Bank of Ningbo(SZ:002142) Guoxin Securities·2026-01-21 02:50Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company's 2025 performance shows stable growth, with operating income reaching 72 billion yuan, a year-on-year increase of 8.0%, and net profit attributable to shareholders reaching 29.3 billion yuan, up 8.1% year-on-year [1][2] - The total assets of the company at the end of 2025 amounted to 3.63 trillion yuan, reflecting a growth of 16.1% from the beginning of the year, with total loans increasing by 17.4% to 1.73 trillion yuan [1][2] - The company maintains a high provision coverage ratio of 373%, which supports stable future net profit growth despite a slight decline in the ratio from the beginning of the year [2] Financial Performance Summary - Operating income for 2025 is projected at 720 billion yuan, with a growth rate of 8.0% compared to the previous year [2][3] - Net profit attributable to shareholders is expected to be 29.3 billion yuan in 2025, with a year-on-year growth of 8.1% [2][3] - The diluted earnings per share (EPS) for 2025 is estimated at 4.27 yuan, with a projected price-to-earnings (PE) ratio of 6.7x [2][3] - The company’s return on equity (ROE) is forecasted to be 13.1% for 2025, a decrease of 0.5 percentage points from the previous year [2][3] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains stable at 0.76% as of the end of 2025, unchanged from the beginning of the year [2][3] - The core Tier 1 capital adequacy ratio is reported at 9.34%, reflecting a decrease of 0.50 percentage points from the start of the year [1][2] - The provision coverage ratio, although decreased, remains high, which is beneficial for maintaining asset quality and supporting future profitability [2]