ICBC(601398) 平安证券·2025-03-31 08:55Investment Rating - The investment rating for the company is "Recommended" [1][4][12] Core Views - The report indicates that the company's profit growth is stable, with a slight increase in net profit by 0.5% year-on-year, despite a revenue decline of 2.5% [4][7] - The net interest margin (NIM) is reported at 1.42%, showing a year-on-year decrease of 19 basis points, but the decline in interest margin is slowing down [7][8] - The company maintains a strong asset quality with a non-performing loan (NPL) ratio of 1.34%, which has improved slightly from the previous period [8][10] Financial Performance Summary - For the year 2024, the company achieved total revenue of 821.8 billion yuan, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders was 365.9 billion yuan, reflecting a growth of 0.5% [4][9] - The total assets reached 48.8 trillion yuan, marking a year-on-year growth of 9.2%, with loans increasing by 8.8% and deposits by 3.9% [4][9] - The company plans to distribute a dividend of 1.646 yuan per 10 shares, resulting in a dividend payout ratio of 30% [4][9] 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][10] - The report anticipates a gradual recovery in social demand and a stable dividend yield, positioning the company as a high-dividend stock in a declining interest rate environment [7][10] Asset Quality and Risk Management - The company’s asset quality remains robust, with a year-end NPL generation rate of 0.40% and a coverage ratio of 215% [8][10] - The report highlights the importance of monitoring retail asset quality, as there has been an increase in the overdue rate and attention rate [8][10]