Ping An Securities·2025-10-29 08:53Investment Rating - The report maintains a "Recommended" rating for the company [1][4][8] Core Views - The company has shown a positive year-on-year growth in net profit of 1.1% for the first three quarters of 2025, reversing the previous negative trend [4][7] - The total assets of the company reached 37.6 trillion yuan, reflecting a year-on-year increase of 10.2% [4][7] - The company continues to focus on internationalization and has maintained a stable dividend policy, making it an attractive option for investors seeking stable returns [8][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved an operating income of 491.2 billion yuan, up 2.7% year-on-year [4][7] - The annualized weighted average ROE for the first three quarters of 2025 was 8.98% [4][7] - The net interest margin for the third quarter of 2025 was 1.26%, with a year-on-year decline of 15 basis points, but the decline has narrowed compared to the first half of the year [7][8] - The non-performing loan (NPL) ratio remained stable at 1.24% as of the end of the third quarter of 2025 [8][9] Future Projections - The report projects the company's earnings per share (EPS) for 2025 to be 0.74 yuan, with expected growth rates of 0.2% for 2025, 1.4% for 2026, and 3.2% for 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to be 7.6x for 2025, while the price-to-book (P/B) ratio is projected to be 0.68x [6][8] - The company is expected to maintain a stable growth trajectory in total assets, loans, and deposits over the next few years [10][12]