Bank of Ningbo(SZ:002142) Donghai Securities·2025-05-23 04:56Group 1: Key Recommendations - Ningbo Bank (002142) shows significant growth in corporate credit, with cautious management of non-performing loans [5][6][10] - The bank's Q1 2025 revenue reached 18.495 billion yuan, a year-on-year increase of 5.63%, and net profit attributable to shareholders was 7.417 billion yuan, up 5.76% year-on-year [5][6] - The total assets of Ningbo Bank at the end of Q1 were 3.4 trillion yuan, reflecting a year-on-year growth of 17.58% [5] Group 2: Industry Insights - The dairy industry is experiencing a cyclical adjustment, with raw milk prices expected to stabilize in 2025 due to various factors including supply and demand dynamics [13][14] - The total production of raw milk in 2024 was 40.79 million tons, a decrease of 2.8% year-on-year, indicating ongoing challenges in the industry [14] - The dairy sector has faced severe losses, with over 80% of the industry experiencing negative profitability, leading to a reduction in dairy cow inventory [14][15] Group 3: Market Data - The A-share market shows varied performance across sectors, with the rural commercial banks sector rising by 1.95% while the animal health sector fell by 2.63% [23] - As of May 22, 2025, the Shanghai Composite Index closed at 3380.19 points, reflecting a decrease of 0.22% [27] - The one-year MLF rate is currently at 2%, indicating the central bank's efforts to maintain liquidity in the banking system [22]