兴业银行：盈利能力向上修复，资产质量稳健经营

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.75 yuan, indicating a potential upside of 12% from the current price of 20.35 yuan [5]. Core Insights - The company has shown a continuous recovery in revenue, with total revenue for 2024 reaching approximately 212.2 billion yuan, a year-on-year increase of 0.66%. The net profit attributable to shareholders is 77.2 billion yuan, with a year-on-year growth of 0.12%, marking a turnaround from negative growth [2][9]. - The asset quality remains stable, with a non-performing loan ratio of 1.07% and a non-performing loan coverage ratio of 237.8%, reflecting a slight improvement compared to the previous quarter [2][17][18]. Financial Performance Summary - Revenue and Profitability: The company's total revenue for 2024 is projected at 212.2 billion yuan, with a growth rate of 0.93% for 2024-2026. The net profit is expected to grow by 0.93%, 3.85%, and 5.05% in the following years [3][21]. - Asset and Liability Growth: As of the end of 2024, total assets amount to 10.51 trillion yuan, an increase of 2.0% from the previous quarter. Total loans stand at 5.74 trillion yuan, reflecting a year-on-year growth of 5.05% [10][13]. - Deposit Growth: Total liabilities are 9.62 trillion yuan, with deposits totaling 5.53 trillion yuan, showing a year-on-year increase of 7.69% [13]. Asset Quality Analysis - The non-performing loan balance is 61.48 billion yuan, with a slight decrease from the previous quarter. The non-performing loan ratio remains stable at 1.07% [17]. - The non-performing loan coverage ratio has increased by 4.2 percentage points, indicating a solid buffer against potential loan losses [18]. Valuation Metrics - The current price-to-book ratio (PB) is 0.64x, with projected book values per share (BPS) of 35.62, 38.29, and 40.78 for 2024, 2025, and 2026 respectively [3][20].