杭州银行：核心营收改善-20260124

Investment Rating - The investment rating for Hangzhou Bank is "Buy" (maintained) [8] Core Insights - Hangzhou Bank's 2025 performance report indicates that operating revenue and net profit attributable to shareholders increased by 1.1% and 12.1% year-on-year, respectively, with growth rates slowing by 0.3 percentage points and 2.5 percentage points compared to the first three quarters of 2025 [2][3] - The bank's core revenue structure is better than expected, with both net interest income and non-interest income growth rates improving compared to the previous quarters [2] - The bank's loan growth rate reached 14.3% year-on-year by the end of Q4 2025, benefiting from an aggressive lending strategy [3] - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2025, with a provision coverage ratio of 502%, indicating a high level of provisions relative to non-performing loans [4] Financial Performance Summary - For 2025, Hangzhou Bank's operating revenue is projected to be 38,799 million yuan, with a year-on-year growth of 1.09%, while net profit attributable to shareholders is expected to reach 19,028 million yuan, reflecting a growth of 12.05% [7] - The bank's net interest income is forecasted to grow by 12.82% in 2025, while non-interest income is expected to decline by 19.52% [12] - The estimated book value per share (BPS) for 2025 is 18.38 yuan, with a target price of 19.09 yuan per share, indicating a potential upside of 25% [5]