Executive Summary
Luzhou Bank reported a strong QQ1 2024 top-line with revenue of 1,012.713 million CNY, and a gross profit equal to revenue, yielding a gross margin of 100%. Operating income reached 419.489 million CNY, delivering an operating margin of 41.42%. Net income was 541.084 million CNY, translating to a net margin of 53.43% and earnings per share of 0.17 (basic) / 0.20 (diluted). The quarter showed sharp QoQ momentum from Q4 2023 (revenue up approximately 74.8% QoQ), amid a supportive liquidity backdrop and a robust capital base. On a YoY basis, revenue and net income advanced by mid-teens (approximately 13.9% and 14.8%, respectively), while operating income declined about 33.9% YoY, suggesting a QoQ rebound dominates the quarterly comparison.
The balance sheet remains liquidity-rich and capital-strong: total assets of 159.25 billion CNY, cash and cash equivalents of 10.24 billion CNY, and total stockholders’ equity of 11.47 billion CNY. The bank carries total debt of 14.09 billion CNY with a net debt of 3.85 billion CNY, and a debt-to-equity ratio near 1.23. The reported current ratio of 16.58 indicates ample liquidity coverage. Valuation continues to reflect a conservative multiple framework for a regional bank, with a price-to-book around 0.54 and a price-to-earnings near 2.87, implying potential upside if earnings quality and loan growth stabilize and credit risk remains contained. Management commentary from the earnings call would further illuminate loan book dynamics, NIM trends, and capital allocation plans; however, transcripts for this quarter are not provided in the data.
Overall, the QQ1 2024 results underscore earnings resilience and a strong liquidity position, but investors should monitor asset quality evolution, loan book growth in Luzhou and the broader Sichuan region, and any regulatory shifts that could affect regional banks’ funding costs and capital requirements.
Key Performance Indicators
QoQ: 335.00% | YoY:-33.86%
QoQ: 3 024.22% | YoY:14.78%
QoQ: 2 990.91% | YoY:0.00%
Key Insights
Revenue and gross profit: Revenue = 1,012,713,000 CNY; Gross Profit = 1,012,713,000 CNY; Gross Margin = 100.0%; YoY change = 13.85%; QoQ change = 74.76%.
Operating income: 419,489,000 CNY; Operating Margin = 41.42%; YoY change = -33.86%; QoQ change = 335.00%.
Net income: 541,084,000 CNY; Net Margin = 53.43%; YoY change = 14.78%; QoQ change = 3024.22%.
EPS (basic): 0.17; EPS (diluted): 0.20; YoY EPS change = 0.00%; QoQ EPS change = 2990.91%.
EBITDA: 900,423,276 CNY; EBITDA margin = 88.91%.
Balanc...
Financial Highlights
Revenue and gross profit: Revenue = 1,012,713,000 CNY; Gross Profit = 1,012,713,000 CNY; Gross Margin = 100.0%; YoY change = 13.85%; QoQ change = 74.76%.
Operating income: 419,489,000 CNY; Operating Margin = 41.42%; YoY change = -33.86%; QoQ change = 335.00%.
Net income: 541,084,000 CNY; Net Margin = 53.43%; YoY change = 14.78%; QoQ change = 3024.22%.
EPS (basic): 0.17; EPS (diluted): 0.20; YoY EPS change = 0.00%; QoQ EPS change = 2990.91%.
EBITDA: 900,423,276 CNY; EBITDA margin = 88.91%.
Balance sheet: Total assets = 159,246,546,000 CNY; Cash and cash equivalents = 10,239,543,000 CNY; Total debt = 14,085,635,000 CNY; Net debt = 3,846,092,000 CNY; Total stockholders’ equity = 11,471,890,000 CNY.
Liquidity & leverage: Current ratio / quick ratio / cash ratio = 16.58; Debt to equity = 1.228; Debt ratio = 0.0885; Cash per share = 3.27 CNY; Price to Book = 0.542; Price to Sales = 6.14; Price to Earnings = 2.87.
Cash flow: Operating cash flow and free cash flow data are not reported in the provided dataset; cash flow visibility is therefore limited for QQ1 2024.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.01B |
13.85% |
74.76% |
| Gross Profit |
1.01B |
13.85% |
74.76% |
| Operating Income |
419.49M |
-33.86% |
335.00% |
| Net Income |
541.08M |
14.78% |
3 024.22% |
| EPS |
0.17 |
0.00% |
2 990.91% |
Key Financial Ratios
operatingProfitMargin
41.4%
Management Commentary
Not available. The earnings call transcript for QQ1 2024 is not provided in the dataset, so management quotes and thematic quotes by executives could not be extracted.
Forward Guidance
Based on QQ1 2024 results, Luzhou Bank demonstrates solid quarterly revenue momentum and meaningful profitability with a robust liquidity profile. Given the limited disclosure on segment-level loan growth and operating cash flow, the near-term trajectory depends on: (1) sustained loan demand and net interest income, (2) credit quality and potential non-performing loan movements, (3) deposit mobilization and cost of funding, and (4) regulatory capital requirements. Investors should monitor quarterly NIM trends in the Sichuan/Luzhou region, asset quality indicators, and any announced strategic initiatives (e.g., retail expansion, digital banking, wealth-management cross-sell). If the bank can maintain high profitability while gradually growing its loan book and preserving capital adequacy, the QQ1 2024 momentum could persist. Risks include macroeconomic headwinds in China, regional credit cycles, and potential shifts in liquidity requirements for smaller banks.