张家港行（002839）：拨备释放助力利润稳增

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 5.36 [6][10]. Core Insights - The company reported a year-on-year increase in net profit and revenue of 5.8% and 1.2% respectively for the first nine months of 2025, indicating stable profit growth supported by credit stability and improved capital levels [6][9]. - The company has shown effective business transformation with steady operational efficiency, focusing on credit stability, interest margin stabilization, and robust non-interest income growth [6][8]. Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025E, 2026E, and 2027E are RMB 4,711 million, RMB 4,767 million, RMB 4,845 million, and RMB 4,971 million respectively, with growth rates of 3.75%, 1.18%, 1.64%, and 2.61% [5]. - Net Profit Forecast: Expected net profits for the same years are RMB 1,879 million, RMB 1,985 million, RMB 2,090 million, and RMB 2,198 million, reflecting growth rates of 5.13%, 5.67%, 5.31%, and 5.16% [5]. - Asset Quality: The non-performing loan (NPL) ratio is projected to remain stable at 0.94% through 2027, with a robust provision coverage ratio of 355% as of September [9][32]. Business Operations Summary - Credit and Deposits: As of September, total assets, loans, and deposits grew by 2.5%, 7.5%, and 6.3% respectively, indicating a stable credit environment [7]. - Non-Interest Income: Non-interest income increased by 22.4% year-on-year, with significant growth in wealth management and other non-interest income streams [8]. - Capital Adequacy: The capital adequacy ratio and core tier 1 capital ratio improved to 13.49% and 11.06% respectively, enhancing the company's risk resilience [9].