宁波银行（002142）：息差降幅收窄，非息增速回暖

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue and net profit growth of 7.9% and 8.2% year-on-year for the first half of 2025, with a notable improvement in performance compared to the first quarter [1][2]. - The narrowing decline in interest margins and the recovery in non-interest income are highlighted as key performance drivers, alongside stable asset quality and improved provisioning coverage [1][3]. - The company announced a cash dividend of 3 RMB per 10 shares, totaling 1.981 billion RMB, which represents 13.41% of net profit [1]. Summary by Sections Financial Performance - For the first half of 2025, the annualized ROE was 13.80%, slightly down by 0.94 percentage points year-on-year, but still at a favorable level [1]. - Total assets, loans, and deposits grew by 14.4%, 18.7%, and 12.9% year-on-year, respectively, indicating strong scale resilience despite a slight decline in growth rates compared to the previous quarter [2]. Income Sources - Interest income grew by 11.1% year-on-year, while non-interest income saw a recovery with a growth of 1.3% year-on-year [3]. - The cost-to-income ratio improved to 30.4%, down by 2.4 percentage points year-on-year, reflecting enhanced operational efficiency [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provisioning coverage ratio increase to 374% [4]. - The report notes fluctuations in retail loan quality, with specific increases in delinquency rates for various loan types, prompting the company to adjust its lending standards [4]. Valuation and Forecast - The report projects net profits for 2025-2027 to be 29.493 billion RMB, 32.161 billion RMB, and 35.271 billion RMB, with year-on-year growth rates of 8.7%, 9.0%, and 9.7% respectively [5][11]. - The target price is set at 35.12 RMB, corresponding to a price-to-book (PB) ratio of 1.00 for 2025 [5][11].