Gelonghui, March 28 | Everbright Securities Research Report pointed out that in recent years, ICBC (601398.SH) has continued to promote the implementation of the strategic layout of “promoting strengths, complementing shortcomings, and strengthening the foundation”, and further promoted GBC+ (government, industry, personal services) basic projects. At the same time, it has actively played the role of “head geese” of major banks. The total investment and financing volume maintained steady growth. At the end of 2023, ICBC's total assets were nearly 45 trillion yuan, maintaining global leadership. Combined with the 2023 report, and considering factors such as rolling repricing of loans, the 2024 interest spreads will be strongly squeezed. The company's 2024-25 EPS forecast was lowered to 1.02 (-6.1%) /1.05 (-8.2%) yuan, and the 2026 EPS forecast was added to 1.08 yuan. The current stock price corresponds to 0.52/0.49/0.46 times the PB valuation, respectively. As a major “Chinese” state-owned bank, ICBC has stable operating fundamentals and is in line with the “China Special Assessment” policy logic. At the same time, the dividend rate has remained stable above 30% in recent years, has good dividend returns, and maintains a “buy” rating.