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研報掘金丨平安證券:預計浙商銀行未來盈利質量會逐步改善,首予“推薦”評級
格隆匯 05-29 14:09
格隆匯5月29日丨平安證券研報指出,區域環境得天獨厚,浙商銀行(601916.SH)深耕本地引導差異化發展。認為浙商在區域內市場仍有較大提升空間,在公司深耕浙江大本營戰略持續推進的背景下,其對公業務競爭力有望保持。浙商23年1季度不良率回落至1.44%,連續兩個季度下行,雖然絕對水平仍高於同業,但就自身而言,認為公司不良高峯已過,資產質量整體進入改善通道。此外,新班子引領新戰略,轉型紅利有望逐步釋放。浙商銀行作為唯一一家總部在浙江的股份行,在跨區域佈局、股權結構屬性、政銀關係構建、供應鏈金融業務拓展等方面都具有差異化的競爭優勢。公司目前提出了“壘好經濟週期弱敏感”戰略,進一步強化了風控意識和抗週期穿越週期的能力,“深耕浙江”的發展戰略進一步支撐公司對公、零售業務的穩健發展。2022 年,公司資產質量出現了邊際改善的趨勢,非標業務規模持續壓降,不良核銷處置力度逐漸加大,不良認定逐漸趨於嚴格,隨着歷史包袱的不斷出清,疊加公司戰略落地的持續深化,預計公司未來盈利質量會逐步改善。首次覆蓋給予“推薦”評級。
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