Orient Securities·2026-03-26 06:59Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's net profit for 2026, 2027, and 2028 is projected to grow by 10.2%, 9.6%, and 9.3% year-on-year, respectively, with corresponding BVPS of 12.63, 13.82, and 15.12 yuan [4] - The current stock price corresponds to a PB of 0.56X, 0.51X, and 0.46X for 2026, 2027, and 2028, respectively, indicating a valuation discount compared to peers [4] - The target price is set at 8.14 yuan per share, reflecting a 10% premium over the comparable company's PB of 0.59X for 2026 [4] Financial Information Summary - Revenue for 2024A is projected at 28,261 million yuan, with a year-on-year growth of 1.1%, increasing to 33,294 million yuan by 2028E with a growth rate of 5.6% [5] - Operating profit is expected to rise from 12,848 million yuan in 2024A to 18,422 million yuan in 2028E, with growth rates of 5.4% to 9.4% [5] - The attributable net profit for 2024A is forecasted at 11,513 million yuan, growing to 16,019 million yuan by 2028E, with growth rates of 5.6% to 9.3% [5] - The earnings per share (EPS) is projected to increase from 0.99 yuan in 2024A to 1.39 yuan in 2028E [5] - The return on average assets (ROAA) is expected to remain stable at around 0.8% across the forecast period [5] Performance Metrics - The net interest margin for the year is expected to stabilize at 1.60%, with a slight increase of 1 basis point [10] - The non-performing loan (NPL) ratio is projected to improve to 0.98% by 2027E, down from 1.18% in 2024A [10] - The provision coverage ratio is expected to improve to 361% by 2026E, indicating a strong buffer against potential loan losses [10]