BOB(SH:601169) Wanlian Securities·2025-04-16 12:23Investment 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, total assets of Beijing Bank 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 projected operating revenue is 69.917 billion CNY, with a growth rate of 4.81% [4] - The forecasted net profit for 2024 is 25.831 billion CNY, with a growth rate of 0.81% [4] - The bank's total assets are expected to reach 4.221 trillion CNY by the end of 2024 [10] Asset Quality - The non-performing loan ratio is expected to remain stable at 1.31% by the end of 2024 [3] - The overdue loan ratio is projected to decline to 1.62% compared to the first half of 2024 [3] Capital Adequacy - The core Tier 1 capital adequacy ratio is projected to be 8.95% by the end of 2024, a slight decrease from the previous year [2]