Orient Securities·2025-08-28 07:53Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit growth is forecasted at 5.5%/7.9%/8.5% for the years 2025/2026/2027, with a target price of 7.70 CNY per share, reflecting a 10% premium over comparable companies [2][5] - The company's asset deployment capability has been validated, with a significant increase in loan issuance, achieving 661 billion CNY in new loans in the first half of 2025, which is more than double the total for 2024 [9] - The net interest margin remains resilient at 1.60%, with a notable improvement in funding costs, indicating strong deposit-taking capabilities [9] Financial Performance Summary - Revenue for 2023 is projected at 27,956 million CNY, with a slight decline of 3.6% year-on-year, but expected to grow gradually in subsequent years [4] - The company's net profit attributable to shareholders is expected to reach 10,902 million CNY in 2023, with a growth rate of 6.1% [4] - The forecasted earnings per share (EPS) for 2025 is 1.05 CNY, with a projected book value per share (BVPS) of 11.85 CNY [2][4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable, with a significant improvement in corporate loan quality, while individual loan quality shows some structural pressure [9] - The provision coverage ratio stands at 356%, indicating sufficient risk mitigation capacity [9]