HZBank(SH:600926) Guoxin Securities·2025-11-02 04:38Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown a slight increase in revenue but a decline in growth rate, with a revenue of 28.88 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.4%, while the third quarter saw a decline of 4.0% [1] - The net profit attributable to shareholders reached 15.88 billion yuan, with a year-on-year growth of 14.5% and a third-quarter increase of 9.0% [1] - The company maintains a strong asset quality with a non-performing loan ratio of 0.76% and a provision coverage ratio of 514% [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, net interest income increased by 10.0% year-on-year, while non-interest income decreased by 14.03%, primarily due to a significant drop in other non-interest income [1] - The total assets at the end of the period were 2.30 trillion yuan, with total loans of 1.03 trillion yuan and total deposits of 1.35 trillion yuan, reflecting growth rates of 8.67%, 9.39%, and 5.97% respectively [2] Loan Composition - Corporate loans maintained a high growth rate, with a year-to-date increase of 15.5%, while retail loans continued to decline, with a balance of 295.9 billion yuan, down 3.2% year-to-date [2] - The mortgage loan balance increased by 3.3% year-to-date but saw a slight decrease of 0.7% compared to the end of June [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 19.8 billion, 23.3 billion, and 27.3 billion yuan, corresponding to year-on-year growth rates of 16.6%, 17.5%, and 17.4% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.92x for 2025, 0.80x for 2026, and 0.70x for 2027 [3]