HZBank(600926) 东方证券·2025-01-27 01:24Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The Australian Commonwealth Bank is exiting its investment in Hangzhou Bank for strategic reasons, while New China Life Insurance's acquisition of shares reflects confidence in the company's long-term development [1][7] - The forecast for the company's book value per share (BVPS) for 2024, 2025, and 2026 is projected to be 17.65, 20.26, and 23.25 CNY respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.83X, 0.72X, and 0.63X for the same years [2] Financial Performance Summary - The company's operating income is expected to grow from 32,932 million CNY in 2022 to 42,627 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 5.8% [4] - Net profit attributable to the parent company is projected to increase from 11,679 million CNY in 2022 to 22,538 million CNY in 2026, reflecting a strong growth trajectory [4] - The earnings per share (EPS) is forecasted to rise from 1.83 CNY in 2022 to 3.61 CNY in 2026 [4] Shareholder Structure Changes - Following the share transfer, New China Life Insurance and its concerted parties will become the fourth-largest shareholder of Hangzhou Bank, increasing their stake from 0.89% to 5.87% [10][7] - The share transfer price was set at 13.095 CNY per share, approximately 90% of the closing price on January 24 [7] Valuation Metrics - The report employs a comparable company valuation method, applying a 20% premium to the company's strong profitability, resulting in a target price of 17.57 CNY per share for 2025 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 7.97 in 2022 to 4.04 in 2026, indicating an attractive valuation [4]