ICBC(601398) 平安证券·2025-03-31 03:15Investment Rating - The report maintains a "Recommendation" rating for the company [1][4][7] Core Views - The company achieved a total revenue of 821.8 billion yuan in 2024, a year-on-year decrease of 2.5%, while the net profit attributable to shareholders was 365.9 billion yuan, reflecting a slight increase of 0.5% year-on-year [4][7] - The annualized weighted average ROE was reported at 9.9% [4] - The company’s total asset size reached 48.8 trillion yuan, growing by 9.2% year-on-year, with loans increasing by 8.8% and deposits by 3.9% [4][7] - The profit distribution plan for 2024 includes a dividend of 1.646 yuan per 10 shares (before tax), resulting in a dividend payout ratio of 30% [4] Financial Performance Summary - The company’s net interest margin for 2024 was 1.42%, down 19 basis points year-on-year, with a loan yield decrease of 41 basis points to 3.4% [7][9] - Non-interest income saw a decline of 1.9% year-on-year, while other non-interest income increased by 9.3% [7][9] - The company’s asset quality remains stable, with a non-performing loan (NPL) ratio of 1.34%, down 2 basis points year-on-year [8][10] - The provision coverage ratio stood at 215%, indicating a strong risk-bearing capacity [8][10] Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.03 yuan, 1.06 yuan, and 1.09 yuan respectively, with corresponding profit growth rates of 0.7%, 2.4%, and 3.4% [7][11] - The company’s total assets are expected to grow at a rate of 9.2% in 2024, with loan growth projected at 8.7% [11][12]