研報掘金丨天風證券:郵儲銀行盈利增速正增,息差企穩,維持“買入”評級
天風證券日前研報指出,2024年郵儲銀行(601658.SH)實現營收約3488億元,同比+1.83%;歸母淨利潤865億元,同比+0.24%。營收增速回升,非息淨收入貢獻顯著。2024年末零售貸款同比增長6.7%,主要來源於信用卡應收賬款(同比+8.6%)和其他個人貸款(同比+10.4%)的增長。資產質量穩健,撥備穩定。2024年郵儲銀行不良餘額803億元,佔比0.9%較24H1 小幅上升。不良撥備覆蓋率286.2%。郵儲銀行2024盈利增速正增,息差企穩,資產質量穩健。使用股息貼現模型測算目標價為6.21元,對應24年0.70x PB,現價空間22%,維持“買入”評級。
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