BOB(601169) 证券日报网·2025-04-16 13:42Core Viewpoint - Beijing Bank is undergoing a significant digital transformation, entering the 2.0 phase, which emphasizes comprehensive digital operations and the integration of artificial intelligence into its business model [2][3]. Digital Transformation - The bank has upgraded its technological capabilities through a three-year digital transformation, focusing on a unified data foundation, financial operating system, and risk control platform [2]. - In 2024, technology investment will account for 4.6% of revenue, which is relatively high compared to peers [2]. - The bank aims to shift from "experience-based decision-making" to "data-driven decision-making" across seven key operational areas [2]. Net Interest Margin - The net interest margin for 2024 is reported at 1.47%, remaining stable for three consecutive quarters starting from Q2 2024 [3]. - The decline in net interest margin is significantly lower than the industry average, attributed to four competitive advantages: low-cost liabilities, cost control, financial market advantages, and asset quality management [3]. Competitive Advantages - The bank has expanded low-cost deposit sources through refined customer management and innovative financial products [3]. - Cost-to-income ratio remains low due to strict expense control, further enhanced by digital transformation [3]. - Non-interest income grew by 10% year-on-year in 2024, driven by active engagement in financial market operations [3]. - Continuous improvement in asset quality is noted, with a declining rate of non-performing assets for four consecutive years [3]. Differentiated Competition - The bank's location in Beijing is highlighted as a significant competitive advantage, ranking third in both deposits and loans in the local market [5]. - The bank has a long-standing commitment to serving local economies and small to medium-sized enterprises, with many notable companies receiving initial loans from Beijing Bank [5]. Technology Finance - The bank aims to become the "first bank for specialized, refined, unique, and new" enterprises, having served over 20,000 such clients by the end of 2024 [6]. - The loan balance for specialized and new enterprises reached 106.8 billion yuan, with significant support provided to technology-oriented SMEs [6]. - Innovative credit products have been launched to enhance financing services for specialized and new enterprises [6]. Future Outlook - The bank plans to integrate its strategy of becoming the "first bank for specialized and new enterprises" with advancements in technology finance, focusing on professional and tailored financial services [7]. - There will be an emphasis on expanding support for high-tech enterprises and innovative SMEs, optimizing financial product offerings to enhance overall client profitability [7].