INDUSTRIAL BANK(SH:601166) Shenwan Hongyuan Securities·2025-10-31 05:05Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Insights - The company reported a revenue of 161.2 billion yuan for the first nine months of 2025, a year-on-year decline of 1.8%, while the net profit attributable to shareholders was 63.1 billion yuan, a slight increase of 0.1% year-on-year [5][10] - The non-performing loan (NPL) ratio remained stable at 1.08% for the third quarter of 2025, with a provision coverage ratio of 228% [5][10] - The report highlights a clear path of "solidifying customer base - reducing liability costs - optimizing credit structure," which has been validated through consistent performance [7][10] Financial Data and Profit Forecast - Total revenue is projected to be 210.8 billion yuan in 2023, with a slight increase to 212.2 billion yuan in 2024 and 212.5 billion yuan in 2025 [6] - The net profit attributable to shareholders is expected to grow from 77.1 billion yuan in 2023 to 78.5 billion yuan in 2025, reflecting a growth rate of 1.7% [6] - The report anticipates a gradual improvement in net interest income, with a forecasted net interest margin of 1.56% for 2025 [7][10] Performance Analysis - The company has seen a reduction in credit costs, contributing positively to profit stability, with a credit cost of 0.19% in the third quarter of 2025 [10] - The report notes that the company's dividend payout ratio is expected to remain above 30%, with a potential distribution in early next year [7][10] - The company has successfully increased its corporate client base by nearly 9% year-on-year, driving an 8% growth in corporate loans [7][10]