SPD BANK(600000) 浙商证券·2025-01-17 00:23Investment Rating - Maintains a "Buy" rating with a target price of 13.26 CNY per share, implying a 30% upside from the current price [5] Core Views - SPD Bank's net profit attributable to shareholders grew by 23.3% YoY in 2024, continuing the high growth trend from the previous quarters [1][2] - Revenue declined by 1.5% YoY in 2024, but improved by 0.7 percentage points compared to the first three quarters, driven by improved liability costs and stabilized interest margins [2] - Non-performing loan (NPL) ratio improved to 1.36% at the end of 2024, down by 2 basis points from the end of Q3, indicating better asset quality [1][4] - Provision coverage ratio increased to 187% at the end of 2024, up by 7 percentage points from the end of Q3, reflecting strengthened risk resilience [1][4] Financial Performance - Total assets grew by 5% YoY at the end of 2024, with a 0.5% increase from the end of Q3, showing steady expansion [3] - Net interest income is expected to grow by 4.02% in 2025, while net fee income is projected to remain flat [11] - ROAE (Return on Average Equity) is forecasted to increase from 6.34% in 2024 to 6.56% in 2026, indicating improved profitability [11] Valuation and Forecast - Expected net profit attributable to shareholders to grow by 5.69% in 2025 and 6.32% in 2026 [5] - Book value per share (BPS) is projected to increase from 22.36 CNY in 2024 to 24.28 CNY in 2026 [5] - Current price-to-book (P/B) ratio is 0.46x for 2024, with a target P/B of 0.59x, suggesting significant undervaluation [5] Asset Quality and Capital Adequacy - NPL ratio is expected to further decline to 1.30% by 2026, with a provision coverage ratio maintained at around 186% [11] - Capital adequacy ratio is projected to remain strong, with a core Tier 1 capital ratio of 11.49% in 2024 and 11.17% in 2026 [11]