Bank of Ningbo(SZ:002142) ZHESHANG SECURITIES·2025-04-10 00:16Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company plans to increase its dividend payout ratio to 22.8% for 2024, a significant increase of 6.8 percentage points compared to 2023 [5] - In 2024, the company's revenue is expected to grow by 8.2% year-on-year, while the net profit attributable to shareholders is projected to increase by 6.2% [2][5] - The company's net interest margin has rebounded, reaching 1.86% in Q4 2024, up by 5 basis points from Q3 2024 [3][5] - Asset quality remains stable, with a non-performing loan ratio of 0.76% at the end of Q4 2024, unchanged from the previous quarter [4][5] Summary by Sections Revenue and Profitability - The company's revenue for 2024 is forecasted at 66,631 million, reflecting an 8.2% increase year-on-year, while the net profit is expected to be 27,127 million, a 6.2% increase [6] - The revenue growth is attributed to a recovery in net interest margin and improved drag [2] Dividend Policy - The proposed dividend payout ratio for 2024 is 22.8%, which corresponds to a dividend yield of 3.85% as of April 9, 2025 [5] Asset Quality - The non-performing loan ratio remained stable at 0.76% as of Q4 2024, with a slight increase in retail loan non-performing rates [4] - The provision coverage ratio decreased by 15 percentage points to 389% [4][5] Future Outlook - The company is expected to maintain a modest revenue growth trajectory, supported by sufficient bond floating profits [2] - Forecasted net profit growth for 2025-2027 is 6.61%, 6.81%, and 6.77% respectively [5]