研报掘金丨华创证券：首予杭州银行“推荐”评级，目标价22.23元

Core Viewpoint - Hangzhou Bank is well-positioned in Zhejiang province, benefiting from a vibrant private economy and high wealth levels, which create strong financing demand and a favorable operating environment [1] Company Overview - Over 70% of Hangzhou Bank's branches and credit resources are located within Zhejiang province [1] - The bank has a low risk appetite and is driven by corporate, retail, and small micro-enterprises, with a focus on technology innovation finance [1] - Asset quality remains excellent, placing the bank in the top tier of listed banks [1] Financial Performance - Hangzhou Bank's convertible bonds were successfully redeemed, enhancing its core Tier 1 capital [1] - The bank is expected to maintain a compound annual growth rate (CAGR) of around 15% in performance over the next three years [1] - The current stock price corresponds to a projected price-to-book (PB) ratio of 0.74X for 2026 [1] Investment Recommendation - A target PB ratio of 1.05X is set for 2026, leading to a target price of 22.23 yuan [1] - The bank is given a "recommended" rating for its first coverage [1]