Huachuang Securities·2026-01-15 04:14Investment Rating - The report maintains a "Buy" rating for CITIC Bank with a target price of 10.58 CNY and 9.70 HKD [2][9]. Core Insights - The revenue growth rate has turned upward, primarily due to improved core revenue capabilities, while asset quality remains stable [9]. - The bank's net profit attributable to shareholders is expected to grow by 3.0% in 2025, with a slight decrease in the non-performing loan ratio to 1.15% [2][9]. - Total assets have surpassed 10 trillion CNY, with a year-on-year growth of 6.3% [9]. Financial Performance Summary - For 2025, CITIC Bank anticipates total revenue of 212.475 billion CNY, reflecting a year-on-year decline of 0.5% [2][10]. - The net profit attributable to shareholders is projected at 70.618 billion CNY, with a growth rate of 3.0% [2][10]. - The bank's non-performing loan ratio is expected to slightly decrease to 1.15%, while the provision coverage ratio is projected to be stable at 203.6% [2][10]. Financial Metrics Overview - Key financial metrics for 2025 include: - Total revenue: 212,396 million CNY - Net profit: 70,657 million CNY - Earnings per share: 1.24 CNY - Price-to-earnings ratio: 6.11 [4][10]. - The bank's total assets are projected to reach 10,122.93 billion CNY by 2026, with a steady growth trajectory [16][20]. Asset Quality and Risk Management - The report indicates that the asset quality is improving, with a stable non-performing loan ratio and adequate provision coverage [9][10]. - The bank's risk management practices are highlighted as effective, contributing to the stability of its asset quality [9].