SPD BANK(SH:600000) ZHESHANG SECURITIES·2025-10-08 13:44Investment Rating - The investment rating for the company is "Buy" with a target price of 16.45 CNY per share, indicating a potential upside of 38% from the current price of 11.90 CNY per share [6]. Core Insights - The recent stake acquisition by Dongfang Asset reflects confidence in the company, with existing shareholders potentially pushing for the conversion of convertible bonds into equity, which could enhance operational trends [1][2]. - Dongfang Asset has increased its holdings to 1.073 billion shares, representing a 3.44% stake, and holds 8.6 million convertible bonds [1]. - The conversion of convertible bonds is expected to be primarily driven by major shareholders, which could significantly reduce selling pressure in the market [4]. - The bank's core Tier 1 capital adequacy ratio is projected to improve from 8.91% to 9.39% if all convertible bonds are converted, strengthening its capital base and supporting continued operational improvement [4]. Financial Summary - The forecasted financial performance for the company includes: - Revenue for 2025 is estimated at 175.236 billion CNY, a 2.63% increase from 2024 [6]. - Net profit attributable to shareholders is projected to grow by 12.93% in 2025, reaching 51.107 billion CNY [6]. - Book value per share is expected to rise to 23.12 CNY by 2025 [6]. - The company anticipates a net profit growth of 6.45% and 6.26% for 2026 and 2027, respectively [6].