研報掘金丨招商證券:首予浦發銀行“增持”評級,未來盈利能力有望持續向好
招商證券研報指出,浦發銀行新一屆管理層上任後公司面貌煥然一新,提出的數智化戰略從拓展客户的戰略目標到數字化轉型的實現途徑清晰明瞭,為公司未來的發展構建了一張宏偉的藍圖。公司未來盈利能力有望持續向好,若實現轉股則公司資本的約束將進一步減輕,從而推動公司估值進一步提升。截止到2025年7月11日,浦發銀行PB為0.63倍,在股份行中居中。不過公司ROE 仍有進一步提升的空間。只要公司的管理層能夠保持專業和穩定,繼續推進金融科技的建設,客羣拓展的作用將在未來3-5年內逐步體現。一方面下沉客羣可以提升浦發銀行資產端的定價能力和負債端的攬儲能力,同時對授信和風控能力的打磨可以使得資產質量進一步改善,推動公司盈利能力持續向好,從而帶動公司估值的提升。相信隨着大股東對公司管理層的穩定性和專業性重視程度提升,新一屆管理層破局煥新,浦發銀行最艱難時間已經過去,隨着公司治理理順和數字化轉型穩健推進,浦發銀行經營會延續改善向好趨勢。首次覆蓋給予“增持”評級,建議積極關注。
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