BANK COMM(601328) 兴业证券·2024-04-30 02:02Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Insights - The company achieved stable revenue with a year-on-year profit growth of 1.4% in Q1 2024, with net interest income increasing by 2.2% due to steady expansion and resilient interest margins [1][4] - Total assets grew by 4.3% year-on-year, with loans increasing by 6.6%, focusing on key areas such as manufacturing, green credit, and small and micro enterprises [1][4] - The net interest margin remained resilient at 1.27%, with a year-on-year decrease of 6 basis points but a quarter-on-quarter increase of 5 basis points [1][4] Summary by Sections Revenue and Profit - In Q1 2024, the company reported revenue of 67.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 25 billion yuan, up 1.4% year-on-year [3][4] Asset Quality - As of the end of Q1 2024, the non-performing loan ratio decreased by 1 basis point to 1.32%, while the coverage ratio increased by 2 percentage points to 197% [2][4] Capital Adequacy - The core Tier 1, Tier 1, and total capital adequacy ratios as of the end of Q1 2024 were 10.44%, 12.40%, and 16.09%, respectively, all meeting regulatory requirements [2][4] Earnings Forecast - The expected EPS for 2024 and 2025 is 1.26 yuan and 1.27 yuan, respectively, with an estimated book value per share of 13.19 yuan by the end of 2024, resulting in a price-to-book ratio of 0.52 times [2][4]