INDUSTRIAL BANK(SH:601166) Guohai Securities·2025-10-31 13:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 161.2 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.82%, while the net profit attributable to shareholders was 63.1 billion yuan, showing a slight increase of 0.12% year-on-year [5] - The asset structure continues to optimize, with strong performance in corporate loans, and the net interest margin decline has narrowed, indicating stable asset quality and robust risk control capabilities [5] - The forecast for revenue from 2025 to 2027 is 210.8 billion yuan, 215.4 billion yuan, and 222.8 billion yuan, with corresponding net profit predictions of 77.5 billion yuan, 79.0 billion yuan, and 81.5 billion yuan [5][7] Summary by Sections Recent Performance - For the first three quarters of 2025, the company achieved a revenue of 161.2 billion yuan, a decrease of 1.82% year-on-year, with the decline rate narrowing compared to the first half of 2025 [5] - The net profit attributable to shareholders was 63.1 billion yuan, reflecting a year-on-year growth of 0.12% [5] Asset Structure - As of the end of Q3 2025, total assets reached 10.67 trillion yuan, an increase of 1.57% from the end of 2024, with total loans amounting to 5.99 trillion yuan, up 4.42% [5] - Corporate loans accounted for 3.70 trillion yuan, growing by 7.54% [5] Profitability Metrics - The net interest margin stood at 1.72%, with a slight decline of 3 basis points from the end of the first half of 2025, but the rate of decline has slowed [5] - The non-performing loan ratio remained stable at 1.08%, and the provision coverage ratio was 227.81% [5] Earnings Forecast - The company forecasts revenues of 210.8 billion yuan, 215.4 billion yuan, and 222.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 77.5 billion yuan, 79.0 billion yuan, and 81.5 billion yuan [5][7] - The earnings per share (EPS) are expected to be 3.53 yuan, 3.60 yuan, and 3.72 yuan for the same years [7]