Xin Lang Cai Jing·2025-10-31 06:27Core Insights - The company achieved a revenue of 265.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.8%, with an increase of 0.3 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders reached 76.6 billion yuan, growing by 1.0% year-on-year, with a 0.2 percentage point increase from the first half of the year [1] - The annualized weighted average ROE was 10.7%, a decrease of 1.1 percentage points year-on-year [1] Financial Performance - Total assets grew by 11.1% year-on-year to 18.6 trillion yuan, an increase of 8.9% from the beginning of the year [1] - Customer deposits increased by 6.1% year-to-date to 16.2 trillion yuan, while total loans rose by 8.3% to 9.7 trillion yuan [1] - Corporate loans surged by 17.9% year-to-date, driven by increased credit allocation to advanced manufacturing, green finance, technology finance, and inclusive finance [1] - Personal loans grew by 1.9% year-to-date, while bill discounting slightly decreased [1] Capital and Asset Quality - The company completed capital replenishment, with a core Tier 1 capital adequacy ratio of 10.65% at the end of Q3, up by 1.09 percentage points from the beginning of the year [1] - The average net interest margin for the first three quarters was 1.68%, down by 21 basis points year-on-year, with net interest income decreasing by 2.1% [1] - The non-interest income from fees grew by 11.5% year-on-year to 23.1 billion yuan, supported by rapid development in investment banking, transaction banking, custody, and wealth management [2] - Other non-interest income increased by 27.5% year-on-year to 31.5 billion yuan, mainly due to gains from bond and bill trading [2] - The annualized non-performing loan generation rate was 0.93%, up by 0.14 percentage points year-on-year, with a non-performing loan ratio of 0.94% at the end of Q3, an increase from the beginning of the year [2] - The coverage ratio for provisions was 240%, down by 46 percentage points from the beginning of the year [2] Investment Outlook - The company maintained its profit forecast, expecting net profits attributable to shareholders of 86.6 billion yuan, 87.2 billion yuan, and 88.3 billion yuan for 2025-2027, with year-on-year growth rates of 0.2%, 0.7%, and 1.2% respectively [2] - The diluted EPS is projected to be 0.67, 0.67, and 0.68 yuan for the same period, with current stock prices corresponding to PE ratios of 8.9, 8.8, and 8.7 times, and PB ratios of 0.72, 0.68, and 0.65 times [2]