宁波银行2024年年报点评：营收增速边际回升，息差韧性凸显

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The revenue growth rate shows marginal improvement, with resilience in net interest margin [10] - The company has adjusted its assumptions, slightly increasing net interest margin and decreasing non-interest income growth forecasts, predicting a net profit growth of 6.8%/7.7%/8.7% for 2025/2026/2027 [3][10] - The target price is set at 27.75 CNY per share, corresponding to a price-to-book (PB) ratio of 0.79 for 2025, maintaining a 20% discount to the historical average PB of 0.99 [3][10] Financial Performance Summary - Revenue (in million CNY) is projected to grow from 61,585 in 2023 to 87,285 in 2027, with year-on-year growth rates of 6.4%, 8.2%, 7.9%, 9.6%, and 10.7% respectively [5] - Net profit attributable to the parent company is expected to increase from 25,535 in 2023 to 33,901 in 2027, with growth rates of 10.7%, 6.2%, 6.8%, 7.7%, and 8.7% [5] - The company’s total assets and loan growth rates are projected to be 15.3% and 17.8% respectively as of the end of 2024 [10] - The non-performing loan (NPL) ratio remains stable at 0.76%, with a dividend payout ratio increasing to 21.9% in 2024 [10]