宁波银行（002142）：净息差环比回升，分红率大幅提升

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Views - The report highlights a recovery in net interest margin and a significant increase in dividend payout ratio [1] - The company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for 2024 are projected to grow by 8.2%, 13.9%, and 6.2% year-on-year, respectively [6][11] - The report emphasizes the stability of asset quality, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 389% [6][8] Summary by Sections Financial Performance - The company's total revenue growth for 2024 is 8.2%, with a PPOP growth of 13.9% and a net profit growth of 6.2% compared to the previous year [6][11] - The growth rates for revenue, PPOP, and net profit for the first three quarters of 2024 show slight improvements compared to the first quarter [11][19] Asset Quality - The NPL ratio remains stable at 0.76%, with a provision coverage ratio of 389%, indicating a strong buffer against potential loan losses [6][8] - The report notes a decrease in the attention loan ratio to 1.03%, suggesting improved asset quality management [6] Capital and Dividends - The core Tier 1 capital adequacy ratio increased to 9.84%, reflecting a solid capital position [6][8] - The dividend payout ratio reached 21.91%, exceeding 20% for the first time, which enhances the company's attractiveness to investors [6][8] Growth Drivers - The report identifies strong growth in loan and deposit volumes, with loans and deposits increasing by 17.8% and 17.2% year-on-year, respectively [6][8] - The net interest margin is reported at 1.86%, showing a slight recovery due to improved funding costs [6][8] Valuation - The report estimates a reasonable value of 34.71 CNY per share based on a 1.1 times price-to-book (PB) ratio for 2024 [6][8]