浦发银行：业绩明显回暖，困境反转可期

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.28 CNY and a reasonable value of 10.97 CNY [2]. Core Insights - The company has shown significant performance recovery, with a net profit growth rate of 25.9% for the first three quarters of 2024, ranking first among listed banks [3][4]. - The new management team has adopted a more proactive approach, focusing on improving asset quality and increasing dividends, indicating confidence in future performance [4][36]. - The bank is leveraging its regional advantages in the Yangtze River Delta and is actively investing in this area, with 52.5% of total assets located in the headquarters and 30.5% in the Yangtze River Delta branches [3][4]. Summary by Sections Historical Development - The company was established in 1992 and has undergone several phases of growth, including a focus on corporate banking and a shift towards digital transformation in recent years [43][44][46]. Strategic Focus - The bank is concentrating on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, as part of its digital transformation strategy [3][4][46]. Asset Quality and Profitability - The bank has improved its asset quality, with a non-performing loan ratio of 1.38% as of Q3 2024, and has maintained a high provision coverage ratio of 183.85% [36][4]. - Profitability is expected to grow, with projected net profit growth rates of 16.4% and 12.4% for 2024 and 2025, respectively [4].