BOB(SH:601169) Wanlian Securities·2025-04-16 11:01Investment Rating - The investment rating for Beijing Bank is maintained at "Accumulate" [4] Core Views - The bank's dividend payout ratio is 30%, with a dividend yield of 5.3%, distributing a total of 3.2 CNY per 10 shares for 2024 [2] - As of the end of 2024, the bank's total assets grew by 12.6% year-on-year, with loans increasing by 9.8% and financial investments by 12.8% [2] - The average net interest margin for 2024 is projected at 1.47%, a decrease of 7 basis points year-on-year, primarily due to lower funding costs [2] - The bank is increasing its investment in digital transformation, with related expenditures reaching 3.12 billion CNY in 2024, accounting for 4.5% of total revenue [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 1.31%, a decrease of 1 basis point year-on-year [3] - The bank's provisioning coverage ratio stands at 209% as of the end of 2024, reflecting a proactive approach to managing problem assets [3] - Revenue growth forecasts for 2025-2027 are adjusted to 2.78%, 2.31%, and 4.7%, respectively, with net profit growth rates of 2.14%, 2.08%, and 2.86% [3][4] Summary by Sections Financial Performance - For 2024, the bank's operating income is projected at 69.917 billion CNY, with a growth rate of 4.81% [4] - The net profit attributable to shareholders is expected to be 25.831 billion CNY, with a growth rate of 0.81% [4] - The bank's total assets are forecasted to reach 4.221 trillion CNY by the end of 2024 [10] Asset Quality - The non-performing loan ratio is 1.31%, with a focus on improving asset quality through active management [3] - The overdue loan ratio has decreased by 20 basis points compared to the first half of 2024 [3] Future Outlook - The bank is expected to continue its steady expansion while managing existing non-performing loans and enhancing digital capabilities [3]