Ge Long Hui·2025-10-28 09:39Core Viewpoint - Ping An Bank reported a revenue of 100.67 billion and a net profit attributable to shareholders of 38.34 billion for the first three quarters of 2025, reflecting year-on-year declines of 9.8% and 3.5% respectively, with a slight improvement in the revenue decline compared to the first half of 2025 [1] Financial Performance - For 1-3Q25, Ping An Bank's revenue was 100.67 billion, showing a year-on-year decline of 9.8%, with a marginal improvement in the decline rate by 0.2 percentage points compared to the previous quarter [1] - The improvement in net interest income contributed to the narrowing of the revenue decline, with a stable asset quality leading to a reduced profit decline [1] - The bank's retail business is continuously optimizing its structure, while corporate business is actively compensating, resulting in a stable overall credit scale and optimized structure [1] Profitability and Forecast - The cost of liabilities has improved, leading to a gradual narrowing of the net interest margin decline [1] - The non-performing loan ratio for retail loans has shown marginal improvement, indicating the effectiveness of the strategic transformation [1] - Based on the operating conditions for the first three quarters and the annual trend, the projected net profit growth rates for 2025-2027 are -3.3%, +0.9%, and +3.7%, with corresponding BVPS of 24.1, 26.4, and 28.7 yuan per share [1] Valuation - As of October 24, 2025, the closing price was 11.56 yuan per share, corresponding to 0.48 times the 2025 PB [1] - The recommendation for the stock remains "strongly recommended" [1]