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中金:予民生银行(01988)“跑赢行业”评级 目标价3.73港元

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中金发布报告称,予民生银行(01988)“跑赢行业”评级,目标价3.73港元。公司具有强大的风险管理、内部控制和合规能力,有助提升业务基础及质量,管理层正积极化解现有风险,净不良贷款形成率持续下降,同时净资产收益率也较同行平均水平更具弹性,预测今年民行的净息差可能会下降至1.41%,下行空间有限。

该行认为,随着资产质量的改善,盈利增长的效用也将会显现,预期机构持股比例高、过去增长强劲的内银可能会面临较大的基本面下行压力及估值折让,预测民行2023至2025年每股盈利将分别达到0.7、0.76及0.82元人民币,年均复合增长率达5.4%,净利润预期分别达到353亿、378亿及405亿元人民币,即同比增长0.2%、7%及7.1%。

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