, and 1.11 respectively, with a current price-to-book (PB) ratio of 0.63 for 2025 [12][30] - The company’s cash dividend payout ratio remains stable at 31.3%, with a current dividend yield of 4.5% [12]