Core Insights - Ningbo Bank reported a year-on-year revenue growth of 7.91% and a net profit growth of 8.23% for the first half of 2025 [1][2] - Total assets increased by 11.04% year-to-date, with loans and deposits growing by 13.36% and 13.07% respectively [1][2] Financial Performance - Revenue growth accelerated by 2.28 percentage points compared to Q1, supporting a net profit growth increase of 2.47 percentage points [2] - The bank's total assets grew by 14.4% year-on-year, while loan growth was at 18.7% [2] - Deposit growth remained robust at 12.7% year-on-year [2] Asset Quality and Provisioning - Non-performing loan ratio remained stable at 0.76% as of June 2025 [2] - Provision coverage ratio increased by 3.62 percentage points to 374% [2] Investment Outlook - Ningbo Bank is positioned for high-quality development through retail transformation, benefiting from a diversified ownership structure and stable management [3] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 4.38, 4.83, and 5.34 yuan, with corresponding growth rates of 6.5%, 10.3%, and 10.7% [3] - Current price-to-book (PB) ratios for 2025-2027 are 0.83x, 0.75x, and 0.67x, indicating strong long-term profitability and asset quality [3]

Core Insights - Ningbo Bank reported a revenue of 37.16 billion yuan for the first half of 2025, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 14.77 billion yuan, up 8.2% year-on-year [2][4] Financial Performance - Revenue for the first half of 2025 was 37.16 billion yuan, compared to 34.44 billion yuan in the same period of 2024, marking a 7.91% increase [3] - Operating profit reached 16.12 billion yuan, a 3.09% increase from 15.63 billion yuan in 2024 [3] - Total profit was 16.05 billion yuan, up 3.18% from 15.56 billion yuan [3] - Basic earnings per share increased to 2.24 yuan, an 8.21% rise from 2.07 yuan [3] - The annualized return on average equity decreased by 0.94 percentage points to 13.80% [3] Asset Quality - As of June 2025, the non-performing loan ratio remained stable at 0.76%, unchanged from the end of the first quarter [5] - The provision coverage ratio improved to 374.16%, up 3.62 percentage points from the previous quarter, indicating enhanced risk mitigation capacity [5] - The core Tier 1 capital adequacy ratio increased by 0.33 percentage points to 9.65% [5] Loan and Deposit Growth - Total loans and advances reached 1.67 trillion yuan, with a year-on-year growth of 13.36% [4] - The growth rate of loans and advances was 18.7%, although it decreased by 1.7 percentage points compared to the end of the first quarter [4] - Total deposits amounted to 2.08 trillion yuan, reflecting a year-on-year increase of 12.7%, but a decline of 4.9 percentage points from the end of the first quarter [4]

银行 2025 年 7 月 25 日 宁波银行(002142.SZ) 盈利增速上行，拨备水平修复 强烈推荐（维持） 股价：27.24 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.nbcb.com.cn | | 大股东/持股 | 宁波开发投资集团有限公司/18.74% | | 实际控制人 | | | 总股本(百万股) | 6,604 | | 流通 A 股(百万股) | 6,600 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,799 | | 流通 A 股市值(亿元) | 1,798 | | 每股净资产(元) | 31.83 | | 资产负债率(%) | 93.0 | | 行情走势图 | | 【平安证券】宁波银行（002142.SZ）*季报点评* 盈 利增 速稳健，存贷持续高增*强烈推荐20250429 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060 ...

Core Viewpoint - Ningbo Bank reported a strong performance in the first half of 2025, with revenue and net profit growth indicating resilience in its fundamentals [2][3]. Financial Performance - In the first half of 2025, Ningbo Bank achieved operating income of 37.16 billion yuan, a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 14.77 billion yuan, up 8.2% year-on-year [2]. - The annualized weighted average return on equity was 13.8%, a decrease of 0.94 percentage points compared to the previous year [2]. Growth Trends - Revenue and net profit growth rates improved sequentially, with Q2 2025 showing revenue and net profit growth rates of 10.3% and 10.8%, respectively, up 4.6 and 5.1 percentage points from Q1 2025 [3]. - The bank's total assets, loans, and non-credit assets grew by 14.4%, 18.7%, and 10.6% year-on-year, respectively, indicating a strong expansion [4]. Loan and Deposit Dynamics - As of the end of Q2 2025, loans accounted for 48.2% of total assets, remaining stable compared to the previous quarter [4]. - The bank's loan growth of 18.7% year-on-year significantly outpaced the industry average, supported by a solid foundation from previous lending activities [5]. - Total liabilities, deposits, and market liabilities grew by 14.6%, 12.7%, and 18.2% year-on-year, respectively, with a notable decrease in deposit balances compared to Q1 2025 [6]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.76%, with the bank actively managing potential risks by increasing asset write-offs [7]. - The provision coverage ratio improved to 374.2%, up 3.6 percentage points from the previous quarter, indicating enhanced risk mitigation capabilities [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue growth for the first half of the year is 7.9% year-on-year, with a quarterly growth of 10.3% in the second quarter. The net profit attributable to the parent company increased by 8.2% year-on-year, with a quarterly growth of 10.8% in the second quarter [2][6]. - Interest income is expected to maintain double-digit growth due to rapid loan expansion and stable net interest margin. Non-interest income is also expected to improve, benefiting from a stabilized bond market [2][11]. - The company has shown strong asset expansion, with total loans increasing by 13.4% compared to the beginning of the year. The non-performing loan ratio remains stable at 0.76%, and the provision coverage ratio has increased by 4 percentage points to 374% [2][11]. Summary by Sections Financial Performance - The company's total assets grew by 11.0% compared to the beginning of the year, with loans increasing by 13.4% and deposits by 13.1%. The second quarter saw a seasonal decline in deposits by 4.9% [11]. - The net interest margin is expected to remain resilient, with a decline of only 2 basis points in 2024 and a first-quarter net interest margin of 1.80% [11]. Asset Quality - The non-performing loan ratio has stabilized, and the provision coverage ratio has increased, indicating an improvement in asset quality. The non-performing loan generation rate is expected to stabilize in the second quarter [11][2]. Investment Outlook - The company is viewed as a typical cyclical stock, with a current valuation of 0.79 times the 2025 price-to-book ratio, suggesting potential for valuation recovery. The recent macro policy expectations and improved market sentiment support this outlook [11].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - In 2023, cyclical bank stocks have generally lagged in performance and are at historically low valuations. The market is beginning to focus on which cyclical bank stocks currently offer attractive value for investment [2][6] - The report highlights three categories of banks worth attention: stable performance small and medium-sized rural commercial banks, city commercial banks with improving retail asset quality, and undervalued joint-stock banks [2][6] Summary by Sections Small and Medium-Sized Rural Commercial Banks - Changshu Bank has significantly lagged behind the sector in 2023, with a valuation of 0.77x 2025 PB, at a historical percentile of 24%. Despite concerns over retail credit demand, the bank's operational performance remains strong, with a revenue growth of 10.1% and a net profit growth of 13.6% in the first half of 2025 [7] - Ruifeng Bank, another leading rural commercial bank in Zhejiang, has a valuation of 0.56x 2025 PB, also under pressure from pessimistic economic expectations. However, it is expected to maintain double-digit credit growth under its strategic initiatives [8] City Commercial Banks - Ningbo Bank, with a valuation of 0.80x 2025 PB, has seen a significant decline in its stock price since 2023. The bank's retail loan quality is improving, and if economic expectations rise, there is potential for valuation recovery [9] - Changsha Bank, which focuses on consumer finance, has a low valuation of 0.56x 2025 PB and has underperformed compared to peers. A recovery in economic expectations could enhance its valuation [9] Joint-Stock Banks - Ping An Bank's valuation is at 0.52x 2025 PB, significantly lower than its peers. The bank has experienced a decline in performance due to strategic adjustments by its new management. If real estate policies improve and economic expectations rise, there is potential for revaluation [10]

Core Viewpoint - Ningbo Bank reported strong performance in the first half of 2025, with both revenue and profit growth showing a quarter-on-quarter increase despite external uncertainties in the second quarter [1][2]. Financial Performance - In the first half of 2025, Ningbo Bank achieved a revenue growth rate of 7.9%, which is an increase of 2.3 percentage points compared to the previous quarter [1]. - The net profit attributable to shareholders grew by 8.2%, reflecting a quarter-on-quarter improvement of 2.5 percentage points [1]. Asset Quality and Risk Management - The bank maintained a low non-performing loan (NPL) ratio of 0.76%, stable compared to the first quarter [2]. - The provision coverage ratio increased to 374.16%, up by 3.62 percentage points from the previous quarter, marking the first quarter-on-quarter increase since the end of 2022 [2]. Market Position and Strategy - Ningbo Bank has adopted an aggressive strategy, focusing on high-quality operational areas and achieving loan growth rates above the industry average [3]. - Despite a recent slowdown in performance due to declining nominal GDP growth and increased risk exposure of existing high-yield assets, the bank's proactive management of non-performing loans and strong provision levels provide a solid foundation for future performance [3]. Outlook - Looking ahead to 2025, with anticipated fiscal stimulus and improved macroeconomic conditions, the bank's performance growth is expected to return to double digits, positioning it back among industry leaders [3].

Group 1 - The banking sector has shown strong performance, with Ningbo Bank leading the gains, rising by 6.5% in the morning session on July 25, following a positive earnings report [2][6] - Ningbo Bank reported a net profit of 14.772 billion yuan for the first half of the year, representing a year-on-year growth of 8.23%, which acted as a catalyst for the stock price increase [4][6] - The banking sector has seen a cumulative increase of 12.40% year-to-date, significantly outperforming the broader market [2][6] Group 2 - Several regional banks have reported double-digit profit growth, with Hangzhou Bank achieving a net profit of 11.662 billion yuan, up 16.67% year-on-year [3] - Changshu Bank reported a net profit of 1.969 billion yuan, a year-on-year increase of 13.55%, and its total assets surpassed 400 billion yuan for the first time [3][4] - The asset quality of Changshu Bank remains strong, with a non-performing loan ratio of 0.76%, which has decreased by 0.01 percentage points since the beginning of the year [3] Group 3 - Institutional investors remain optimistic about the banking sector, anticipating a continuation of the valuation recovery trend [7][9] - Northbound capital has increased its holdings in A-share banking stocks, with a reported growth of 26.6 billion yuan in the second quarter of 2025 [8] - Public funds have reached a record high in their allocation to banking stocks, with a fund position of 4.33%, the highest since the second quarter of 2021 [9]

Core Viewpoint - Ningbo Bank reported a solid performance in the first half of 2025, with significant growth in revenue and net profit, indicating resilience in a challenging economic environment [1][3]. Financial Performance - In the first half of 2025, Ningbo Bank achieved operating income of 37.16 billion yuan, a year-on-year increase of 7.91% [1]. - The net profit attributable to shareholders reached 14.77 billion yuan, up 8.23% compared to the same period last year [1]. - As of June 30, 2025, total assets amounted to 3,470.33 billion yuan, reflecting an 11.04% increase from the end of the previous year [1]. - Total customer deposits reached 2,076.41 billion yuan, a growth of 13.07% from the end of last year [1]. - Total loans and advances stood at 1,673.21 billion yuan, increasing by 13.36% compared to the end of the previous year [1]. Risk Management and Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76% as of June 30, 2025 [1][3]. - The provision coverage ratio improved to 374.16%, up by 3.62 percentage points from the previous quarter [1]. - The capital adequacy ratio was reported at 15.21%, an increase of 0.27 percentage points quarter-on-quarter [1]. - The core Tier 1 capital adequacy ratio rose to 9.65%, up by 0.33 percentage points from the previous quarter [1]. Strategic Initiatives - Ningbo Bank is implementing a differentiated business strategy to adapt to changing market conditions and enhance its competitive advantages [2]. - The bank is focusing on digital transformation and has introduced various online platforms to improve customer engagement and operational efficiency [2]. - The bank is actively managing its liability costs and structure to optimize its financial performance [2]. Market Outlook - Despite external economic uncertainties, Ningbo Bank is expected to maintain stable profitability due to its strong asset quality and effective risk management [3]. - The bank's high provision coverage is anticipated to support stable net profit growth in the future [3].

Market Overview - A-shares experienced narrow fluctuations on July 25, with the Shanghai Composite Index down 0.10%, the Shenzhen Component down 0.20%, and the ChiNext Index down 0.21% [1] - The market showed active sectors including photolithography materials, with stocks like ASMC hitting the daily limit, and a rebound in the banking sector led by Ningbo Bank [1] - Declining sectors included Hainan concept stocks, diversified finance, and engineering materials, with coal mining, steel, liquor, and electric grid showing significant declines [1] Sector Highlights - The photolithography sector was notably active, with ASMC hitting the daily limit and other companies like Kangpeng Technology and Shanghai Xinyang also rising [2] - A significant development in extreme ultraviolet (EUV) photolithography materials was reported by Tsinghua University, which could provide new design strategies for advanced semiconductor manufacturing [2] Institutional Insights - Shenwan Hongyuan indicated that the necessary conditions for a bull market are gradually accumulating, with a favorable outlook for Q4 2025 as the market transitions towards 2026 expectations [3] - The focus on low-valuation cyclical stocks is recommended in the short term, while mid-term strategies should target midstream manufacturing sectors that may benefit from improving economic conditions and supply-side reforms [3] - Industrial rotation is expected to continue, with a focus on structural main lines as macroeconomic conditions remain stable, according to Industrial Securities [4] - Dongguan Securities noted that since the end of June, the total market value of A-shares has remained above 100 trillion yuan, reflecting market expansion and confidence in China's capital market [5]