GUOTAI HAITONG SECURITIES·2026-04-01 09:39Investment Rating - The report maintains a "Buy" rating for Minsheng Bank with a target price of 4.71 CNY [2][6]. Core Insights - Minsheng Bank's revenue for 2025 is projected to grow by 4.8% year-on-year, while net profit attributable to shareholders is expected to decline by 5.4% [2][13]. - The bank is focusing on improving asset quality by increasing efforts in handling non-performing assets, with a total of 72 billion CNY disposed of in the year [13]. - The bank's net interest margin for 2025 is expected to be 1.40%, showing a slight improvement of 1 basis point year-on-year, primarily due to a significant reduction in deposit costs [13]. Financial Summary - Revenue and net profit forecasts for Minsheng Bank are as follows: - Revenue: 142,865 million CNY in 2025, with a growth rate of 4.8% [4]. - Net profit attributable to shareholders: 30,563 million CNY in 2025, with a decline of 5.4% [4]. - The bank's total assets are projected to reach 7,832,567 million CNY, with a slight year-on-year increase of 0.2% [8][14]. - The non-performing loan ratio is expected to be 1.49% by the end of 2025, with a coverage ratio of 142% [13][14]. Dividend and Valuation - The proposed dividend for 2025 is 0.189 CNY per share, representing a payout ratio of 30.14% [13]. - The bank's price-to-book (PB) ratio is projected to be 0.35 for 2026, corresponding to the target price of 4.71 CNY [13].