Gelonghui, December 14 | Guotai Junan released a research report, according to a research report, giving Minsheng Bank the “increase in holdings” rating, with a target price of HK$3.96. The net profit growth rate forecast for 2023-2025 is 4.47%/9.49%/11.99%, corresponding to 2023-2025 EPS 0.77/0.85/0.96 yuan. The company's asset quality has improved since 2023, the risk of adverse new generation has been reduced, there is plenty of room for subsequent asset quality improvements, and performance recovery can be expected. According to the report, private shareholders still dominate. Minsheng Bank is the first national joint-stock commercial bank established entirely funded by private enterprises in China. The shareholding structure is scattered, and equity changes were frequent in the early stages of development. The top ten shareholders in 2023Q3 are still dominated by private enterprises. A single private enterprise shareholder holds no more than 5% of the shares, and the shareholding ratio of state-owned assets is not large. Although the top ten shareholders of Minsheng Bank have been basically stable since 2020, the shares of major shareholders such as Oceanwide are currently frozen or pledged, and the stability of shares remains to be observed.