Tianfeng Securities·2025-10-30 10:12Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [6]. Core Views - The company's profitability is gradually improving, with a reported revenue of approximately 491.20 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.69% [2]. - The net profit attributable to the parent company for the same period is 177.66 billion yuan, showing a year-on-year increase of 1.08% [2]. - The net interest margin has stabilized at 1.26%, unchanged from the first half of 2025 [2]. - Non-interest income has shown significant growth, with a year-on-year increase of 16.20%, contributing to the overall revenue structure [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income of 325.79 billion yuan, which accounts for 66.33% of total revenue, but decreased by 3.04% year-on-year [2]. - Non-interest income reached 165.41 billion yuan, with a year-on-year growth of 16.20% [2]. - The company’s total interest-earning assets amounted to 36.40 trillion yuan, reflecting a year-on-year growth of 10.38% [3]. - The non-performing loan ratio stood at 1.24%, remaining stable compared to the previous quarter [3]. Asset and Liability Structure - As of the third quarter of 2025, the company's interest-bearing liabilities totaled 32.73 trillion yuan, marking a year-on-year increase of 9.87% [3]. - The structure of interest-bearing liabilities includes deposits, bond issuance, interbank liabilities, and borrowings from the central bank, with respective year-on-year growth rates of 8.30%, 12.58%, -2.32%, and 86.67% [3]. - The loan-to-asset ratio has slightly decreased by 0.4 percentage points compared to mid-2025, indicating a shift in asset allocation [3]. Profitability Forecast and Valuation - The company is projected to see a net profit growth of 1.35%, 3.29%, and 4.10% for the years 2025, 2026, and 2027 respectively [4]. - The book value per share (BPS) is expected to be 8.11, 8.79, and 9.57 yuan for the years 2025, 2026, and 2027 respectively [4].