Workflow
宁波银行(002142):2024年报点评:营收增长较快,息差保持稳定

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved an operating revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.2%, with a slight increase of 0.8 percentage points compared to the previous three quarters. The net profit attributable to shareholders reached 27.1 billion yuan, growing by 6.2% year-on-year, although the growth rate decreased by 0.8 percentage points compared to the previous three quarters [1][3] - The company's total assets grew by 15.3% year-on-year to 3.13 trillion yuan by the end of 2024, indicating a stable asset growth rate. The core Tier 1 capital adequacy ratio stood at 9.84%, which is considered sufficient [1][3] - The average net interest margin for the year was 1.86%, showing a minor decrease of 2 basis points year-on-year, while the net interest margin for the fourth quarter was 1.89%, remaining stable over seven consecutive quarters [2][3] - The company experienced a decline in net fee income by 19.3% year-on-year, primarily due to fluctuations in the capital market affecting agency business and wealth management income [2][3] - The non-performing loan ratio remained stable at 0.76% at the end of the year, while the attention rate increased by 38 basis points year-on-year to 1.03% [3][4] Financial Forecasts - The forecast for net profit attributable to shareholders for 2025-2027 is 29.2 billion yuan, 31.6 billion yuan, and 34.1 billion yuan, respectively, with year-on-year growth rates of 7.6%, 8.4%, and 7.8% [3][4] - The diluted EPS is projected to be 4.27 yuan, 4.64 yuan, and 5.01 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 5.5, 5.0, and 4.7 [3][4] - The company’s dividend payout ratio increased by 7 percentage points to 23% in 2024, reflecting a commitment to returning value to shareholders [1][3]