On June 12, Gelunhui | Huachuang Securities recently pointed out in a research report that Industrial Bank (601166.SH) disclosed its action plan for "improving quality, efficiency, and returning to shareholders" in 2024. At the same time, after more than a year of balance sheet restructuring, the transformation effect is gradually showing, which is in line with economic and social development. The company's balance sheet restructuring has progressed smoothly, and the asset side has maintained relatively fast growth while the liability side costs have been effectively reduced. The 2023 performance may be the low point, and with the improvement of asset quality, provisions are expected to support profits. Currently, Industrial Bank has the attributes of high dividend yield (TTM dividend yield exceeded 6.6% on June 10), low valuation, and low expectations, still has good investment value. Considering the company's disclosure of the first quarter report and the current macro environment, it is expected that the net income growth rates for 2024E/2025E/2026E will be 0.3%/2.9%/5.6%. The current stock price corresponds to a 24E PB of 0.47X. Considering the current overall valuation of the banking industry and the company's fundamentals and historical valuation center, a target PB of 0.6X for 2024 is given, corresponding to a target price of 22.24 yuan, and the "recommended" rating is maintained.