SPD BANK(SH:600000) GUOTAI HAITONG SECURITIES·2026-03-31 06:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.41 CNY, while the current price is 10.01 CNY [2][6]. Core Insights - The company reported a steady growth in revenue and net profit for 2025, with year-on-year increases of 1.9% and 10.5%, respectively. The asset quality indicators have also improved [2][12]. - The company aims for a dividend of 0.42 CNY per share for 2025, reflecting a payout ratio of 30.22% [12]. - The return on equity (ROE) is projected to increase by 0.48 percentage points to 6.76% in 2025, indicating ongoing operational efficiency improvements [12]. Financial Summary - Revenue for 2025 is forecasted at 173,964 million CNY, with a growth rate of 1.9% compared to 2024. The net profit attributable to shareholders is expected to reach 50,017 million CNY, reflecting a 10.5% increase [4][12]. - The total assets are projected to grow by 6.6% year-on-year, surpassing 10 trillion CNY by year-end 2025. The total loans are expected to increase by 5.8% [12]. - The net interest margin for 2025 is estimated at 1.42%, showing a slight improvement from the previous half-year [12]. Asset Quality - The non-performing loan (NPL) ratio is expected to decline to 1.26% by the end of 2025, continuing a six-year trend of reduction. The coverage ratio for provisions is projected to exceed 200% [12].