SPD BANK(SH:600000) Ge Long Hui·2025-12-23 07:41Core Viewpoint - The report highlights that Pudong Development Bank (PDB) has a strong state-owned background and significant regional advantages, with a strategic focus on digital transformation under the new chairman's leadership in Q4 2023 [1] Group 1: Strategic Initiatives - PDB is undergoing an organizational restructuring to enhance its digital strategy and increase credit issuance while maintaining strict asset quality control [1] - The bank aims to strengthen risk compensation and improve profitability through these strategic initiatives [1] Group 2: Market Position and Performance - PDB is aligning with the construction of five key centers, leveraging technology finance as a critical growth area and developing differentiated advantages across five major tracks [1] - The bank's net profit growth momentum is expected to be strong, supported by the conversion of "Pudong Convertible Bonds" and continuous improvement in asset quality [1] Group 3: Valuation and Investment Outlook - The current stock price reflects a 3.4% dividend yield for 2025, which remains attractive compared to government bond yields, and is trading at 0.54 times the 2025 price-to-book ratio [1] - The valuation is perceived to be suppressed by insufficient economic recovery expectations and pessimistic market sentiment, highlighting a favorable investment opportunity with a "buy" rating maintained [1]