BANK OF CHINA(601988) Tianfeng Securities·2025-05-02 03:23Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook maintained [7] Core Views - The company's revenue improved due to non-interest income, with Q1 2025 revenue at 164.9 billion yuan, a year-on-year increase of 2.56%. Net interest income was 107.7 billion yuan, down 4.42% year-on-year, while non-interest income rose by 18.91% to 57.2 billion yuan, becoming the main driver of revenue growth [2][3] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [3] - Profitability is expected to marginally improve, with projected net profit growth of 0.03%, 2.37%, and 3.41% for 2025, 2026, and 2027 respectively [5] Financial Performance Summary - In Q1 2025, the bank's total interest-earning assets reached 34.92 trillion yuan, a year-on-year increase of 7.2%. Loan and financial investment growth was 8.3% and 20.0% respectively [3] - The bank's total liabilities were 31.59 trillion yuan, with a year-on-year growth of 6.8%. Deposits increased by 6.2% compared to the end of 2024 [3] - The bank's earnings per share for 2025 is projected to be 0.81 yuan, with a price-to-earnings ratio of 6.84 [6][12] Shareholder Information - The top ten shareholders include Hong Kong Central Clearing Limited and E Fund Management, with slight changes in their shareholding percentages [4]