In its research report, Tianfeng Securities pointed out that Bank of Communications (601328.SH) had a 2.24% increase in interest income in the first half of the year and stable operations. The company's revenue in 1H2024 was 132.3 billion yuan, a YoY decline of 3.5%; net income attributable to shareholders was 45.3 billion yuan, a YoY decline of 1.6%, the first year-on-year growth rate turned negative in nearly two years. In the breakdown of operations, it was found that the net interest income of the company achieved a positive growth rate of 2.24% YoY under the low interest rate environment, amounting to approximately 84.2 billion yuan; however, the non-interest income performance was poor, with a YoY decline of 12.15%. The interest income in the first half of the year maintained a stable and positive level, significant achievements in liability cost management, and improved asset quality. The target price calculated using the dividend discount model is 8.84 yuan, corresponding to a PB ratio of 0.65x in 2024, and the rating is upgraded to 'buy'.