Ping An Securities·2025-11-04 07:48Investment Rating - The report maintains a "Recommendation" rating for the company [1][9] Core Views - The company reported a revenue of 48.9 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.8%, and a net profit attributable to shareholders of 11.7 billion yuan, down 9.6% year-on-year [4][7] - The company's total asset size grew by 3.4% year-on-year, with loan growth at 3.8% and deposit growth at 7.6% [4][7] - The net interest margin (NIM) for the first three quarters was 1.67%, with a slight increase in the quarterly NIM to 1.44% [7][9] - The report highlights the need to monitor changes in wealth management demand, as non-interest income has seen a significant decline [7][9] Summary by Sections Financial Performance - The company experienced a decline in net interest income by 3.2% year-on-year and a non-interest income drop of 14.3% [7][9] - The projected earnings per share (EPS) for 2025-2027 are 0.57, 0.61, and 0.66 yuan, with corresponding profit growth rates of 3.7%, 5.9%, and 8.4% [9][10] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.36%, indicating steady asset quality [7][9] - The provision coverage ratio decreased to 160%, but the risk compensation ability remains robust [7][9] Market Position - The company has a differentiated competitive advantage in areas such as cross-regional layout and supply chain finance business expansion [9][10] - The stock price corresponds to a price-to-book (PB) ratio of 0.46x for 2025, suggesting a favorable valuation relative to its asset quality and regional advantages [9][10]