PAB(SZ:000001) Guoxin Securities·2025-10-26 01:42Investment Rating - The investment rating for the company is "Neutral" [6]. Core Views - The company's overall performance is in line with expectations, maintaining profit forecasts unchanged for 2025-2027 with projected net profits of 42.1 billion, 42.5 billion, and 43 billion respectively, reflecting year-on-year growth rates of -5.5%, 1.1%, and 1.2% [4]. - The current stock price corresponds to a PE ratio of 5.7 for 2025 and a PB ratio of 0.50 [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 100.7 billion, a year-on-year decline of 9.8%, with the decline narrowing by 0.2 percentage points compared to the first half of the year [2]. - The net profit attributable to shareholders for the same period was 38.3 billion, down 3.5% year-on-year, with a reduction of 0.4 percentage points compared to the first half [2]. - The annualized weighted average ROE for the first three quarters was 11.6%, a decrease of 1.1 percentage points year-on-year [2]. - Total assets at the end of Q3 2025 grew by 0.4% year-on-year to 57.7 trillion, remaining stable compared to the beginning of the year [2]. - The core Tier 1 capital adequacy ratio at the end of Q3 was 9.52%, showing a slight recovery from the beginning of the year [2]. Asset Quality and Income Sources - The average net interest margin for the first three quarters was 1.79%, down 14 basis points year-on-year, but increased by 3 basis points from the previous quarter due to improved funding costs [3]. - The company’s non-interest income decreased by 24.1% year-on-year, primarily due to significant fair value losses [3]. - The provision coverage ratio at the end of Q3 was 230%, down 21 percentage points from the beginning of the year, while the non-performing loan ratio was 1.05%, a slight decrease of 0.01 percentage points year-on-year [3].