兴业银行（601166）：净息差小幅收窄，不良指标稳定

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's performance showed a slight negative growth in Q1 2025, with revenue of 55.68 billion yuan, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 23.80 billion yuan, down 2.2% year-on-year [1][2] - The net interest margin has narrowed slightly, reported at 1.80%, a decrease of 2 basis points from 2024, but the decline has slowed compared to previous periods [1][2] - Non-interest income has decreased significantly, with a year-on-year drop of 12.42%, primarily due to market interest rate fluctuations [2] - The company maintains stable asset quality, with a non-performing loan ratio of 1.08%, up 1 basis point from the beginning of the year [2] Financial Performance Summary - For 2025, the company forecasts net profit attributable to shareholders of 77.6 billion yuan, with expected year-on-year growth rates of 0.5%, 3.5%, and 5.4% for 2025, 2026, and 2027 respectively [2][4] - The total assets at the end of the period were 10.63 trillion yuan, with total loans of 5.82 trillion yuan and total deposits of 5.63 trillion yuan, reflecting growth rates of 1.2%, 1.4%, and 1.7% respectively compared to the beginning of the year [1] - The company’s price-to-earnings (PE) ratios for 2025-2027 are projected at 6.0x, 5.7x, and 5.4x, while the price-to-book (PB) ratios are expected to be 0.53x, 0.50x, and 0.47x [2][4]