Core Viewpoint - Huatai Securities reported that Bank of China (BOC) experienced a year-on-year increase in net profit attributable to shareholders by 1.1% and revenue by 2.7% for the first nine months, while pre-provision operating profit decreased by 0.2% [1] Financial Performance - For the first nine months, annualized ROA and ROE decreased by 0.06 percentage points and 0.57 percentage points to 0.7% and 8.98% respectively [1] - Credit growth remained stable, with a marginal stabilization in interest margins, and the decline in net interest income narrowed, although non-interest income showed some volatility [1] - The marginal improvement in profit growth was primarily due to a slight improvement in the effective tax rate [1] Future Projections - The bank forecasts net profit attributable to shareholders for 2025, 2026, and 2027 to be CNY 241.3 billion, CNY 246.7 billion, and CNY 252.9 billion respectively, with year-on-year growth rates of 1.5%, 2.2%, and 2.5% [1] Valuation and Target Price - BOC's internationalization and comprehensive characteristics are expected to command a certain valuation premium, but recent fluctuations in overseas bank credit risks may impact market sentiment [1] - The target price for H-shares has been adjusted from HKD 5.84 to HKD 5.86, with a rating of "Buy"; the target price for A-shares has been adjusted from CNY 6.68 to CNY 6.70, with a rating of "Accumulate" [1]