Bank of Ningbo(002142) 国信证券·2025-02-06 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's 2024 performance shows stable growth, with a revenue of 66.6 billion yuan, representing an 8.2% year-on-year increase, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.2% year-on-year [1][2] - The asset scale continues to grow rapidly, with total assets reaching 3.13 trillion yuan at the end of 2024, a 15.3% increase from the previous year [1] - The company maintains a high provision coverage ratio of 389%, despite a decline of 72 percentage points from the previous year, indicating a stable asset quality [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 66.6 billion yuan, an increase of 8.2% year-on-year, and a net profit of 27.1 billion yuan, reflecting a 6.2% growth [1][2] - The weighted average return on equity for 2024 was 13.6%, down 1.5 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio remained stable at 0.76% as of the end of 2024, unchanged from the previous year [2] - The provision coverage ratio decreased to 389%, indicating some pressure on asset quality, although it remains at a relatively high level [2] Earnings Forecast - The company is expected to achieve net profits of 27.4 billion yuan, 29.5 billion yuan, and 31.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.3%, 7.7%, and 8.1% [3][4] - The diluted EPS is projected to be 4.03 yuan, 4.35 yuan, and 4.71 yuan for the same years [3][4] Valuation Metrics - The current price-to-earnings (PE) ratio is 6.4, 5.9, and 5.5 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratio is 0.85, 0.76, and 0.68 [3][4]