HZBank(SH:600926) Guoxin Securities·2026-01-25 00:45Investment Rating - The investment rating for Hangzhou Bank is "Outperform the Market" [5] Core Views - The company continues to demonstrate high growth, with a net profit increase of 12.1% year-on-year, despite a slight decline in growth rate compared to the previous quarters [1] - Net interest income showed a strong growth of 12.8% year-on-year, while non-interest income decreased significantly by 19.5%, primarily due to losses in trading accounts [1] - The total assets reached 2.36 trillion yuan, with loans and deposits growing by 14.3% and 13.2% respectively, indicating robust credit growth [2] - The asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 502% [2] Financial Performance Summary - For 2025, the company reported a revenue of 38.799 billion yuan, a 1.1% increase year-on-year, and a net profit of 19.030 billion yuan [1] - The forecast for 2026 and 2027 net profits has been adjusted to 21.3 billion yuan and 24.1 billion yuan respectively, reflecting a growth rate of 12.0% and 13.2% [2] - The price-to-book (PB) ratio for 2026 and 2027 is projected at 0.79x and 0.70x, respectively [2]