Bank of Ningbo(SZ:002142) Orient Securities·2025-10-30 05:20Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.80 CNY per share, based on a historical valuation method applying a PB of 0.88 for 2025 [4]. Core Insights - The company's net profit for 2025 is projected to grow by 8.5%, with corresponding BVPS of 35.08 CNY, while the PB ratios for 2025, 2026, and 2027 are estimated at 0.79X, 0.71X, and 0.64X respectively [4]. - As of Q3 2025, the company has shown a significant improvement in revenue and profit growth, with year-on-year increases of 8.3% in revenue, 12.9% in PPOP, and 8.4% in net profit [8]. - The bank's loan growth rate is reported at 17.9%, driven primarily by corporate loans, while the net interest margin has stabilized at 1.76% [8]. Financial Performance Summary - Revenue for 2023 is reported at 61,585 million CNY, with a projected growth of 6.4% [5]. - The net profit attributable to the parent company for 2023 is 25,535 million CNY, reflecting a year-on-year growth of 10.7% [5]. - The bank's total assets are expected to reach 3,728,647 million CNY by 2025, with a projected loan total of 1,729,946 million CNY [11]. Profitability Metrics - The average return on assets (ROAA) is projected to be 0.86% in 2025, while the average return on equity (ROAE) is expected to be 13.38% [11]. - The net interest income for 2025 is forecasted at 53,494 million CNY, with a growth rate of 11.46% [11]. Asset Quality - The non-performing loan (NPL) ratio is stable at 0.76%, with a net generation rate of 0.93% indicating improving asset quality [8]. - The provision coverage ratio has increased to 376%, enhancing the bank's risk mitigation capacity [8].