CCB(601939) Huaxin Securities·2025-05-07 06:54Investment Rating - The report assigns a "Buy" rating for the company [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with total assets increasing by 7.7% year-on-year to 42.8 trillion yuan [6] - The first quarter of 2025 saw a decline in operating income by 5.4% year-on-year, while net profit attributable to shareholders decreased by 3.99% [5] - The non-performing loan ratio decreased to 1.33%, and the provision coverage ratio increased to 236.8% [9][10] Financial Performance - For the first quarter of 2025, the company reported operating income of 190.07 billion yuan and net profit of 83.35 billion yuan [4] - The company’s total deposits grew by 3.6% to 30.4 trillion yuan, and total loans increased by 7.9% to 27 trillion yuan [6] - The estimated net interest margin for the first quarter of 2025 was 1.41%, reflecting a decrease of 10 basis points [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 338.2 billion, 349.6 billion, and 359.1 billion yuan respectively, with corresponding EPS of 1.35, 1.40, and 1.44 yuan [11] - The projected P/B ratios for 2025-2027 are 0.66, 0.60, and 0.55 respectively [11] Asset Quality - The company’s core Tier 1 capital adequacy ratio is reported at 13.98%, with a total capital adequacy ratio of 19.15% [10]