Guolian Minsheng Securities·2026-01-24 12:46Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company reported a slight revenue growth of 0.01% year-on-year for 2025, indicating a recovery in growth compared to the previous quarters [6][7] - The net profit attributable to shareholders increased by 1.21% year-on-year, showing stable growth [6] - The asset quality remains robust, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 391.79% [6][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2025 revenue is projected at 337,512 million, with growth rates of 0.0% for 2025, 3.6% for 2026, and 4.5% for 2027 [6] - Net profit attributable to shareholders is forecasted at 149,169 million for 2025, with growth rates of 0.5% for 2025, 1.6% for 2026, and 3.5% for 2027 [6] - Earnings per share (EPS) is expected to be 5.69 for 2025, 5.79 for 2026, and 6.00 for 2027 [6] - Asset and Liability Growth: - Total assets grew by 7.56% year-on-year, with loans increasing by 5.37% [6][7] - Total liabilities increased by 7.98%, and deposits grew by 8.13% [6][7] - Asset Quality Metrics: - The non-performing loan ratio remained stable at 0.94% [6][7] - The provision coverage ratio decreased by 14.14 percentage points from the previous quarter [6][7] Market Outlook - The report suggests that the company is expected to leverage its solid retail customer base and asset under management (AUM) advantages to enhance performance in 2026 as margin pressures ease and capital markets recover [6]