Huatai Securities: Industrial Bank has clear strategic goals and should receive a certain valuation premium. We rate it as a "buy".

The research report of Huatai Securities pointed out that Industrial Bank focuses on high-quality development, reducing low-yield assets such as bills and interbank assets, increasing general lending, and focusing on green, technology, and high-end manufacturing industries, continuously optimizing asset structure to serve the real economy. On May 7th, Industrial Bank was approved to establish a financial AIC, becoming the first national joint-stock bank to be approved. Through the establishment of the AIC, group resources can be integrated to provide comprehensive financial services such as "stock bond loan" to meet the diversified financing needs of enterprises, and better leverage the advantages of Industrial Bank's "commercial bank + investment bank". The quality of assets in key areas remains stable, with attention to potential retail pressure. Industrial Bank expects a decrease in new bad debt and impairment provision ratios in 2025. The company's strategic goals are clear, and it should enjoy a certain valuation premium, maintaining a target PB ratio of 0.65 for 2025 with a target price of 25.60 yuan, and a "buy" rating.