Bank of Ningbo(SZ:002142) Donghai Securities·2024-02-07 16:00Investment Rating - The report maintains a "Buy" investment rating for the company, citing its regional economic advantages and strong operational capabilities as key factors for this rating [6]. Core Views - The company reported a revenue of 61.584 billion yuan in 2023, reflecting a year-on-year growth of 6.40%, and a net profit attributable to shareholders of 25.535 billion yuan, up 10.66% year-on-year [4]. - The bank's non-performing loan ratio remained stable at 0.76%, indicating strong asset quality [5]. - The report highlights that investment income has positively impacted revenue growth, particularly in Q4 2023, where revenue reached 14.349 billion yuan, a year-on-year increase of 9.64% [4]. - Loan growth continued at a high rate, with total loans increasing by 35.934 billion yuan to 1.25 trillion yuan, representing a year-on-year growth of 19.76% [5]. - Deposit growth has slowed, with total deposits decreasing by 18.956 billion yuan to 1.57 trillion yuan, showing a year-on-year growth of 20.76% [5]. Summary by Sections Financial Performance - The company achieved a total revenue of 61.584 billion yuan in 2023, with a net profit of 25.535 billion yuan, and a non-performing loan ratio of 0.76% [4]. - Q4 2023 revenue was 14.349 billion yuan, showing a significant improvement from previous quarters [4]. Loan and Deposit Trends - Total loans increased to 1.25 trillion yuan, with a year-on-year growth of 19.76% [5]. - Total deposits decreased to 1.57 trillion yuan, with a year-on-year growth of 20.76%, indicating a return to a more normalized growth rate [5]. Asset Quality and Risk Management - The bank maintained a non-performing loan ratio of 0.76%, reflecting strong asset quality [5]. - The report suggests that the bank's credit cost remains flexible due to its robust provisioning and asset quality [5]. Earnings Forecast - The report forecasts revenues of 68.235 billion yuan and 75.611 billion yuan for 2024 and 2025, respectively, with net profits of 29.420 billion yuan and 32.917 billion yuan [6].