XIANMEN BANK(SH:601187) Guohai Securities·2025-11-05 12:12Investment Rating - The report assigns an "Accumulate" rating for Xiamen Bank (601187) based on its performance recovery and improving asset quality [1][4]. Core Insights - Xiamen Bank's revenue for the first three quarters of 2025 increased by 3.02% year-on-year, while net profit attributable to shareholders rose by 0.25% [4]. - The bank's single-quarter performance showed significant improvement, with Q3 2025 revenue growing by 25.88% year-on-year and net profit increasing by 8.41% [4]. - The bank's loan balance as of Q3 2025 increased by 14.35% year-on-year, with a net increase of 13.6 billion yuan in the quarter, indicating a return to rapid loan growth [4]. - The non-performing loan ratio improved to 0.80% as of Q3 2025, down 3 basis points from the previous quarter, and the proportion of attention loans decreased to 2.29%, down 45 basis points [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, Xiamen Bank's revenue was 5,881 million yuan, with a projected growth rate of 2.12% for 2025 [5]. - The net profit attributable to shareholders is forecasted to be 2,562 million yuan in 2025, reflecting a decline of 1.25% [5]. - Earnings per share (EPS) is expected to be 0.97 yuan in 2025, with a price-to-earnings (P/E) ratio of 7.75 [5]. Asset Quality - The bank's asset quality is showing improvement, with a non-performing loan ratio of 0.80% and a significant decrease in attention loans [4]. - The report highlights a stable net interest margin of 0.99% for the first three quarters of 2025, indicating a recovery from the previous half [4]. Market Performance - Xiamen Bank's stock has outperformed the CSI 300 index, with a 12-month return of 49.4% compared to the index's 17.1% [3]. - The current stock price is 7.52 yuan, with a market capitalization of approximately 19.85 billion yuan [3].