Bank Of Shanghai(601229) 华泰证券·2025-04-25 11:20Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's net profit and revenue growth for 2024 are projected at 4.5% and 4.8%, respectively, which is higher than previous expectations [1] - The company plans to distribute a dividend of 0.50 CNY per share for 2024, with a dividend payout ratio of 31.22% [1] - The company's asset quality remains stable, with improvements in forward-looking risk indicators [4] Summary by Sections Financial Performance - For 2024, total assets, loans, and deposits are expected to grow by 4.6%, 2.1%, and 4.3%, respectively [2] - The first quarter of 2025 shows a year-on-year increase in net interest income of 4.7%, supporting revenue growth [3] - The company’s net profit for 2025 is projected at 24.495 billion CNY, with a year-on-year growth rate of 4.0% [31] Asset Quality - The non-performing loan (NPL) ratio for retail and corporate sectors at the end of 2024 is 1.14% and 1.37%, respectively, indicating a slight improvement in corporate NPLs [4] - The company has a provision coverage ratio of 271% as of the first quarter of 2025, which is stable compared to the end of 2024 [4] Valuation - The report assigns a target price of 11.93 CNY for 2025, based on a price-to-book (PB) ratio of 0.67 [5] - The estimated book value per share (BVPS) for 2025 is 17.70 CNY, with a corresponding PB of 0.60 [5] - The company’s performance is expected to continue to improve, leading to a potential valuation recovery [5]