2024年一季报点评：基本面符合预期

Investment Rating - The investment rating for China Merchants Bank is maintained at "Buy - A" with a 6-month target price of 41.03 CNY, compared to the current stock price of 34.88 CNY [7]. Core Views - The bank's performance in Q1 2024 showed a stable growth mainly driven by asset expansion and non-interest income growth, although net interest margin has slightly narrowed, impacting profit growth [4][19]. - The overall credit growth for China Merchants Bank in Q1 2024 was 7.71%, with new credit issuance of 267.1 billion CNY, reflecting a year-on-year increase of 14.7 billion CNY [5][19]. - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 0.92%, a slight decrease from the previous quarter [11][24]. Summary by Sections Financial Performance - In Q1 2024, the bank's revenue growth was -4.65%, and net profit growth was -1.96%, aligning with expectations [19]. - The average yield on interest-earning assets was 3.65%, down 21 basis points year-on-year [6][33]. - Non-interest income decreased by 2.3% year-on-year, but other non-interest income grew by 40% due to increased investment income [9]. Credit and Loan Performance - The bank's credit growth was primarily supported by corporate loans, while retail loans showed weaker growth [5][19]. - The NPL generation rate was 1.03%, with new NPLs amounting to 16.27 billion CNY, indicating a balanced pace of NPL generation and disposal [26]. Asset Quality - The bank's asset quality indicators remain strong, with a slight increase in the attention and overdue rates for retail loans, particularly in housing mortgages and credit cards [12][24]. - The overall credit risk is manageable, maintaining a competitive position within the industry [11][27]. Future Outlook - The bank is expected to face challenges in revenue growth due to pressures on net interest margin and middle-income growth, but its strong asset quality and high dividend yield present it as a value stock for medium to long-term investment [27][53].