上 市 公 司 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 增持（维持） 证 券 研 究 报 告 | 市场数据： | 2026 年 03 月 25 日 | | --- | --- | | 收盘价（元） | 7.03 | | 一年内最高/最低（元） | 7.79/5.61 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.46 | 流通 A 股市值（百万元） 62,133 上证指数/深证成指 3,931.84/13,801.00 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 11.55 | | 资产负债率% | 91.64 | | 总股本/流通 A 股(百万) | 11,357/8,838 | | 流通 B 股/H 股（百万） | -/2,513 | 一年内股价与大盘对比走势： 联系人 李禹昊 A0230525070004 liyh2@swsresearch.com 事件：2025 年实现营收 286.5 亿，同比增长 1.4%（9M25：0.7%），归母净利润同比增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 28.65 billion yuan in 2025, representing a year-on-year growth of 1.4%, while the net profit attributable to shareholders increased by 5.3% [4][6] - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.08% in Q4 2025, with a provision coverage ratio improving to 367% [4][6] - The company is expected to see steady performance improvements in 2026, driven by a new management team and strategic goals set for significant growth by the end of 2027 [6][9] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 28.26 billion yuan - 2025: 28.65 billion yuan - 2026E: 30.18 billion yuan - 2027E: 31.87 billion yuan - 2028E: 33.72 billion yuan - Net profit forecasts are: - 2024: 11.51 billion yuan - 2025: 12.13 billion yuan - 2026E: 13.20 billion yuan - 2027E: 14.39 billion yuan - 2028E: 15.73 billion yuan - The company’s return on equity (ROE) is projected to be around 9.57% in 2026 [5][6] Performance Metrics - The company’s dividend payout ratio is expected to increase to 30.7% in 2025, leading to a projected dividend yield of 4.6% for 2026 [6][9] - The company’s price-to-earnings (P/E) ratio is forecasted to decrease to 6.12 in 2026, indicating a low valuation relative to earnings [5][6] - The non-performing loan ratio is expected to stabilize around 1.08% through 2028, with a provision coverage ratio maintaining above 350% [5][6]

Investment Rating - The report maintains a strong buy recommendation for the company [6] Core Views - The company's revenue growth is recovering, with a significant contribution from non-interest income, which increased by 61.7% year-on-year in 2024 [2] - The credit scale continues to expand, with total assets growing by 5.8% year-on-year, surpassing the average growth rate of peer banks [2] - The asset quality is improving, as indicated by a decrease in the non-performing loan ratio to 1.38% and an increase in the provision coverage ratio to 178.67% [3] Summary by Sections Performance - In 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.19%, 4.97%, and 0.92% year-on-year, respectively [1] - The net profit growth rate slightly declined, while revenue and PPOP growth rates showed recovery [1][19] Non-Interest Income - Non-interest income saw a remarkable increase, with the core incremental revenue coming from investment gains from FVOCI, which rose by 2.53 billion [2] - The contribution from non-interest income to total revenue is significant, with a year-end figure of 60.5 billion in unrealized gains, accounting for 39.8% of the annual net profit [2] Interest Margin and Asset-Liability Management - The company's net interest margin for 2024 was 1.71%, reflecting a decrease of 9 basis points from previous quarters [4] - The decline in interest margin is attributed to a larger decrease in asset yields compared to the improvement in liability costs [4] Asset Quality - The non-performing loan ratio decreased to 1.38%, with a reduction in the non-performing loan balance by 470 million [3] - The overdue loan ratio also declined to 1.81%, continuing a downward trend [3] Capital and Shareholder Information - The company has a stable dividend policy with a high dividend yield, making it an attractive investment opportunity [4] - The major shareholder is Zhejiang Financial Holdings Co., Ltd., holding a 12.57% stake [6]