SPD BANK(SH:600000) Guoxin Securities·2025-08-28 05:07Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's asset quality has improved more than expected, leading to an upward revision of profit forecasts. The projected net profit for 2025-2027 is 495/543/600 billion yuan, with year-on-year growth rates of 9.5%/9.7%/10.4% [3] - The company achieved an operating income of 906 billion yuan in the first half of 2025, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 297 billion yuan, up 10.2% year-on-year [1][2] - The average annualized return on equity (ROE) for the first half of 2025 was 8.6%, reflecting a year-on-year increase of 0.3 percentage points [1] Financial Performance Summary - Total assets reached 9.65 trillion yuan at the end of Q2 2025, a year-on-year increase of 4.2% [1] - Deposits grew by 8.7% year-on-year to 5.67 trillion yuan, while total loans increased by 4.5% to 5.63 trillion yuan [1] - The non-performing loan (NPL) ratio decreased to 1.31%, down 0.05 percentage points from the beginning of the year, indicating a continued improvement in asset quality [2] Profitability Metrics - The net interest margin (NIM) for the first half of 2025 was 1.41%, a decrease of 7 basis points year-on-year, primarily due to a decline in market interest rates [2] - Non-interest income increased by 6.8% year-on-year, with other non-interest income rising by 12.1% due to increased investment gains from bond disposals [2] Valuation Metrics - The projected diluted earnings per share (EPS) for 2025 is 1.46 yuan, with corresponding price-to-earnings (PE) ratios of 9.6/8.7/7.8 for 2025-2027 [3] - The price-to-book (PB) ratios are projected to be 0.61/0.58/0.55 for the same period [3]