INDUSTRIAL BANK(SH:601166) Tianfeng Securities·2025-11-02 14:15Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [6]. Core Views - The company's revenue growth is gradually recovering, with a reported revenue of approximately 161.23 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 1.82% but an improvement of 0.47 percentage points compared to the first half of 2025 [2][4]. - The net interest income for the same period was 110.96 billion yuan, down 0.56% year-on-year, accounting for 68.82% of total revenue, while non-interest income was 50.28 billion yuan, down 4.47% year-on-year [2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.08% as of the third quarter of 2025, unchanged from the previous quarter [3][19]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 63.08 billion yuan, a slight increase of 0.12% year-on-year [1][4]. - The bank's net interest margin recorded at 1.72%, a decrease of 3 basis points from the first half of 2025 [2]. - The bank's total interest-earning assets reached 10.29 trillion yuan, with a year-on-year growth of 3.59% [3]. Asset and Liability Structure - As of the third quarter of 2025, the bank's interest-bearing liabilities amounted to 9.43 trillion yuan, reflecting a year-on-year increase of 3.18% [3]. - The structure of interest-bearing liabilities includes deposits (61.85%), bond issuance (9.80%), interbank liabilities (27.25%), and borrowing from the central bank (1.10%) [3][18]. Profitability Forecast - The company is projected to see a slight increase in net profit attributable to shareholders for 2025-2027, with expected growth rates of +0.09%, +2.51%, and +3.90% respectively [4][20]. - The estimated book value per share (BPS) for 2025, 2026, and 2027 is 37.77 yuan, 39.56 yuan, and 41.21 yuan respectively [4].