研报掘金丨中金：维持浦发银行“跑赢行业”评级 看好业绩可持续性

Core Viewpoint - CICC report indicates that Shanghai Pudong Development Bank (SPDB) forecasts a 1.9% year-on-year revenue growth in 2025, with a similar 1.9% growth in Q4 2025 revenue [1] - The bank expects a 10.5% year-on-year growth in net profit attributable to shareholders for the full year of 2025, with a net profit growth rate of 11.6% in Q4 2025, indicating an acceleration in quarterly growth [1] Group 1 - The successful conversion of SPDB's convertible bonds may lead to insufficient understanding among some investors regarding the sustainability of the company's future performance, resulting in a certain degree of stock price correction [1] - The company is expected to benefit from the active regional economy in the Yangtze River Delta, enhancing its customer service capabilities under the "digital intelligence" strategy, which is expected to boost operational efficiency [1] - There is optimism regarding the continuous improvement of the company's funding costs and asset quality, maintaining confidence in future profit growth [1] Group 2 - The report maintains an "outperforming the industry" rating and sets a target price of 14.19 yuan for SPDB [1]