Bank of Ningbo(002142)2025-02-06 08:06Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [1] Core Views - Ningbo Bank's revenue growth accelerated to 8.2% year-on-year in 2024, driven by a significant increase in non-interest income in Q4 2024 [6][7] - The bank's net profit attributable to shareholders grew by 6.2% year-on-year, indicating a slowdown in profit growth compared to revenue growth, primarily due to increased effective tax rates [6][7] - The bank's loan growth was robust, with a year-on-year increase of 17.8% in Q4 2024, leading to a total of 223.3 billion yuan in new loans for the year [6][7] - Asset quality remained stable, with a non-performing loan (NPL) ratio holding steady at 0.76% and a decline in the provision coverage ratio to 389% [6][7] Financial Data and Earnings Forecast - For 2024, Ningbo Bank reported total revenue of 666 billion yuan, up 8.2% from the previous year, and a net profit of 271 billion yuan, up 6.2% [4][5] - The bank's earnings per share (EPS) for 2024 is projected to be 3.95 yuan, with a return on equity (ROE) of 13.56% [5][9] - The forecast for net profit growth is adjusted to 6.2% for 2024, 5.5% for 2025, and 7.2% for 2026, reflecting a more cautious outlook due to potential interest rate cuts [6][9] - The bank's price-to-book (PB) ratio is currently at 0.73 times for 2025, indicating a favorable valuation [6]