Bank of Ningbo(SZ:002142) Guoxin Securities·2025-10-28 01:08Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's overall performance is in line with expectations, with a stable growth outlook for net profit and improving asset quality [3][2] - The company achieved a revenue of 55 billion yuan in the first three quarters of 2025, representing an 8.3% year-on-year growth, and a net profit of 22.4 billion yuan, up 8.4% year-on-year [1][2] - The net interest margin has stabilized, with an average of 1.76% for the first three quarters, unchanged from the previous half [1][2] Financial Performance Summary - Revenue and profit growth have slightly rebounded, with a revenue of 550 billion yuan and a net profit of 224 billion yuan for the first three quarters of 2025, showing year-on-year increases of 8.3% and 8.4% respectively [1][2] - The total assets reached 3.58 trillion yuan by the end of Q3 2025, a 16.6% increase year-on-year, with loans totaling 17.2 trillion yuan, up 16.3% from the beginning of the year [1][2] - The company reported a non-performing loan ratio of 0.76%, stable compared to the beginning of the year, and a coverage ratio of 376% for provisions [2][3] Earnings Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 29.2 billion, 31.7 billion, and 34.1 billion yuan respectively, with year-on-year growth rates of 7.6%, 8.4%, and 7.7% [3][4] - The diluted EPS is projected to be 4.27, 4.64, and 5.01 yuan for the years 2025 to 2027, with corresponding PE ratios of 6.5, 6.0, and 5.5 [3][4] - The estimated dividend yield for 2025 is 3.5%, indicating a reasonable return for investors [3][4]