宁波银行（002142）：2025年三季报点评：资产质量持续改善

Investment 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 projected net profit growth of 7.6%/8.4%/7.7% for 2025-2027, and a diluted EPS of 4.27/4.64/5.01 yuan [3][4]. - The company has shown a slight recovery in revenue and profit growth, with a 8.3% year-on-year increase in operating income and a 8.4% increase in net profit attributable to shareholders for the first three quarters of 2025 [1][2]. - Asset quality continues to improve, with a non-performing loan ratio of 0.76% and a loan loss provision coverage ratio of 376% as of the end of the third quarter [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating income of 55 billion yuan, a year-on-year increase of 8.3%, and a net profit of 22.4 billion yuan, up 8.4% year-on-year [1]. - The average return on equity for the first three quarters was 13.8%, a decrease of 0.2 percentage points year-on-year [1]. Asset Quality - The company reported a non-performing loan ratio of 0.76%, unchanged from the beginning of the year, and a focus rate of 1.08%, which increased by 0.05 percentage points year-on-year [2]. - The loan loss provision coverage ratio improved to 125% due to a decrease in non-performing loan generation and an increase in provisions [2]. Revenue Sources - Net fee income increased by 29.3% year-on-year to 4.8 billion yuan, primarily driven by growth in agency sales and asset management business [2]. - Other non-interest income decreased by 9.0% year-on-year, mainly due to increased fair value losses related to rising market interest rates [2]. Future Projections - The company is expected to maintain stable performance with projected net profits of 29.2 billion yuan in 2025, with a diluted EPS of 4.27 yuan [3][4]. - The projected price-to-earnings ratio (PE) for 2025 is 6.5x, with a price-to-book ratio (PB) of 0.80x [3][4].