Tianfeng Securities·2025-10-30 08:12Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [6]. Core Views - The company has shown improvement in both revenue and profit, with a slight decline in revenue of 0.51% year-on-year for the first three quarters of 2025, but a profit increase of 0.52% year-on-year [2]. - The net interest margin remains resilient at 1.87%, with a slight decrease of 1 basis point compared to the first half of 2025 [2]. - Non-interest income has shown overall improvement, with net fee and commission income increasing by 0.9% year-on-year [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating income of approximately 2514.2 billion yuan, with net interest income of 1600.42 billion yuan (YoY +1.74%) and non-interest income of 913.78 billion yuan (YoY -4.23%) [2]. - The company’s total interest-earning assets reached 12.26 trillion yuan, growing by 8.58% year-on-year, with loans and financial investments increasing by 5.78% and 21.17% respectively [3]. - The non-performing loan ratio stands at 0.91%, showing a slight improvement, while the loan provision coverage ratio is at 405.9% [4]. Profit Forecast and Valuation - The company is expected to see a net profit growth of 0.80%, 3.44%, and 4.85% for the years 2025 to 2027 respectively, with corresponding book values per share of 48.54, 54.91, and 60.26 yuan [5]. - The projected operating income for 2025 is 3384 billion yuan, with a slight growth rate of 0.28% [19].