SPD BANK(SH:600000) Guoxin Securities·2026-03-31 07:19Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's revenue and profit have shown growth, with operating income reaching 174 billion yuan in 2025, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 50 billion yuan, up 10.5% year-on-year [1][3] - The net interest margin has stabilized at 1.42%, with a slight improvement in the second half of the year, indicating a bottoming out [2] - Asset quality continues to improve, with a non-performing loan ratio of 1.26%, down 0.10 percentage points from the beginning of the year, and a provision coverage ratio of 201%, up 14 percentage points [2] Financial Performance Summary - In 2025, total assets grew by 6.6% to 10.08 trillion yuan, with total deposits increasing by 8.5% to 5.58 trillion yuan and total loans rising by 5.8% to 5.70 trillion yuan [1] - The weighted average ROE for 2025 was 6.8%, an increase of 0.5 percentage points year-on-year [1] - The company maintains a stable dividend payout ratio of 30% based on net profit attributable to ordinary shareholders [1] Earnings Forecast and Financial Indicators - The forecast for net profit attributable to shareholders for 2026-2027 is 54.6 billion yuan and 59.8 billion yuan, respectively, with expected growth rates of 9.2% and 9.5% [3][4] - The diluted EPS is projected to be 1.53 yuan for 2026 and 1.68 yuan for 2027, with corresponding PE ratios of 6.6x and 5.9x [3][4] - The company’s PB ratios are expected to be 0.43x for 2026 and 0.41x for 2027 [3][4]