Tianfeng Securities·2025-10-31 07:51Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - The company's profitability has shown signs of recovery, with a revenue of approximately 573.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.82% [2] - The net profit attributable to shareholders reached 257.36 billion yuan, reflecting a year-on-year increase of 0.62% [2] - The net interest margin recorded at 1.36%, down 4 basis points from the first half of 2025 [2] - Non-interest income increased significantly, with net investment income rising by 150.55% year-on-year to 36.76 billion yuan, accounting for 6.41% of total revenue [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income of 427.61 billion yuan, which is a decrease of 3% year-on-year, making up 74.53% of total revenue [2] - Non-interest income was 146.10 billion yuan, showing a year-on-year growth of 13.95% [2] - The company's total interest-earning assets amounted to 44.48 trillion yuan, with a year-on-year growth of 10.89% [3] - The non-performing loan ratio decreased to 1.32%, with a provision coverage ratio of 235.1% [4] Asset and Liability Structure - As of the third quarter of 2025, the company's interest-bearing liabilities totaled 41.23 trillion yuan, reflecting a year-on-year increase of 15.28% [3] - The structure of interest-bearing liabilities includes deposits (73.25%), bond issuance (6.39%), interbank liabilities (17.65%), and borrowing from the central bank (2.71%) [3] - The loan structure shows that loans accounted for 60.31% of interest-earning assets, with a year-on-year growth of 7.59% [3] Profitability Forecast and Valuation - The company is expected to see a net profit growth of 0.87%, 2.15%, and 3.28% for the years 2025, 2026, and 2027 respectively [5] - The book value per share (BPS) is projected to be 13.01 yuan, 14.12 yuan, and 15.27 yuan for the years 2025, 2026, and 2027 respectively [5]