XIANMEN BANK(SH:601187) Changjiang Securities·2025-11-03 23:30Investment Rating - The investment rating for Xiamen Bank (601187.SH) is "Buy" and is maintained [9]. Core Views - The report indicates that the performance growth has turned positive across the board, with a revenue growth rate of +3.0% year-on-year and a net profit growth rate of +0.3% for the first three quarters of 2025. The net interest income increased by 3.6%, driven by stable interest margins and rapid expansion of the loan portfolio. Non-interest income also saw a recovery with a growth rate of +1.5% [2][6]. Summary by Sections Revenue and Profit Growth - Revenue growth for the first three quarters is +3.0%, with a significant improvement in Q3 showing a growth rate of +25.9%. Net profit growth is +0.3%, with Q3 showing an increase of +8.4%. The overall performance growth has turned positive [2][6]. Loan and Asset Quality - Total loans increased significantly by 14.1% compared to the beginning of the year, with corporate loans growing by 28.8%. The non-performing loan ratio decreased by 3 basis points to 0.80% at the end of Q3, indicating an improvement in asset quality [2][6]. Interest Margin and Income - The net interest margin for the first three quarters is estimated at 1.10%, which is a 2 basis point increase from the first half of the year. The report highlights that the stable interest margin has contributed to the positive growth in net interest income [2][6]. Future Outlook - The report suggests that the overall performance in Q3 exceeded expectations, with a focus on the medium to long-term growth potential. The new chairman's leadership has led to accelerated growth in corporate lending, and the bank is expected to see continued growth in credit scale over the next two years [2][6].