SRCB(601825) 中泰证券·2024-05-13 06:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [3]. Core Views - The company has shown steady growth in revenue and profit, with a 3.9% year-on-year increase in revenue for Q1 2024, although net profit growth was impacted by credit impairment losses [7][13]. - The bank's financial health remains robust, with a focus on maintaining a high dividend payout ratio of over 30% and a strong capital adequacy ratio [3][15]. - The report highlights the bank's strategic positioning in Shanghai and the Yangtze River Delta, which supports its growth potential [3]. Summary by Sections Financial Overview - Q1 2024 revenue increased by 3.9% year-on-year, while net profit rose by 1.49%, affected by a 72.2% increase in credit impairment losses [7][9]. - The bank's total assets grew by 9.3% year-on-year, with total loans increasing by 6.1% [15][17]. Income and Profitability - Net interest income for Q1 2024 increased by 1.4% quarter-on-quarter, but the net interest margin decreased by 3 basis points to 1.52% [13][14]. - Non-interest income saw a significant rise of 69% year-on-year, driven by other non-interest income sources [15]. Asset and Liability Management - The bank's asset structure shows a decrease in the proportion of real estate loans, with corporate loans being the main driver of growth [15][17]. - Total deposits grew by 6.2% year-on-year, with a notable increase in interest-bearing liabilities by 9.7% [16][17]. Risk and Asset Quality - The non-performing loan ratio remains stable at below 1%, with a slight increase in overdue loans [15][18]. - The bank's provisioning coverage ratio is high, indicating a strong buffer against potential loan losses [15].