HZBank(600926) 国信证券·2025-04-29 06:41Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has demonstrated robust growth in net interest income, with a year-on-year increase of 6.8% in Q1 2025, despite a slowdown in overall revenue growth due to a decline in other non-interest income [1][2] - The asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530%, indicating a solid risk mitigation capacity [1][3] - The company is expected to maintain high growth in net profit, with projections of 20.3%, 19.6%, and 17.0% for the years 2025, 2026, and 2027 respectively [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 9.978 billion yuan, a year-on-year growth of 2.22%, and a net profit of 6.021 billion yuan, reflecting a 17.3% increase [1] - The total assets at the end of the period reached 2.22 trillion yuan, with total loans of 1 trillion yuan and total deposits of 1.35 trillion yuan, marking growth rates of 5.2%, 6.2%, and 6.0% respectively [2] - The core Tier 1 capital adequacy ratio stood at 9.01%, highlighting the need for attention to future capital replenishment [2] Earnings Forecast and Financial Indicators - The projected earnings for the company are as follows: - Revenue (in million yuan): 41,446 in 2025, 45,559 in 2026, and 51,414 in 2027 [4] - Net profit (in million yuan): 20,425 in 2025, 24,437 in 2026, and 28,595 in 2027 [4] - The price-to-book (PB) ratio is expected to decrease from 0.75x in 2025 to 0.56x in 2027 [3][4]