HZBank(600926) 国信证券·2025-02-06 03:50Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant revenue growth, with a reported revenue of 38.38 billion yuan in 2024, representing a year-on-year increase of 9.6%, which is an improvement of 5.7 percentage points compared to the growth rate in the first three quarters [1] - The net profit attributable to shareholders for 2024 is 16.98 billion yuan, reflecting an 18.1% year-on-year growth, although slightly down by 0.5 percentage points from the previous quarter [1] - The company benefits from a strong regional economic advantage and has achieved substantial growth in both loans and deposits, with a loan balance of 9.4 trillion yuan, up 16.2% year-on-year, and a deposit balance of 12.7 trillion yuan, up 21.7% year-on-year [2] - The asset quality remains excellent, with a non-performing loan ratio of 0.76%, and a high provision coverage ratio of 541.45% [2] - The company is expected to maintain high growth in performance, with projected net profits of 20.9 billion yuan and 24.4 billion yuan for 2025 and 2026, respectively, corresponding to year-on-year growth rates of 20.1% and 16.6% [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 38.38 billion yuan, with a year-on-year growth of 9.6% [1] - The net profit attributable to shareholders was 16.98 billion yuan, marking an 18.1% increase year-on-year [1] - The weighted average return on equity was 16.00%, up by 0.43 percentage points year-on-year [1] Asset Quality - The total assets reached 2.1 trillion yuan, a 14.7% increase year-on-year [2] - The non-performing loan ratio stood at 0.76%, maintaining a low level [2] - The provision coverage ratio was 541.45%, indicating strong asset quality [2] Market Position - The company has a significant regional advantage, with a focus on the economically developed Zhejiang province [2] - The acquisition of shares by New China Life Insurance reflects the company's long-term investment value [3] Valuation Metrics - The current stock price corresponds to a PE ratio of 4.2x for 2025 and 3.6x for 2026, and a PB ratio of 0.70x for 2025 and 0.61x for 2026 [3]