中金：维持浦发银行“跑赢行业”评级 看好业绩可持续性

Core Viewpoint - The report from CICC indicates that Shanghai Pudong Development Bank (SPDB) is expected to see a revenue growth of 1.9% year-on-year in 2025, with a similar growth rate for Q4 2025 revenue. [1] - The bank's net profit attributable to shareholders is projected to increase by 10.5% year-on-year for the full year of 2025, with a notable acceleration in Q4 2025 net profit growth reaching 11.6%. [1] Group 1 - The successful conversion of SPDB's convertible bonds may lead to insufficient recognition of the company's future performance sustainability among some investors, resulting in a potential 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 and operational efficiency under the "digital intelligence" strategy. [1] - There is optimism regarding the continuous improvement of the bank's funding costs and asset quality, maintaining confidence in future profit growth. [1] Group 2 - The report maintains an "outperforming the industry" rating for SPDB, with a target price set at 14.19 yuan. [1]