研报掘金丨申万宏源研究：首予上海银行“增持”评级，基本面步入底部企稳区间

Core Viewpoint - Shanghai Bank's fundamentals are stabilizing as credit structure transforms and risks are systematically resolved, with high dividend advantages and convertible bond themes likely to boost its valuation during the bank sector's recovery phase [1] Group 1: Financial Performance - The expected dividend payout ratio for the first half of 2025 is 32.2%, translating to a projected dividend yield of 5.6% based on the current stock price [1] - Forecasted net profit growth rates for the parent company from 2025 to 2027 are 2.1%, 3.5%, and 5.6% respectively [1] Group 2: Valuation and Investment Rating - The closing price on September 25 corresponds to a price-to-book (PB) ratio of 0.51 for 2025, with a target valuation of 0.6 times PB, indicating an 18% upside potential [1] - The company is given an "overweight" rating for the first time [1] Group 3: Economic Context - Shanghai Bank is positioned in a key economic and financial center, which will allow it to benefit significantly from economic recovery if positive trends continue [1] - The bank's performance elasticity is expected to become more pronounced with the anticipated economic recovery [1]