农业银行（601288）：规模稳步扩张，非息表现亮眼

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a 6-month outlook maintained [7]. Core Insights - Agricultural Bank reported Q1 2025 revenue of approximately 186.7 billion RMB, a year-over-year increase of 0.35%, and a net profit attributable to shareholders of 71.9 billion RMB, up 2.20% year-over-year [1][2]. - Non-interest income showed significant growth, with a 24.7% year-over-year increase, contributing 46.1 billion RMB to total revenue [2]. - The bank's non-performing loan ratio stood at 1.28%, with a provision coverage ratio of 298% [3]. Financial Performance - In Q1 2025, net interest income was 140.6 billion RMB, down 2.74% year-over-year, accounting for 75.3% of total revenue [2]. - The bank's total interest-earning assets reached 43.92 trillion RMB, growing 6.3% year-over-year, driven by a 10.0% increase in loans and a 12.7% increase in financial investments [3]. - The bank's total liabilities were 40.96 trillion RMB, reflecting an 8.0% year-over-year increase, with deposits growing by 3.0% [3]. Capital Adequacy - As of Q1 2025, the core Tier 1 capital adequacy ratio was 11.23%, down 19 basis points from the previous quarter [4]. Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are 2.25%, 4.12%, and 5.08%, respectively [5]. - The projected book value per share (BPS) for 2025, 2026, and 2027 is 7.95, 8.50, and 8.99 RMB, respectively [5].