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研報掘金丨廣發證券:杭州銀行業績高增,維持“買入”評級

廣發證券研報指出,杭州銀行(600926.SH)24H1營收同比增長5.36%,增速較24Q1上升1.9pct;歸母淨利潤同比增長20.06%,增速較24Q1下降1pct,業績維持高增長;24Q2單季度營收、歸母淨利潤同比分別增長7.33%、18.96%,營收增速單季度環比回升3.8pct,預計手工補息整改帶來的負債成本下行,淨息差企穩,淨利息收入對業績增長提供有效支撐。杭州銀行堅持“不以風險換髮展”的長期主義經營視角,資產質量優異,超額撥備水平上市銀行第一(見《2023年上市銀行超額撥備情況如何?》),為短中期高速增長提供保障。公司嚴格風控的同時,還注重負債成本優化和中收能力的提升,持續深耕科創金融領域,探索信用小微,為中長期增長提供潛能。考慮到公司基本面優質,是價值銀行的典範,維持公司合理價值17.98元/股不變,對應24年PB估值約1X,維持“買入”評級。

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