HZBank(600926) 长江证券·2025-02-10 02:23Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [5]. Core Views - Hangzhou Bank's revenue growth accelerated in 2024, with a year-on-year increase of 9.6%, driven by a strong performance in the fourth quarter, which saw a 30.4% year-on-year growth. The net profit attributable to shareholders grew by 18.1% year-on-year, with a fourth-quarter growth of 15.7% [1][3]. - The bank benefited from regional economic advantages, with total loans increasing by 16.2% year-on-year and deposits growing by 21.7% year-on-year by the end of the year. The non-performing loan ratio remained stable at 0.76%, and the provision coverage ratio decreased slightly to 541%, indicating strong asset quality [1][3][8]. - The bank's valuation stands at 0.72x 2025 PB, highlighting its long-term competitive advantage with a high ROE [1]. Summary by Sections Financial Performance - In 2024, Hangzhou Bank's total revenue increased by 9.6% year-on-year, with a significant fourth-quarter growth of 30.4%. The net profit attributable to shareholders rose by 18.1% year-on-year, with a stable growth rate in the fourth quarter [1][3]. - The bank's total assets grew by 14.7% year-on-year, with total loans increasing by 16.2% and deposits by 21.7% by year-end [8]. Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 541%, indicating robust risk mitigation capabilities. The bank's asset quality metrics are expected to remain industry-leading [1][3][8]. Growth Outlook - The bank is expected to continue its strong performance in 2025, with projected revenue growth of 2.9% and net profit growth of 14.6%. The anticipated strong demand for loans in economically developed regions is expected to drive further growth [1][8].