研報掘金丨華創證券:維持浙商銀行“推薦”評級,目標價3.73元
華創證券研報指出,浙商銀行(601916.SH)24年營業利潤176.5億元,同比增長0.7%;歸屬於上市公司股東的淨利潤151.9億元,同比增長0.9%。浙商銀行深耕浙江,強化穿越週期能力,前瞻性提出“佈局經濟週期弱敏感資產”,解決行業集中度高、週期波動較大等問題,非標風險敞口不斷壓降,資產質量穩中向好。當前估值僅0.44x25PB,公司過去5年平均PB爲0.58x,處於低估狀態,給予2025E目標PB 0.55X,對應目標價3.73元,按照浙商銀行平均AH溢價比例1.24,H股合理價值3.22港元/股,維持“推薦”評級。
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