宁波银行（002142）：息差趋稳+财富发力推动业绩稳增长

Investment Rating - The report maintains a "Buy" rating for the company [2][6][8] Core Insights - The company's net profit and operating income for the first nine months of 2025 increased by 8.4% and 8.3% year-on-year, respectively, indicating steady growth [2][4] - The annualized ROE and ROA for the same period were 13.81% and 0.90%, showing slight declines compared to the previous year [2][5] - The report highlights stable asset growth, with total assets, loans, and deposits growing by 16.6%, 17.9%, and 9.8% year-on-year, respectively [3][4] - The net interest margin remained stable at 1.76%, while non-interest income showed a mixed performance, with fee income growing significantly by 29.3% [4][5] - The company maintains a strong asset quality, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 376% [5][6] Summary by Sections Financial Performance - For the first nine months of 2025, the company reported a net profit of 27,127 million RMB, with a projected growth rate of 8.82% for 2024 [11][29] - The operating income is expected to reach 72,432 million RMB in 2025, reflecting an 8.71% increase [11][29] Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 376% as of September [5][30] - The annualized credit cost was estimated at 0.82%, indicating a slight increase compared to the previous year [5][30] Valuation Metrics - The report sets a target price of 35.12 RMB, corresponding to a price-to-book ratio of 1.00 for 2025 [6][11] - The company is projected to have a price-to-earnings ratio of 6.21 for 2025, indicating a favorable valuation compared to historical averages [11][31]