INDUSTRIAL BANK(SH:601166) Guoxin Securities·2025-11-02 08:52Investment Rating - The investment rating for the company is "Neutral" [5][9]. Core Views - The company's net profit maintained positive growth, with a net profit of 631 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 0.12% [1][3]. - The total assets reached 10.67 trillion yuan, with loans and deposits growing by 4.42% and 5.47% respectively compared to the beginning of the year [2]. - The asset quality remained stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 227.81% [3]. Financial Performance Summary - Revenue for the first three quarters of 2025 was 161.2 billion yuan, a year-on-year decrease of 1.82% [1]. - Net interest income decreased by 0.56% year-on-year, while fee and commission income increased by 3.79% [1][2]. - The net interest margin for the first three quarters was 1.72%, down 12 basis points year-on-year [2]. Asset Quality Summary - The non-performing loan ratio was stable at 1.08%, with a focus rate of 1.67%, which decreased by 4 basis points from the beginning of the year [3]. - The company reported a year-on-year decrease of 11.30% in impairment provisions [3]. Earnings Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 776 billion yuan, 803 billion yuan, and 846 billion yuan respectively, with corresponding year-on-year growth rates of 0.5%, 3.5%, and 5.4% [3][4]. - The current stock price corresponds to a PE ratio of 5.8x for 2025, 5.6x for 2026, and 5.3x for 2027, and a PB ratio of 0.52x, 0.49x, and 0.46x respectively [3].