研报掘金丨中金：维持浦发银行“跑赢行业”评级，目标价16.06元

Core Viewpoint - CICC's report indicates that Shanghai Pudong Development Bank (SPDB) experienced a year-on-year revenue growth of 4.0% in Q2, accelerating from 1.3% growth in Q1, with a total revenue growth of 2.6% for the first half of the year [1] - The bank's net profit attributable to shareholders saw a significant year-on-year increase of 26.9% in Q2, leading to a 10.2% growth in net profit for the first half of 2025, attributed to improved asset quality and a lower profit base in the quarter [1] - The performance aligns with previous announcements and meets expectations, maintaining the profit forecast and target price of 16.06 yuan, indicating a potential upside of 16.8% from the current stock price, with a rating of "outperforming the industry" [1] Revenue Performance - Q2 revenue growth of 4.0% year-on-year, up from 1.3% in Q1 [1] - Total revenue growth for the first half of the year stands at 2.6% [1] Profitability Analysis - Q2 net profit attributable to shareholders increased by 26.9% year-on-year [1] - First half net profit growth of 10.2% year-on-year [1] - Improved asset quality and lower profit base contributed to better profitability [1] Forecast and Valuation - Profit forecast and target price maintained at 16.06 yuan [1] - Indicates a potential upside of 16.8% from the current stock price [1] - Rating maintained at "outperforming the industry" [1]