SPD BANK(SH:600000) Ping An Securities·2026-03-31 09:09Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company achieved an operating income of 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 [4] - Total assets grew by 6.6% year-on-year, with loans increasing by 5.8% and deposits by 8.5% [4] - The company distributed a cash dividend of 4.2 yuan per 10 shares (before tax), accounting for 30% of the net profit attributable to shareholders [4] - The net interest margin for 2025 was 1.42%, showing resilience compared to the industry, which is experiencing a downward trend [7] - The company has focused on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, particularly in the Yangtze River Delta region [8] Financial Summary - The company’s net interest income grew by 5.0% year-on-year, while non-interest income saw a decline of 7.4% [7] - The non-performing loan (NPL) balance was 71.99 billion yuan, with an NPL ratio of 1.26%, continuing a downward trend [8] - The provision coverage ratio at the end of 2025 was 193.89%, indicating a stable asset quality [8] - The report projects EPS for 2026-2028 to be 1.67, 1.88, and 2.07 yuan respectively, with corresponding net profit growth rates of 11.2%, 12.3%, and 10.1% [8][10] - The company’s total assets are expected to reach 10,860.49 billion yuan by 2026, with a loan total of 6,117.19 billion yuan [10]