SPD BANK(SH:600000) ZHONGTAI SECURITIES·2024-03-27 16:00Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [12]. Core Insights - The company's revenue for 2023 decreased by 8.1% year-on-year, with a narrowing decline in net profit to 28.3% compared to the previous quarter [4][6]. - Asset quality has improved, with a reduction in non-performing loans and a stable provision coverage ratio [4][10]. - The bank's total assets have surpassed 9 trillion yuan, with a significant increase in loan issuance in the fourth quarter [8][9]. Financial Performance Summary - Total revenue (in million yuan): 2023E: 171,715; 2024E: 164,771; 2025E: 163,049, with a year-on-year growth rate of -8.1% for 2023 [4][11]. - Net profit (in million yuan): 2023E: 36,792; 2024E: 36,026; 2025E: 36,056, reflecting a year-on-year decline of 28.1% for 2023 [4][11]. - Earnings per share (in yuan): 2023E: 1.19; 2024E: 1.17; 2025E: 1.17 [4][11]. Asset and Liability Situation - The bank's total assets reached 9 trillion yuan, with a loan growth of 2.4% year-on-year and a deposit growth of 3.3% [8][9]. - In Q4 2023, new loan issuance was approximately 96.26 billion yuan, marking the highest quarterly increase since mid-2021 [4][8]. - The non-performing loan balance was 741.98 billion yuan, with a non-performing loan ratio of 1.48%, down 0.04 percentage points from the previous year [10][11]. Investment Recommendations - The projected price-to-book (PB) ratios for 2023E, 2024E, and 2025E are 0.34X, 0.32X, and 0.31X respectively, while the price-to-earnings (PE) ratios are 6.00X, 6.14X, and 6.13X [5][11]. - The report emphasizes the importance of monitoring asset quality trends and business development directions in the future [5][11].