SPD BANK(SH:600000) Tai Ping Yang·2024-10-09 08:08Investment 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 within the next six months [5][6]. Core Insights - 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 amounts, with total loans (excluding accrued interest) reaching 5.31 trillion yuan, a 5.92% increase from the previous year. Corporate loans increased by 9.49% to 3.11 trillion yuan, while retail loans decreased by 1.11% to 1.85 trillion yuan [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]. Financial Projections - Projected operating revenues for 2024-2026 are 171.003 billion yuan, 175.561 billion yuan, and 184.673 billion yuan, respectively. The projected net profits for the same period are 43.598 billion yuan, 47.816 billion yuan, and 53.758 billion yuan [4]. - The book value per share (BVPS) is expected to increase from 25.74 yuan in 2024 to 29.18 yuan in 2026, with corresponding price-to-book (PB) ratios decreasing from 0.33 to 0.29 [4].