张家港行(002839)：投资收益亮眼 资产质量稳健

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.324 billion yuan, a year-on-year increase of 3.29%, and a net profit attributable to shareholders of 562 million yuan, up 3.20% year-on-year [1] - The annualized weighted average ROE for Q1 2025 was 12.56%, a slight decrease of 0.24 percentage points compared to the previous year [1] - The company's total assets grew by 3.15% year-on-year to 223.283 billion yuan, with loan and deposit growth rates of 8.32% and 3.49% respectively [1] Group 2: Interest Income and Investment Performance - The average net interest margin for Q1 was 1.43%, down 32 basis points year-on-year, leading to a net interest income of 775 million yuan, a decrease of 14.63% year-on-year [2] - Investment income rose significantly to 449 million yuan, a year-on-year increase of 45.31%, primarily due to increased gains from the disposal of financial assets [2] - The company reported a net commission income of 41.3465 million yuan, up 135.53% year-on-year, benefiting from reduced agency business fees [2] Group 3: Asset Quality and Projections - The non-performing loan ratio remained stable at 0.94%, while the provision coverage ratio was 375.48%, down 0.55 percentage points from the beginning of the year [2] - The company slightly adjusted its profit forecast, projecting net profits of 2 billion yuan for 2025, with a year-on-year growth rate of 3.8% [3] - The current stock price corresponds to a PE ratio of 5.3 for 2025, with a PB ratio of 0.53 [3]