Investment Rating - The investment rating for Hangzhou Bank is maintained as "Buy" [8] Core Insights - Hangzhou Bank's 2025 performance report indicates that operating revenue and net profit attributable to shareholders increased by 1.1% and 12.1% year-on-year, respectively, with growth rates slowing by 0.3 percentage points and 2.5 percentage points compared to the first three quarters of 2025 [2][3] - The bank's core revenue structure is better than expected, with both net interest income and non-interest income growth rates improving compared to the previous quarters [2] - The bank's loan growth rate as of the end of Q4 2025 was 14.3%, reflecting a 1.7 percentage point increase quarter-on-quarter, attributed to an aggressive lending strategy [3] Financial Performance Summary - For 2025, Hangzhou Bank's net interest income grew by 12.8% year-on-year, with a net interest margin of 1.23%, up by 2 basis points from the previous quarters [2] - Non-interest income saw a decline of 31% year-on-year, with the decrease attributed to market fluctuations [2] - The bank's total loans are projected to continue double-digit growth in 2026, supported by strong loan issuance capabilities [3] - The non-performing loan ratio remained stable at 0.76% as of Q4 2025, with a provision coverage ratio of 502%, indicating a solid risk management position [4] Earnings Forecast and Valuation - The forecast for net profit growth for Hangzhou Bank is 12.05% for 2025, 11.33% for 2026, and 10.40% for 2027, with corresponding book values per share (BPS) of 18.38, 20.96, and 23.40 yuan [5] - The target price is set at 19.09 yuan per share, corresponding to a target valuation of 0.91 times price-to-book (PB) for 2026, indicating a potential upside of 25% from the current price [5]

宁波银行（002142.SZ）：全年盈利平稳, 中收增长亮眼 ——2025 年业绩快报点评 事件：1 月 20 日，宁波银行发布 2025 年业绩快报，全年实现营业收 入、归母净利润 719.7 亿、293.3 亿，同比增长 8.0%、8.1%（1-3Q25： 8.3%、8.4%）。年化加权平均 ROE 为 13.11%，同比下降 0.48pct。年末 不良率 0.76%，环比持平；拨备覆盖率 373.2%，环比下降 2.8pct。 点评： 营收利润增速环比微降，中收增长亮眼。2025 年宁波银行营业收入、归 母净利润 719.7 亿、293.3 亿，同比增长 8.0%、8.1%，增速较前三季度 均下降 0.3pct。拆分营收来看：（1）净利息收入同比+10.8%，主要是规 模驱动；增速较前三季度下降 1pct，与四季度规模增速季节性放缓有 关，息差或基本保持平稳。（2）中收同比+30.7%，增速较前三季度提升 1.4pct。中收高增既有低基数因素，也受益于资本市场回暖带来的财富管 理、托管等中收快速增长。截至 2025 年末，宁波银行个人客户 AUM 同 比增长 13.07%，增速高于一般存款；托管业务 C ...