宁波银行（002142）：业绩增速回升，资产质量改善

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company's revenue and profit growth have rebounded, with a 7.9% year-on-year increase in operating income to 37.2 billion yuan and an 8.2% increase in net profit attributable to shareholders to 14.8 billion yuan in the first half of 2025 [1]. - The total assets of the company reached 3.47 trillion yuan, a year-on-year increase of 14.4%, with loans and deposits growing by 13.4% and 13.1% respectively [1]. - The net interest margin has decreased to 1.76%, down 11 basis points year-on-year, influenced by lower market interest rates and a decrease in retail loan proportion [2]. - The asset quality has improved, with a non-performing loan ratio of 0.76% and a coverage ratio of 374% as of the end of the second quarter [3]. Financial Performance Summary - For the first half of 2025, the company achieved operating income of 372 billion yuan, a year-on-year growth of 7.9% [1]. - The net profit attributable to shareholders for the same period was 148 billion yuan, reflecting an 8.2% increase [1]. - The average return on equity (ROE) for the first half of 2025 was 13.8%, a decrease of 0.9 percentage points year-on-year [1]. - The company expects net profit attributable to shareholders for 2025-2027 to be 29.2 billion, 31.7 billion, and 34.1 billion yuan respectively, with year-on-year growth rates of 7.6%, 8.4%, and 7.7% [3][8]. Asset Quality Summary - The non-performing loan ratio remained stable at 0.76%, while the overdue rate decreased to 0.89%, down 0.06 percentage points year-on-year [3]. - The company has strengthened its provisioning efforts, with a loan loss provision coverage ratio of 116% for the first half of 2025 [3]. - The company’s total assets are projected to grow steadily, with a forecasted total asset value of 3.59 trillion yuan for 2025 [8]. Valuation Metrics - The diluted earnings per share (EPS) for 2025 is estimated at 4.27 yuan, with a price-to-earnings (PE) ratio of 6.6x [3][8]. - The projected dividend yield for 2025 is estimated at 3.4% [3]. - The price-to-book (PB) ratio is expected to be 0.81x for 2025 [3].