研報掘金丨東方證券:杭州銀行業績增速亮眼,維持“買入”評級
東方證券研報指出,杭州銀行24H1營收、歸母淨利潤累計同比增速分別為5.4%、20.1%,分別較24Q1變動1.9pct、-1.0pct,業績表現優異。該行認為營收增速的邊際改善或受幾方面因素影響:1)規模保持較高增速。2)二季度息差下行壓力邊際緩和,一是年初集中重定價階段已過,二是手工補息整改和存款到期重定價助力存款成本的改善,三是同業負債成本或也有所下行。3)受益於債市行情,其他非息收入預計保持高貢獻度。考慮到杭州銀行24H1業績高增,在行業整體經營承壓的環境下韌性凸顯,維持20%的估值溢價,對應24年0.85倍PB,目標價15.35元/股,維持“買入”評級。
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