Investment Rating - Maintain "Buy" rating [6] Core Views - SPD Bank's 2024 performance shows high profit growth with a 23.3% YoY increase in net profit attributable to the parent company and a 30.47% YoY increase in non-GAAP net profit [2] - The bank's asset quality has improved quarter by quarter, with a non-performing loan ratio of 1.36% at the end of 2024, down 2bp from Q3, and a provision coverage ratio of 187%, up 3.1pct from Q3 [3] - Asset scale expanded steadily, with a 5.1% YoY increase in total assets at the end of 2024, and a 9.01% YoY increase in loans by the end of Q3 2024 [4] - Major shareholder Shanghai International Group plans to increase its stake, demonstrating confidence in the bank's long-term development [5] Financial Performance - 2024 revenue growth was -1.55%, but adjusted for one-time factors, it increased by 0.92% YoY [2] - Q4 2024 revenue growth turned positive, increasing by 0.71% compared to Q3 [2] - Weighted average ROE for 2024 was 6.28%, up 1.07pct YoY [2] - Forecasted revenue growth for 2024-2026 is -1.5%, 4.6%, and 5.5% respectively, with net profit growth of 23.3%, 8.3%, and 10.0% [6] Asset Quality and Risk Management - Non-performing loan ratio decreased to 1.36% at the end of 2024, down 2bp from Q3 [3] - Provision coverage ratio increased to 187% at the end of 2024, up 3.1pct from Q3 [3] - Credit cost improvement is expected to continue releasing profit elasticity [3] Strategic Initiatives and Market Position - SPD Bank has leveraged its traditional corporate business strengths and focused on "five major sectors" [4] - The bank's new leadership has been driving the expansion of the balance sheet since Q4 2023 [4] - The bank's loan growth in Q3 2024 was 9.01%, with new loans in the first three quarters reaching approximately 347.4 billion yuan, an increase of 326.5 billion yuan YoY [4] Shareholder Confidence - Shanghai International Group, the largest shareholder, plans to increase its stake in SPD Bank A-shares, signaling strong support for the bank's future [5] Industry Outlook - The current valuation, positioning, and performance of joint-stock banks are at a low point, with risks being gradually cleared and mitigated [6] - Positive factors such as potential economic, real estate, and consumption recovery are expected to provide opportunities for joint-stock banks in the coming year [6]

Investment Rating - Maintains a "Buy" rating with a target price of 13.26 CNY per share, implying a 30% upside from the current price [5] Core Views - SPD Bank's net profit attributable to shareholders grew by 23.3% YoY in 2024, continuing the high growth trend from the previous quarters [1][2] - Revenue declined by 1.5% YoY in 2024, but improved by 0.7 percentage points compared to the first three quarters, driven by improved liability costs and stabilized interest margins [2] - Non-performing loan (NPL) ratio improved to 1.36% at the end of 2024, down by 2 basis points from the end of Q3, indicating better asset quality [1][4] - Provision coverage ratio increased to 187% at the end of 2024, up by 7 percentage points from the end of Q3, reflecting strengthened risk resilience [1][4] Financial Performance - Total assets grew by 5% YoY at the end of 2024, with a 0.5% increase from the end of Q3, showing steady expansion [3] - Net interest income is expected to grow by 4.02% in 2025, while net fee income is projected to remain flat [11] - ROAE (Return on Average Equity) is forecasted to increase from 6.34% in 2024 to 6.56% in 2026, indicating improved profitability [11] Valuation and Forecast - Expected net profit attributable to shareholders to grow by 5.69% in 2025 and 6.32% in 2026 [5] - Book value per share (BPS) is projected to increase from 22.36 CNY in 2024 to 24.28 CNY in 2026 [5] - Current price-to-book (P/B) ratio is 0.46x for 2024, with a target P/B of 0.59x, suggesting significant undervaluation [5] Asset Quality and Capital Adequacy - NPL ratio is expected to further decline to 1.30% by 2026, with a provision coverage ratio maintained at around 186% [11] - Capital adequacy ratio is projected to remain strong, with a core Tier 1 capital ratio of 11.49% in 2024 and 11.17% in 2026 [11]

Summary of Conference Call Company and Industry - **Company**: 普发银行 (Pufa Bank) - **Industry**: Banking and Financial Services Key Points and Arguments 1. **Performance Overview**: Pufa Bank has shown strong performance in both operational results and capital market performance over the past year, with a positive outlook for 2024 and beyond [1][2][3]. 2. **Loan and Deposit Growth**: The bank reported a good start to the year with loan disbursements and deposits exceeding last year's levels, indicating a proactive approach to asset growth [3][4]. 3. **Strategic Focus**: The bank will continue to focus on five key areas: technology finance, supply chain finance, inclusive finance, and cross-border finance, aiming for significant breakthroughs in these sectors [4][19]. 4. **Asset Allocation Plans**: For 2024, the bank plans to maintain a loan allocation similar to last year, with expectations of a stable growth rate in loan disbursements [3][4]. 5. **Performance Expectations for 2024**: The bank anticipates a stable performance in 2024, with improvements in income and cost management, despite potential pressures from high base effects in the previous year [5][6][33]. 6. **Risk Management**: The bank is focused on improving asset quality, with a continuous decline in non-performing loans (NPLs) expected through 2024, supported by effective risk management strategies [11][14][16]. 7. **Deposit Strategy**: Pufa Bank aims to enhance its deposit base by increasing the proportion of general deposits while maintaining a low-cost funding strategy [19][20][27]. 8. **Interest Rate Environment**: The bank is preparing for a favorable interest rate environment, with expectations of a narrowing interest margin decline due to proactive loan management and deposit strategies [18][21]. 9. **Capital Management**: The bank is committed to maximizing shareholder returns through dividends, with plans to increase the dividend payout ratio as long as capital conditions allow [30][32]. 10. **Future Outlook for 2025**: The bank is optimistic about 2025, expecting a better operating environment compared to 2024, with a focus on maintaining high growth targets and improving overall performance metrics [36][37]. Other Important but Possibly Overlooked Content 1. **Market Positioning**: Pufa Bank's market positioning is strong, with a focus on maintaining a competitive edge against peers through strategic asset management and customer engagement [10][19]. 2. **Regulatory Compliance**: The bank is actively working to comply with new regulations regarding capital and risk management, ensuring a robust operational framework [12][28]. 3. **Technological Integration**: There is an emphasis on leveraging technology to enhance operational efficiency and customer service, which is seen as a critical component of future growth [4][19]. 4. **Sector-Specific Risks**: The bank acknowledges potential risks in the real estate sector but remains committed to supporting sustainable development within this industry [10][39]. 5. **Engagement with Stakeholders**: The bank is focused on maintaining open communication with stakeholders, including shareholders and regulatory bodies, to ensure alignment on strategic goals [30][32].

Financial Performance - In 2024, the company achieved operating revenue of RMB 170.748 billion, a decrease of 1.55% compared to RMB 173.434 billion in 2023[2] - The net profit attributable to shareholders increased by 23.31% to RMB 45.257 billion, up from RMB 36.702 billion in the previous year[2] - The basic earnings per share rose to RMB 1.36, representing a growth of 27.10% from RMB 1.07 in 2023[2] - The company reported a net profit excluding non-recurring items of RMB 44.207 billion, an increase of 30.47% from RMB 33.882 billion in the previous year[2] Asset and Liability Management - The company's total assets reached RMB 9,461.88 billion, reflecting a growth of 5.05% from RMB 9,007.247 billion at the end of 2023[2] - The total liabilities increased by 5.35% to RMB 8,717.099 billion, up from RMB 8,289.739 billion at the end of 2023[6] Risk Management and Asset Quality - The non-performing loan ratio improved to 1.36%, down by 0.12 percentage points from 1.48% at the end of 2023[2] - The provision coverage ratio increased to 186.96%, up by 13.45 percentage points from 173.51% at the end of 2023[2] - The company emphasized risk control and asset quality improvement, with significant progress in the disposal of non-performing assets[6] Strategic Focus - The company focused on five major financial sectors, enhancing service effectiveness and achieving stable growth in operating efficiency[5]

Group 1 - The core issue involves Shanghai Pudong Development Bank's Dongying branch being penalized for illegal loan issuance [1] - The regulatory authority, the National Financial Supervision Administration, imposed a fine of 400,000 yuan on the bank [1] - Two bank officials, Dong Zhengbiao and Li Jiancheng, received warnings for their involvement in the illegal loan issuance [1]

Core Viewpoint - The Shanghai Pudong Development Bank's Zibo branch was fined for failing to effectively verify the use of loans, highlighting regulatory scrutiny in the banking sector [1] Group 1: Regulatory Actions - The Zibo Regulatory Bureau of the National Financial Supervision Administration issued administrative penalties against the Shanghai Pudong Development Bank's Zibo branch [1] - The bank was fined 220,000 yuan for not properly checking the loan purposes [1] - A retail customer manager at the bank, Geng Peng, received a warning for his role in the oversight [1]

公告编号：临2025-001 证券代码：600000 证券简称：浦发银行 转债代码：110059 转债简称：浦发转债 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、浦发转债的发行上市概况 经中国证券监督管理委员会《关于核准上海浦东发展银行股份有限公司公开 发行可转换公司债券的批复》（证监许可[2019]1857 号）核准，上海浦东发展银 行股份有限公司（以下简称"公司"）公开发行了 50,000 万张可转换公司债券（以 下简称"可转债""浦发转债"），每张面值人民币 100 元，发行总额人民币 500 亿元，期限 6 年。 二、浦发转债本次转股情况 截至 2024 年 12 月 31 日，累计已有人民币 1,431,000 元浦发转债转为公司 普通股，累计转股股数为 97,905 股，占浦发转债转股前公司已发行普通股股份 总额的 0.0003%。其中，自 2024 年 1 ...

公告编号：临2024-072 证券代码：600000 证券简称：浦发银行 转债代码：110059 转债简称：浦发转债 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 第七届监事会第七十六次会议决议公告 会议审议并经表决通过了： 1.《公司关于高级管理人员 2023 年度履职考核评价及薪酬分配的议案》 同意将在公司领薪董事薪酬情况提交股东大会审议。 同意：8 票 弃权：0 票 反对：0 票 2.《公司关于 2024 年上半年战略执行情况分析报告的议案》 同意：8 票 弃权：0 票 反对：0 票 3.《公司关于<国内系统重要性银行实施管理办法>的议案》 同意：8 票 弃权：0 票 反对：0 票 4.《公司关于<第三支柱信息披露管理办法>的议案》 同意：8 票 弃权：0 票 反对：0 票 5.《公司关于资产损失核销的议案》 同意：8 票 弃权：0 票 反对：0 票 1 6.《公司关于授信企业风险化解方案的议案》 同意：8 票 弃权：0 票 反对：0 票 特此公告。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实 ...

公告编号：临2024-071 证券代码：600000 证券简称：浦发银行 转债代码：110059 转债简称：浦发转债 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 第七届董事会第七十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海浦东发展银行股份有限公司（以下简称"公司"）第七届董事会第七十 九次会议于2024年12月25日以现场会议方式在上海召开，会议通知及会议文件于 2024年12月17日以电子邮件方式发出。应参加会议董事11名，实际参加会议董事 11名，符合《公司法》及《公司章程》关于召开董事会法定人数的规定，表决所 形成的决议合法、有效。会议由董事长张为忠主持，公司监事、高级管理人员列 席本次会议。 会议审议并经表决通过了： 1.《公司关于聘任董事会秘书的议案》 根据分工调整，公司行长谢伟先生不再兼任董事会秘书。同意聘任公司副行 长张健先生兼任董事会秘书，待国家金融监督管理总局核准其任职资格后履职。 张健先生任职资格获监管核准前，由谢伟先生继 ...

Core Viewpoint - The forum highlighted the importance of integrating technology, industry, and finance to support sustainable economic growth and innovation in China [1][7]. Group 1: Forum Overview - The 2024 Xi Jinping Economic Thought Annual Forum and Technology-Industry-Finance Coordinated Development Forum was successfully held at Shanghai University of Finance and Economics [1]. - The forum was co-hosted by the People's Daily's International Financial News and the Xi Jinping Economic Thought Research Institute at Shanghai University of Finance and Economics, with support from various financial and academic institutions [1]. Group 2: Insights from Kang Jie - Kang Jie emphasized that commercial banks must not confine themselves to narrow fields and must be proactive in serving technology-driven enterprises [2]. - He pointed out that banks face three main challenges in the technology finance sector: transitioning from a sales-driven model to value creation, recognizing technology finance as a necessity, and becoming "super linkers" that connect resources effectively [4]. - Kang Jie noted that technology enterprises need financial institutions to provide patient capital support to navigate two critical "valleys of death" in their development [5]. Group 3: SPDB's Technology Finance Strategy - SPDB has moved beyond traditional credit reliance by creating a "PuKe" product system centered around different technology innovation fields and stages [3]. - As of September 2024, SPDB served over 67,000 technology enterprises, with a technology finance loan balance exceeding 570 billion yuan, showcasing its competitive advantage in this sector [6]. - The bank's various loan products, such as "PuChuang Loan" and "PuTou Loan," are designed to meet the financing needs of technology enterprises at different stages of development [9]. Group 4: Technology and Finance Integration - The integration of technology, industry, and finance is accelerating, leading to disruptive changes in the business, service, and operational models of the financial industry [7]. - Technology finance aims to provide funding support and innovative financing channels for technological research and industrial development, facilitating efficient resource allocation and promoting deep integration of technological innovation, industrial upgrading, and financial innovation [8].