Guoxin Securities·2025-09-02 07:36Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][10] Core Views - The company's revenue and profit growth rates have rebounded, with revenue reaching 394.27 billion yuan and net profit at 162.08 billion yuan for the first half of the year, showing a year-on-year growth of 2.15% and a decline of 1.37% respectively [1] - The company's total assets increased by 10.27% year-on-year to 44.43 trillion yuan, indicating a steady expansion in scale [2] - The net interest margin has continued to narrow, with a reported net interest margin of 1.40%, down 11 basis points from the previous year [3] - Non-interest income has seen a significant increase of 19.64% year-on-year, reaching 107.56 billion yuan, driven by a remarkable 117.29% growth in investment income [3] Summary by Sections Financial Performance - The company achieved a net interest income of 286.71 billion yuan, a decrease of 3.16% year-on-year, but with an improved growth rate compared to the first quarter [3] - The annualized weighted average ROE for the first half of the year was 10.08%, down 0.74 percentage points year-on-year [1] Asset Quality - The non-performing loan ratio stood at 1.33% as of the end of June, unchanged from the end of March, indicating stable asset quality [4] - The provision coverage ratio improved to 239.40%, up 2.59 percentage points from March [4] Earnings Forecast - The company is expected to achieve net profits of 343.34 billion yuan, 353.37 billion yuan, and 368.82 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 2.3%, 2.9%, and 4.4% [4][5] - The diluted EPS is projected to be 1.36 yuan, 1.40 yuan, and 1.46 yuan for the years 2025, 2026, and 2027 respectively [5][8]