Guoxin Securities·2025-04-30 07:45Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's revenue remained stable with a slight decrease in profit, reporting operating income of 89.4 billion yuan, a year-on-year decline of 0.1%, and a net profit attributable to shareholders of 25.2 billion yuan, down 2.6% year-on-year [1][3] - Non-interest income showed strong growth, with net fee income increasing by 8.8% to 10.3 billion yuan, driven by the expansion of corporate and funding businesses [2][3] - The cost-to-income ratio improved, with business and management expenses decreasing by 4.6% to 50.6 billion yuan, contributing positively to net profit [2][3] Financial Performance Summary - For Q1 2025, the company achieved total assets of 17.7 trillion yuan, a year-on-year growth of 8.3%, with deposits increasing by 9.2% to 16.0 trillion yuan and loans growing by 9.8% to 9.4 trillion yuan [1][2] - The weighted ROE for Q1 2025 was 11.3%, down 1.0 percentage points year-on-year [1] - The non-performing loan ratio at the end of Q1 2025 was 0.91%, slightly up from the beginning of the year [2] Earnings Forecast and Valuation - The earnings forecast for the company has been slightly adjusted, with expected net profits for 2025-2027 at 83.6 billion, 85.1 billion, and 86.9 billion yuan respectively, reflecting year-on-year growth rates of -3.3%, 1.7%, and 2.2% [3][4] - The current stock price corresponds to a PE ratio of 6.9, 6.8, and 6.6 for the years 2025, 2026, and 2027, and a PB ratio of 0.61, 0.57, and 0.54 respectively [3][4]