Investment Rating - The report maintains a "Buy" rating for Ningbo Bank, with a projected price-to-book (PB) ratio of 0.79 times for 2025 [6]. Core Insights - Ningbo Bank's revenue for the first nine months of 2025 reached 55 billion yuan, reflecting an 8.3% year-on-year growth, while the net profit attributable to shareholders was 22.4 billion yuan, up 8.4% year-on-year [4][6]. - The non-performing loan (NPL) ratio remained stable at 0.76% quarter-on-quarter, with the provision coverage ratio improving by 2 percentage points to 376% [4][6]. - The bank's interest income continued to improve, with a year-on-year growth of 11.8% in the first nine months of 2025, contributing significantly to revenue growth [6][7]. Financial Data and Profit Forecast - Revenue projections for Ningbo Bank are as follows: 2025E at 71.44 billion yuan, 2026E at 79.01 billion yuan, and 2027E at 87.18 billion yuan, with respective year-on-year growth rates of 7.22%, 10.59%, and 10.34% [5]. - The forecast for net profit attributable to shareholders is 29.48 billion yuan for 2025, with a year-on-year growth rate of 8.66% [5]. - The bank's return on equity (ROE) is projected to be 12.96% in 2025, with a gradual increase in subsequent years [5]. Loan Growth and Asset Quality - In the third quarter of 2025, loans grew by 17.9% year-on-year, with corporate loans contributing significantly to this growth [6][9]. - The bank's proactive measures to reduce low-yielding bill assets have led to a stabilization in asset yield decline, with a slight decrease of 5 basis points in the third quarter of 2025 [6][9]. - The report highlights a steady decline in the NPL generation rate, which is expected to remain below market expectations, with a projected annualized NPL generation rate of 0.7% for 2025 [6][9].

Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].