Bank of Ningbo(SZ:002142) ZHONGTAI SECURITIES·2025-09-01 02:42Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [4] Core Views - Ningbo Bank's revenue growth rate has improved, with a year-on-year increase of 7.9% in 1H25, and a net profit growth of 8.2% [6] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% [6] - The report highlights the bank's strong non-interest income growth, with a 1.3% increase year-on-year [6] Summary by Sections Financial Performance - Revenue for 2023 is projected at 61,585 million, with a growth rate of 6.4% year-on-year. For 2024, revenue is expected to reach 66,631 million, growing by 8.2% [4] - The net profit attributable to shareholders is forecasted to be 25,548 million in 2023, increasing to 27,198 million in 2024, reflecting a growth rate of 10.7% [4] - Earnings per share (EPS) is expected to rise from 3.75 in 2023 to 4.00 in 2024 [4] Asset Quality - The non-performing loan generation rate for the first half of the year is 1.05%, with a non-performing loan ratio of 0.76% [6] - The provision coverage ratio stands at 374.19%, indicating strong asset quality management [6] Income Sources - Net interest income increased by 11.1% year-on-year, while non-interest income showed a recovery with a 1.3% increase [6] - The bank's fee income grew by 4.0% year-on-year, indicating a positive trend in non-interest revenue [6] Market Position - Ningbo Bank is characterized by its flexible market mechanisms and strong management, which are key factors for its growth potential [6] - The bank's projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 6.7, 6.26, and 5.79 respectively, indicating a favorable valuation [4]