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研報掘金丨光大證券:維持杭州銀行“買入”評級,盈利增速高位穩定

光大證券研報指出,杭州銀行上半年歸母淨利潤116.6 億元,同比增長16.7%。營收增速環比1Q 提升1.7pct,盈利增速高位穩定。2025年是杭州銀行“二二五五”戰略收官之年,更是新徵程的起筆之處,上半年公司維持較好擴表勢頭,盈利增速錄得16.7%。2Q營收增速季環比改善,體現較強基本面韌性。維持2025-27年淨利潤預測不變,受杭銀轉債轉股攤薄股本影響,EPS預測調降至2.72/3.18/3.71元,前值爲3.11/3.62/4.23元。當前股價對應PB 估值分別爲0.97/0.85/0.74倍。伴隨可轉債轉股完成,公司核心一級資本充足率提升並夯實未來擴表基石,同時,再融資迫切性也得到一定程度緩解。維持“買入”評級。

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