Ge Long Hui A P P·2025-11-11 09:41Core Viewpoint - Agricultural Bank of China (ABC) has demonstrated strong financial performance in its Q3 2025 report, with revenue and net profit growth, positioning itself for a new valuation reassessment cycle [1] Financial Performance - For the first nine months of 2025, ABC achieved revenue of 550.9 billion yuan, reflecting a year-on-year increase of 2.0% [1] - The net profit attributable to shareholders reached 220.9 billion yuan, marking a year-on-year growth of 3.0% [1] - The non-performing loan (NPL) ratio slightly decreased by 1 basis point to 1.27% quarter-on-quarter [1] - The provision coverage ratio improved by 0.1 percentage points to 295% quarter-on-quarter [1] Market Position and Growth - ABC's deposit growth has accelerated, supporting its balance sheet expansion, with credit issuance in the first three quarters matching that of Industrial and Commercial Bank of China (ICBC) [1] - The marginal improvement in NPL generation indicates a positive trend in asset quality [1] - ABC stands out among state-owned banks with the best combination of revenue and profit performance, leading to a significant stock price increase of nearly 60% since the beginning of the year [1] Future Outlook - The bank is expected to achieve new valuation highs, supported by anticipated volume-driven pricing, solid provisioning, and steady capital accumulation [1] - China Ping An has recently entered the top ten shareholders with a holding ratio of 1.4% as of Q3 2025, indicating confidence in ABC's prospects [1] - Mid-term dividend distribution is expected to materialize within the year, further solidifying ABC's high dividend advantage [1] - The rating for ABC is maintained at "Buy" [1]