INDUSTRIAL BANK(SH:601166) Guoxin Securities·2026-01-22 10:45Investment Rating - The investment rating for the company is "Neutral" [4][2] Core Views - The company's revenue growth has turned positive, with a total revenue of 212.7 billion yuan in 2025, reflecting a year-on-year increase of 0.24%. The net profit attributable to shareholders reached 77.5 billion yuan, up 0.34% year-on-year [1][2] - The revenue growth improvement is attributed to two main factors: a narrowing decline in net interest margin leading to an increase in net interest income, and a reduction in the decline of non-interest income, with net commission income turning positive [1][2] - The company's total assets at the end of the period were 11.09 trillion yuan, with total loans amounting to 5.95 trillion yuan, showing growth of 5.57% and 3.70% respectively compared to the beginning of the year [1] Financial Performance Summary - The company reported a net bad loan balance of 64.25 billion yuan at the end of the period, with a non-performing loan ratio of 1.08%, unchanged from the end of September [2] - The provision coverage ratio stood at 228.41%, showing a slight increase from the end of September but a decrease of 9.4 percentage points from the beginning of the year [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 77.6 billion, 80.3 billion, and 84.6 billion yuan respectively, with corresponding year-on-year growth rates of 0.5%, 3.5%, and 5.4% [2][3]