研報掘金丨華福證券:浦發銀行業績彈性釋放,維持“買入”評級
華福證券研報指出,浦發銀行(600000.SH)業績彈性釋放。2024年上半年營業收入增速為-3.3%,二季度單季增速為-0.5%,較一季度提升5.2pct。上半年歸母淨利潤增速為16.6%,二季度單季增速為30.9%,較一季度提升20.9pct。公司近年來堅持“控新降舊”並舉,資產質量有望加速改善。公司持續加強對潛在增量風險的管控,2021年以來不良貸款生成率呈下行趨勢。2024H1,公司不良貸款生成率(年化)為1.22%,已處於近10年來低位。隨着存量風險逐步出清、新生成不良維持穩定,風險成本耗用減少有望對公司利潤增長帶來正貢獻。浦發銀行正處於困境反轉階段,利潤彈性有望持續釋放。一方面,在今年信貸大力投放、淨息差管控初見成效的良好態勢下,公司營收增長有支撐;另一方面,隨着資產質量持續改善,信用成本邊際下降疊加去年低基數有望帶動利潤更快釋放。維持公司2024年目標PB 0.5倍,對應目標價11.02元,維持“買入”評級。
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