reelkastkingsharkyiii6000|国信证券：银行一季度业绩可能是近几年的底部区域

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Guoxin Securities: the bank's first-quarter results may be the bottom of regional securities times e company news in recent years.Reelkastkingsharkyiii6000Guoxin Securities Research News believes that at present, the fundamentals of banks are still under pressure, with little marginal change, and their performance for the whole year may be close to that of a quarterly report. In terms of key drivers: (1) affected by February LReelkastkingsharkyiii6000...

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Guoxin Securities: the bank's first-quarter results may be the bottom regional securities times e company news in recent years. Guoxin Securities Research News believes that the current bank fundamentals are still under pressure, with little marginal change, and the performance for the whole year may be close to the first quarterly report. In terms of the key drivers: (1) due to the decline in LPR in February, the bank net interest margin is still under downward pressure, but with the reduction of the base, if the subsequent LPR does not decline significantly, the adverse impact of the annual net interest margin on income and net profit growth may weaken, and bank performance is expected to bottom out. (2) as the macro-economy recovers, it is expected that the rate of bad production will remain stable throughout the year. At present, banks' provision coverage and loan ratio are at a high level, and they still have the ability to feed profits through provisions. it is expected that the growth rate of net profit will remain stable. (3) with the reduction of the base and fine-tuning of policy orientation, the growth rate of assets may maintain a relatively stable level. The current banking sector valuation is low, experienced real estate risk exposure, stock mortgage interest rate adjustment, the sector potential bearish significantly reduced, meaning that the valuation downside risk is very small. If LPR does not fall sharply in the future, for most listed banks, the first quarter of 2024 may be the bottom area in recent years. As the macroeconomic recovery improves, it is expected to promote the valuation repair of the banking sector, thus maintaining the industry's "overweight" rating.