CZBANK(601916) 兴业证券·2024-04-09 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company shows a strong performance with a double-digit profit growth, leading the industry. In 2023, revenue and net profit attributable to shareholders increased by 4.3% and 10.5% year-on-year, respectively [4][3] - The bank is actively expanding its balance sheet, with loans increasing by 12.6% year-on-year. New loans for the year totaled 191.2 billion, with contributions from corporate, retail, and bills at 74%, 31%, and -5% respectively [4][3] - The net interest margin is under pressure from the asset side, with a full-year net interest margin of 2.01%, down 20 basis points year-on-year. The loan yield decreased by 25 basis points year-on-year [4][3] - Asset quality remains stable, with a non-performing loan ratio at 1.44% at the end of 2023, down 1 basis point quarter-on-quarter. The provision coverage ratio remains stable at 183% [4][3] Summary by Sections Financial Performance - In 2023, the company achieved operating income of 637 billion, a year-on-year increase of 4.3%, and a net profit of 150 billion, up 10.5% year-on-year [3][4] - The net interest income increased by 1.0% year-on-year, while non-interest income saw a significant boost, particularly from investment-related gains [4][3] Loan Growth - The bank's loan growth is robust, with corporate loans growing at 14.3% and retail loans at 14.1%. The growth in retail loans is driven by mortgage and consumer loans, despite a decline in credit card loans [4][3] Asset Quality - The non-performing loan ratio is stable, with corporate non-performing loans decreasing to 1.37%. Retail non-performing loans slightly increased to 1.91%, attributed to rising risks in the post-pandemic environment [4][3] Capital Adequacy - As of the end of 2023, the core tier one, tier one, and total capital adequacy ratios were 8.22%, 9.52%, and 12.19%, respectively [4][3]