厦门银行（601187）：2025年中报点评：对公大幅上量，息差环比企稳

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company experienced a revenue decline of 7.0% year-on-year in the first half of the year, with a net profit decline of 4.6%. However, the second quarter showed a positive trend with revenue and profit growth [2][6]. - The loan balance at the end of the first half increased by 7.5% compared to the beginning of the year, with corporate loans significantly rising by 17.2% [2][6]. - The net interest margin stabilized at 1.08%, showing a recovery of 4 basis points from the first quarter, which is expected to support the growth of net interest income [2][6]. - The non-performing loan ratio decreased to 0.83%, down 3 basis points from the previous quarter, with a provision coverage ratio of 322%, up 8 percentage points [2][6]. Summary by Sections Financial Performance - Revenue growth for the first half was -7.0%, with a second quarter growth of +5.1%. Net profit growth was -4.6%, with a second quarter growth of +11.1% [2][6]. - The company’s interest income decreased by 0.5% year-on-year, but showed improvement in the second quarter [11]. - Non-interest income saw a significant decline of 21.7% year-on-year, but the second quarter showed a recovery [11]. Loan and Deposit Growth - Total assets increased by 6.4% compared to the beginning of the year, with loans growing by 7.5% [11]. - Corporate loans increased significantly, with a year-on-year growth of 17.2% and a quarter-on-quarter growth of 10.5% [11]. - Retail loans decreased by 5.8% compared to the beginning of the year, reflecting weak demand and tightened risk control [11]. Interest Margin and Asset Quality - The net interest margin was 1.08%, down 5 basis points from the previous year but up 4 basis points from the first quarter [11]. - The non-performing loan ratio improved to 0.83%, with a provision coverage ratio of 322% [11]. - The company is expected to maintain a focus on asset quality and monitor retail risk trends [11]. Investment Outlook - The company is expected to see accelerated loan growth driven by government-related business, which will support total asset growth and revenue recovery in the medium to long term [11]. - The current price-to-book ratio is 0.65x, with an expected dividend yield of 4.7% for the year [11].