Bank of Ningbo(SZ:002142) Huaan Securities·2025-02-09 11:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is on the rise, while the growth rate of net profit attributable to the parent company has slightly decreased. For 2024, the expected revenue and net profit growth rates are +8.2% and +6.23%, respectively [4][7] - The total assets and liabilities of the company for 2024 are projected to be CNY 31,252 billion and CNY 28,909 billion, reflecting year-on-year growth of +15.25% and +15.20% [5] - The asset quality remains stable with a non-performing loan ratio of 0.76%, and the provision coverage ratio is at 389.25% [6] Summary by Sections Financial Performance - For 2024, the company's revenue is expected to be CNY 66,634 million, with a year-on-year growth of 8.2%. The net profit attributable to the parent company is projected at CNY 27,127 million, reflecting a growth of 6.23% [10] - The total profit for 2024 is expected to reach CNY 312.87 billion, with a year-on-year increase of 12.15% [4] Asset and Liability Management - The total loan amount is projected to be CNY 1,476,078 million for 2024, with a year-on-year growth of 17.83% [12] - The total deposits are expected to reach CNY 1,862,241 million, reflecting a growth of 17.23% [12] Risk Management - The company has maintained a stable asset quality with a non-performing loan ratio of 0.76% over the past eight quarters [6] - The company is expected to increase its write-off scale to ensure the non-performing loan ratio remains low [6] Investment Outlook - The company is well-positioned in economically developed regions, with a clear market segmentation and significant competitive advantages. The management team is stable, and the governance structure is sustainable [7] - The company is expected to benefit from macroeconomic recovery and valuation restoration, with adjusted profit forecasts for 2024, 2025, and 2026 [7]