研報掘金丨中信建投:寧波銀行Q4息差環比企穩,維持“買入”評級和銀行板塊首推
中信建投證券研報指出,得益於寧波銀行(002142.SZ)較強的對公貸款定價能力,及四季度零售貸款投放發力,4Q23寧波銀行淨息差環比企穩。疊加今年超過一半定期存款重定價帶來的存款成本改善,預計2024年寧波銀行淨息差表現將跑贏同業,儘管中收壓力仍較大,但營收有望保持5%左右的正增長。資產質量方面,寧波銀行撥備底子厚實,不良生成率保持較低水平,4Q23提前處置、加大核銷力度,為未來更加輕裝上陣打下良好基礎。當前寧波銀行股價僅對應0.70倍24年PB,估值受到經濟復甦預期不足、市場情緒悲觀等因素嚴重壓制,性價比突出。維持買入評級和銀行板塊首推。
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