宁波银行（002142）：营收利润增速小幅提升，资产质量稳中向好

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank [4][9]. Core Views - Ningbo Bank's revenue and profit growth have shown slight improvement, with a year-on-year increase of 8.3% in revenue and 8.4% in net profit for the first three quarters of 2025 [1][2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% as of September, unchanged from the previous quarter [4][3]. - The bank's net interest margin has stabilized, with a slight increase in the third quarter, reflecting improved liability costs and a slowdown in asset yield decline [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, Ningbo Bank achieved a revenue of 54.98 billion and a net profit of 22.45 billion, marking a year-on-year growth of 8.3% and 8.4% respectively [1][2]. - The annualized weighted average ROE stands at 13.81%, a decrease of 0.7 percentage points year-on-year [1]. Revenue Breakdown - Net interest income grew by 11.8% year-on-year, an increase of 0.7 percentage points compared to the first half of 2025, primarily due to a narrowing decline in net interest margin [2]. - Non-interest income saw a significant increase of 29.3% year-on-year, benefiting from a low base and a recovery in capital markets [2]. - Other non-interest income decreased by 9% year-on-year, mainly due to adjustments in the bond market [2]. Loan and Asset Quality - As of September, total assets increased by 16.6% year-on-year, with loans and bond investments both growing by 17.9% [3]. - Corporate loans surged by 32.1% year-on-year, indicating strong credit organization and client management capabilities [3]. - The bank's non-performing loan generation rate has shown a steady decline, with a net generation rate of 0.99%, down 6 basis points from the previous quarter [4]. Future Outlook - The report forecasts continued growth in revenue and profit for the bank, with expected net profit growth rates of 8.6%, 9.5%, and 10.0% for 2025 to 2027 [9][10]. - The closing price on October 29 was 27.75 yuan per share, corresponding to a 0.79 times PB valuation for 2025 [9].