中国银河：首次覆盖浦发银行给予买入评级

Core Insights - The company has shown improvement in performance with a revenue of 90.559 billion yuan for H1 2025, a year-on-year increase of 2.62%, and a net profit of 29.737 billion yuan, up 10.19% year-on-year [2] - The annualized weighted average ROE stands at 8.66%, reflecting a 0.32 percentage point increase year-on-year [2] Financial Performance - The net interest income for H1 2025 reached 58.307 billion yuan, maintaining positive growth with a year-on-year increase of 0.45% [3] - The net interest margin (NIM) is at 1.41%, with a slight decrease of 1 basis point from the beginning of the year, indicating a narrowing decline [3] - The company’s loan portfolio increased by 4.51% year-to-date, focusing on key sectors such as technology, supply chain, and infrastructure [3] Asset and Liability Management - Total deposits grew by 8.71% year-to-date, with corporate and personal deposits increasing by 7.82% and 10.33% respectively [3] - The proportion of demand deposits increased by 0.66 percentage points to 40.20% [3] Non-Interest Income and Wealth Management - Non-interest income rose by 6.79% year-on-year, primarily driven by significant growth in investment income [4] - The company’s retail assets under management (AUM) increased by 10.55% year-to-date, reflecting the optimization of wealth management services [4] Asset Quality and Capital Position - The non-performing loan (NPL) ratio improved to 1.31%, down 5 basis points from the previous quarter [4] - The provision coverage ratio stands at 193.97%, indicating enhanced risk mitigation capabilities [4] - The core Tier 1 capital adequacy ratio is at 8.91%, benefiting from accelerated conversion of convertible bonds [4] Investment Recommendations - The company is focusing on a digital strategy, optimizing its asset-liability structure, and enhancing operational efficiency [5] - The projected dividend payout ratio for 2024 is 27.4% [5] - The estimated book value per share (BVPS) for 2025-2027 is projected to be 22.78 yuan, 23.99 yuan, and 25.63 yuan respectively, with corresponding price-to-book (PB) ratios of 0.61X, 0.58X, and 0.54X [5]