Bank of Ningbo(SZ:002142) Huaan Securities·2025-05-02 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong performance in both deposits and loans, with resilient asset quality [1] - Revenue and net profit for the first quarter of 2025 increased by 5.63% and 5.76% year-on-year, respectively, despite a slight decline compared to 2024 [4] - Interest income continued to grow significantly, supporting stable revenue and profit growth, with a year-on-year increase of 11.59% in net interest income [4][5] - The bank's total assets, loans, and financial investments grew by 17.58%, 20.91%, and 13.66% year-on-year, respectively, indicating improved growth rates compared to 2024 [5] - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 370.54% [8] - The bank's competitive advantages are highlighted by its focus on the Zhejiang region and its clear market positioning [9] Summary by Sections Financial Performance - For Q1 2025, the bank's revenue and net profit growth rates were 5.63% and 5.76%, respectively, with net interest income accounting for 69.4% of total revenue [4] - The bank's total assets reached approximately 3,125.232 billion, with loans totaling 1,380.363 billion [12] - The projected revenue for 2025 is 71,878 million, with a year-on-year growth of 7.87% [11] Asset Quality - The non-performing loan ratio was stable at 0.76%, and the provision coverage ratio was 370.54%, indicating strong risk management [8] - The bank has shown proactive adjustments in credit and risk control strategies, leading to improvements in forward-looking risk indicators [8] Growth Outlook - The bank is expected to maintain a revenue growth of 7.87% in 2025, with net profit growth projected at 4.61% [11] - The bank's diversified financial services and solid risk control capabilities position it well to benefit from domestic demand and industrial chain shifts [9]