研報掘金丨浙商證券:維持寧波銀行“買入”評級,目標價30.82元
浙商證券研報指出,寧波銀行(002142.SZ)2024年營收同比增長8.2%,增速較24Q1~3提升0.8pc;2024年歸母淨利潤同比增長6.2%,增速較24Q1~3放緩0.8pc,營收增速小幅改善,利潤增速小幅放緩,業績表現符合此前我們預期。全年營收增速小幅提升,判斷主要得益於24Q4債市較好,其他非息收入增速回升。24Q4末不良率0.76%,持平於24Q3末。撥備覆蓋率389%,較24Q3末下降16pc,延續下降態勢。推測主要源於零售資產行業性承壓,使得不良生成率有所上行。目標價30.82元/股,對應2024年PB 1.00倍,現價空間20%,維持“買入”評級。
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