Gelonghui, April 26 | Guangfa Securities Research Report pointed out that the 24Q1 revenue growth rate of Industrial Bank (601166.SH) showed a marked recovery, and the profit growth rate is expected to have passed its low point. In terms of performance drivers, the expansion of scale, other income and expenditure, the decline in the cost-to-revenue ratio, and the reduction in the effective tax rate have contributed positively, while factors such as narrowing net interest spreads, net handling fee revenue, and provision accruals are a drag. Looking ahead, as bad stock pressure recedes, the quality of the company's operations is expected to return to the forefront of the industry. Taking into account the company's historical PB (LF) valuation center and fundamentals, maintain the company's reasonable value of 30.95 yuan per share, corresponding to the 24-year PB valuation of about 0.8X, and maintain a “buy” rating.