研報掘金丨國信證券:維持杭州銀行“優於大市”評級,高成長優質行將迎價值重估
國信證券研報指出,杭州銀行(600926.SH)轉債觸發強贖,高成長優質行將迎價值重估。截止2025年一季度末,公司核心一級資本充足率9.01%,杭銀轉債未轉股餘額爲106.37億元。據此測算未轉股餘額完成轉股後可提振核心一級資本充足率0.83個百分點,資本進一步夯實,規模高增有望延續。對於杭州銀行,公司治理機制和區域經濟優勢明顯,高成長屬性價值彰顯;同時,伴隨貿易衝擊逐步顯現,逆週期政策有望進一步加碼,以杭州銀行外代表的城投佔比較高的銀行也有望進一步受益,因此公司具備短期催化和中長期高成長優質標的雙重邏輯,維持“優於大市”評級。
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