On December 11, Gelonghui reported that GF SEC Research Reports pointed out that Bank Of Ningbo (002142.SZ) has long focused on building core competitiveness, laying a solid foundation for subsequent leapfrog development. Looking ahead to 2025, high growth in Bank Of Ningbo's performance is expected. 1. The high growth rate of scale is sustainable, 2. The net interest margin is expected to stabilize and trend upwards; 3. Light capital businesses such as client trading and wealth management will provide effective support for the growth of non-interest income; 4. Gains in the bond market have not yet been realized, and the effect of the non-interest base compared to peers is smaller, resulting in less pressure on performance growth; 5. The one-time impact of loan write-offs on the income tax rate is coming to an end, and the tax advantages are expected to expand. At this current point in time, Bullish on the medium to long-term performance growth and valuation enhancement of Bank Of Ningbo, it is recommended to pay attention. The reasonable value of the company is maintained at 36.43 yuan per share, corresponding to a 2024 PB valuation of about 1.2X, maintaining a 'Buy' rating.