平安银行（000001）：息差企稳，盈利稳步改善

Investment Rating - The investment rating for Ping An Bank is "Accumulate" (maintained rating) with a target price not specified [5]. Core Views - The profitability of Ping An Bank is steadily improving, with a reported revenue of approximately 100.67 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 9.78% but a slight increase of 0.26 percentage points compared to the first half of 2025 [2]. - The net interest margin has stabilized at 1.79%, with a slight decrease of 1 basis point from the first half of 2025. The yield on interest-earning assets is recorded at 3.50%, down 5 basis points from mid-2025, while the cost of interest-bearing liabilities has improved significantly, decreasing by 6 basis points to 1.73% [2][3]. - The asset quality remains robust, with a non-performing loan ratio of 1.05% as of the third quarter of 2025, unchanged from the previous quarter. The loan provision coverage ratio stands at 229.6%, reflecting a decrease of 8.88 percentage points [3][4]. Financial Performance Summary - For the first three quarters of 2025, the net interest income was 66.55 billion yuan, accounting for 66.11% of total revenue, while non-interest income was 34.12 billion yuan, representing a year-on-year decline of 12.63% [2]. - The total interest-earning assets amounted to 5.61 trillion yuan, with a year-on-year growth of 0.60%. The loan segment grew by 1.24% year-on-year, while interbank and central bank deposits saw declines of 7.29% and 6.34%, respectively [3][19]. - The total interest-bearing liabilities were 4.97 trillion yuan, down 0.98% year-on-year, with deposits decreasing by 3.06% [3][20]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is projected to decline by 3.09% in 2025, followed by growth of 2.33% in 2026 and 2.70% in 2027. The corresponding book value per share (BPS) is expected to be 23.24 yuan, 24.93 yuan, and 26.65 yuan for the respective years [4][22].