研報掘金丨中信建投:南京銀行性價比突出,維持“買入”評級和銀行板塊首推
中信建投證券研報指出,一季度,南京銀行(601009.SH)得益於中收的同比高增,核心營收降幅明顯收窄,支撐營收增速保持穩健。資產端,零售定價極具韌性,一季度聚焦對公投放,資產定價明顯回升。負債端,加大成本管控力度,活期存款佔比持續回升,負債成本改善託底息差。零售貸款不良率見頂回落,資產質量持續夯實,撥備水平維持高位。此外,2023 年現金分紅率同比上升至31.91%,對應股息率為5.94%,高於同業水平。展望2024 年,受益於江蘇地區極為旺盛的信貸需求以及對零售戰略的持續深化實施,預計南京銀行規模增速有望繼續維持在兩位數左右水平。當前南京銀行股價僅對應0.60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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