SPD BANK(SH:600000) Tai Ping Yang·2024-10-09 08:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company reported a total operating income of 88.248 billion yuan for the first half of 2024, a year-on-year decrease of 3.27%. However, excluding the one-time factor from the previous year's sale of equity, the income shows a growth of 1.45% [3]. - The net profit attributable to shareholders reached 26.988 billion yuan, reflecting a year-on-year increase of 16.64%. The return on equity (ROE) was 4.17%, up by 0.44 percentage points year-on-year [3]. - Total assets as of the end of the first half of 2024 amounted to 9.25 trillion yuan, representing a 2.74% increase from the end of 2023 [3]. - The company has seen a steady increase in loan volume, with total loans (excluding accrued interest) reaching 5.31 trillion yuan, a year-on-year increase of 5.92%. Corporate loans increased by 9.49%, while retail loans decreased by 1.11% [3]. - The net interest margin was reported at 1.48%, a decrease of 8 basis points year-on-year, but showed resilience with a slight increase of 2 basis points compared to the first quarter of 2024 [3]. - The company has improved its asset quality, with a non-performing loan (NPL) ratio of 1.41%, down 7 basis points from the end of 2023. The NPL ratio in the real estate sector improved significantly to 2.74%, a year-on-year decrease of 1.37% [3]. Summary by Sections Financial Performance - Operating income for 2024 is projected to be 171.003 billion yuan, with a growth rate of -1.40%. The net profit is expected to be 43.598 billion yuan, reflecting a growth rate of 18.79% [4]. - The projected book value per share (BVPS) for 2024 is 25.74 yuan, with a price-to-book (PB) ratio of 0.33 [4]. Loan and Asset Quality - The company has focused on improving loan quality while maintaining growth, with significant increases in key areas such as technology finance and green credit [3]. - The credit cost has decreased, supporting profit growth, with a year-on-year reduction in impairment provisions by 59.29 billion yuan [3].