宁波银行（002142）：业绩稳中求进

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company's performance in Q1-Q3 2025 shows steady growth, with revenue and net profit increasing by 8.3% and 8.4% year-on-year, respectively, which is an improvement from the first half of 2025 [2][6] - The bank's loan growth remains robust, with a year-on-year increase of 17.9% in Q3 2025, although the growth rate has slowed slightly compared to Q2 2025 [3] - The net interest margin has rebounded, increasing by 6 basis points to 1.74% in Q3 2025, primarily due to improvements in funding costs [4] - The quality of assets has shown improvement, with the non-performing loan ratio stable at 0.76% and the provision coverage ratio rising to 376% [5] Summary by Sections Financial Performance - For Q1-Q3 2025, the company's revenue and net profit grew by 8.3% and 8.4% year-on-year, respectively, with growth rates improving by 0.4 percentage points and 0.2 percentage points compared to H1 2025 [2] - The bank's cost-to-income ratio decreased by 2.8 percentage points to 30.68% [2] Loan Growth - In Q3 2025, the total loans increased by 17.9% year-on-year, with corporate loans continuing to rise [3] Interest Margin - The net interest margin for Q3 2025 increased by 6 basis points to 1.74%, benefiting from a decrease in the cost of liabilities [4] Asset Quality - The non-performing loan ratio remained stable at 0.76%, while the provision coverage ratio improved by 2 percentage points to 376% [5] - The non-performing loan generation rate decreased by 10 basis points to 1.19% for Q1-Q3 2025 [5] Earnings Forecast and Valuation - The forecast for net profit growth from 2025 to 2027 is 8.48%, 7.30%, and 7.07%, respectively, with corresponding book values per share of 33.72, 37.76, and 41.76 yuan [6] - The target price is set at 35.10 yuan per share, indicating a potential upside of 26% from the current price [6]