研報掘金丨華福證券:浦發銀行增長動能有望持續增強,維持“買入”評級
華福證券研報指出,浦發銀行(600000.SH)2024年在財務層面實現底部困境反轉,增長動能有望持續增強。資產投放方面,公司對公業務具有傳統優勢,所處區位經濟動能強勁。公司自2023年四季度起加大資產投放力度,重塑資產負債表擴張動能,信貸資產投放動能的增強有望帶動營收增速向上。資產質量方面,公司存量不良接近出清,新生成不良維持低位,資產質量明顯改善。隨着信用成本邊際改善,公司利潤彈性有望釋放。淨息差方面,隨着資負兩端結構和定價優化雙管齊下,公司淨息差走勢有望優於可比同業。預測公司2025-2027 年營收增速分別為3.0%、4.2%、5.4%,歸母淨利潤增速為11.2%、5.3%、6.6%,維持“買入”評級。
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