Workflow
2023年报、2024一季报:利润增速波动,负债成本改善,分红维持30%
601825SRCB(601825) 中泰证券·2024-05-13 07:09

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company reported a revenue growth of 3.9% year-on-year in Q1 2024, compared to a full-year growth of 3.0% in 2023. However, net profit growth was only 1.49% in Q1 2024, significantly lower than the 10.64% growth in 2023, primarily due to a 72.2% increase in credit impairment losses [7][12]. - The report highlights that the company has a solid capital base, stable asset quality, and a high dividend payout ratio, which is expected to continue. The focus on innovation in financial services and retail transformation is showing initial positive results [3][4]. Summary by Sections Financial Overview - The company's total revenue for 2023 was 26,381 million yuan, with a projected revenue of 27,259 million yuan for 2024, reflecting a growth rate of 3.3% [2]. - Net profit for 2023 was 12,142 million yuan, with an expected increase to 12,720 million yuan in 2024, indicating a growth rate of 4.8% [2]. Revenue and Profitability - Q1 2024 saw a revenue increase of 3.9% year-on-year, while net profit growth was impacted by credit impairment losses [7]. - The net interest margin for Q1 2024 decreased by 3 basis points to 1.52%, with a slight increase in interest income by 1.4% [12]. Asset and Liability Management - The company’s total loans increased by 6.1% year-on-year, with a significant portion of new loans being corporate loans [14]. - Total deposits grew by 6.2% year-on-year, although the growth in new deposits was lower compared to the previous year [15]. Non-Interest Income - Non-interest income showed a strong recovery in Q1 2024, with a year-on-year growth of 22%, driven by investment income and one-time revenues [4][8]. Asset Quality - The non-performing loan ratio remained stable at 1%, with a slight increase in overdue loans [4][14]. - The company has maintained a high coverage ratio for loan loss provisions, ensuring a strong safety margin [4]. Dividend Policy - The company continues to maintain a dividend payout ratio of over 30%, reflecting its commitment to returning value to shareholders [4][14].