ZHONGTAI SECURITIES·2025-09-03 08:28Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's net profit for 2025 is expected to grow by 2.2% year-on-year, with a decrease in retail loan non-performing loan (NPL) ratio [3][4] - The company has maintained positive profit growth, with stable increases in deposits and loans, while the net interest margin has slightly decreased [6] - The company is projected to have a price-to-earnings (P/E) ratio of 5.26X for 2025 and a price-to-book (P/B) ratio of 0.46X [6] Financial Performance Summary - Total shares outstanding: 59,085.55 million shares [1] - Market price: 3.79 CNY, resulting in a market capitalization of 223,934.24 million CNY [1] - Revenue for 2023 is reported at 144,666 million CNY, with a year-on-year decrease of 4% [4] - The company's net profit for 2023 is 40,792 million CNY, reflecting a year-on-year decrease of 9% [4] - The annualized net interest margin for Q2 2025 is reported at 1.37%, with a slight decrease of 1 basis point [6] Asset Quality and Loan Performance - The non-performing loan ratio remains stable at 1.25%, with a non-performing loan generation rate of 1.18%, down 29 basis points year-on-year [6][16] - The overdue rate has decreased by 7 basis points to 1.95% compared to the beginning of the year [6] - The company has seen a significant increase in corporate loans, with a year-on-year growth of 10.1% in corporate loans and a 0.3% increase in retail loans [6] Deposit Growth and Structure - Total deposits have shown a year-on-year growth of 8.5%, with corporate deposits increasing by 9.4% and retail deposits by 7.1% [6] - The structure of deposits indicates a significant improvement in time deposits, with corporate time deposits growing by 14.1% year-on-year [6] Future Projections - The company is expected to maintain a P/B ratio of 0.46X in 2025, decreasing to 0.40X by 2027 [6] - The projected net profit for 2025 is 42,550 million CNY, with further growth expected in subsequent years [4]