存贷开门红，息差逆势提升支撑营收

Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank (002142) with a target price of 28.15 CNY [1]. Core Views - In Q1 2024, Ningbo Bank achieved operating revenue of 17.509 billion CNY, a year-on-year increase of 5.78%, and a net profit attributable to shareholders of 7.013 billion CNY, up 6.29% year-on-year [1]. - The net interest margin for Q1 was 1.90%, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 431.63% [1]. - The bank's net interest income increased by 12.18% year-on-year, while net fee income decreased by 22.84% [1]. - The bank's loan growth was robust, with a year-on-year increase of 24.2%, and total deposits increased by 14.8% year-on-year [1]. Financial Performance Summary - Revenue and Profitability: - Total operating revenue for 2023 is projected at 61.572 billion CNY, with a growth rate of 6.40%. For 2024E, it is expected to be 64.588 billion CNY, with a growth rate of 4.90% [5]. - Net profit attributable to shareholders for 2023 is projected at 25.535 billion CNY, with a growth rate of 10.70%. For 2024E, it is expected to be 27.756 billion CNY, with a growth rate of 8.70% [5]. - Key Financial Ratios: - The bank's price-to-earnings (P/E) ratio for 2024E is 5.58, and the price-to-book (P/B) ratio is 0.77 [5]. - The net interest margin is projected to be 1.51% for 2024E, with a loan yield of 4.90% [5]. - Asset Quality: - The non-performing loan ratio is expected to remain stable at 0.76% through 2026E, with a provision coverage ratio decreasing to 415% by 2024E [5]. Investment Outlook - The report highlights that Ningbo Bank's fundamentals are solid, with a diversified profit center ensuring stable and sustainable profitability. Key factors for its high growth include a developed regional economy, flexible market mechanisms, professional management, and a mature risk control system [1].