宁波银行：扩表保持强劲，营收增速提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 33.65 [9][11]. Core Views - The company reported a revenue growth of 8.2% and a net profit growth of 6.2% for 2024, with an improvement in revenue growth rate compared to the first three quarters of the year [1]. - The bank has shown strong asset expansion, with total assets, loans, and deposits increasing by 15.2%, 17.8%, and 17.2% year-on-year, respectively [2]. - The bank's net interest margin has remained resilient, with a decline of only 3 basis points in the first three quarters of 2024, which is better than the industry average [3]. - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 389%, indicating a solid risk management framework [4]. - The bank's capital adequacy ratio improved to 15.32% by the end of 2024, reflecting strengthened capital position [3]. Summary by Sections Financial Performance - For 2024, the company forecasts a revenue of RMB 66,632 million and a net profit of RMB 27,127 million, with expected growth rates of 8.2% and 6.2%, respectively [7]. - The bank's return on equity (ROE) is projected to decline to 13.59% in 2024, down by 1.49 percentage points year-on-year [1][7]. Asset Quality - The NPL generation rate for the first nine months of 2024 is estimated at 0.97%, an increase of 0.26 percentage points from 2023, primarily due to retail loan risks [4]. - The bank's provision coverage ratio has decreased but remains above industry standards, providing room for profit release [4]. Capital and Valuation - The bank's target price is set at RMB 33.65, corresponding to a price-to-book (PB) ratio of 0.95 for 2025 [5]. - The forecasted book value per share (BVPS) for 2025 is RMB 35.42, indicating a strong growth trajectory [5].