SPD BANK(SH:600000) Guotai Junan Securities·2024-08-21 07:37Investment Rating - The investment rating for the company is "Buy" [4][10] - The target price has been raised to 11.05, up from the previous forecast of 9.86 [4][10] Core Insights - The company has shown strong profit growth in the first half of 2024, with a notable increase in asset quality [10] - The bank's credit issuance has improved in quality, and there is potential for profit release throughout the year [10] - The net interest margin has increased, and the bank has effectively managed its deposit costs [10] Financial Summary - Total assets amounted to 9,007,247 million, with total loans at 5,017,754 million and total deposits at 5,060,344 million [7] - The core Tier 1 capital adequacy ratio stands at 12.94% [7] - For 2024, the projected net profit growth is 21.3%, followed by 5.6% in 2025 and 8.0% in 2026 [10] - The bank's net profit attributable to shareholders is expected to be 44,506 million in 2024, increasing to 50,742 million by 2026 [9][10] Performance Metrics - The bank's revenue for 2023 is projected at 173,434 million, with a slight decrease of 0.5% expected in 2024 [9] - The net profit for 2023 is estimated at 36,702 million, reflecting a decrease of 28.3% from the previous year [9] - The bank's price-to-book ratio is projected to decrease from 0.43 in 2023 to 0.38 by 2026 [9][10]