张家港行（002839）：资产结构持续优化，净息差企稳

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a steady growth in revenue and net profit, with operating income reaching 3.676 billion yuan, a year-on-year increase of 1.18%, and net profit attributable to shareholders reaching 1.572 billion yuan, a year-on-year increase of 5.79% [6] - The asset structure continues to optimize, with significant performance in corporate loans, and the net interest margin has stabilized [6] - The company maintains a strong risk control capability, with a stable non-performing loan ratio and a decline in the provision coverage ratio [6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating income of 3.676 billion yuan, up 1.18% year-on-year, and net profit attributable to shareholders of 1.572 billion yuan, up 5.79% year-on-year, with an increase of 0.68 percentage points compared to the first half of the year [6] Asset Structure - As of the end of Q3 2025, the total assets of the company reached 221.2 billion yuan, an increase of 1.05% from the end of 2024. Customer deposits totaled 176.3 billion yuan, up 5.83%, and total loans reached 146.3 billion yuan, up 6.55% [6] - The proportion of loans in total assets increased by 3.42 percentage points to 66.14%, with corporate loans amounting to 82.4 billion yuan, a growth of 12.86% [6] Risk Management - The net interest margin as of Q3 2025 was 1.42%, a decrease of 1 basis point from the end of the first half of 2025. The non-performing loan ratio remained stable at 0.94%, and the provision coverage ratio was 355.05%, down 28.93 percentage points from the first half of 2025 [6] Earnings Forecast - The company forecasts revenue for 2025-2027 to be 4.809 billion yuan, 4.923 billion yuan, and 5.106 billion yuan, with year-on-year growth rates of 2.07%, 2.37%, and 3.73% respectively. Net profit attributable to shareholders is projected to be 1.941 billion yuan, 2.008 billion yuan, and 2.090 billion yuan, with growth rates of 3.32%, 3.47%, and 4.09% respectively [6][8]