Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [34]. Core Insights - The company's revenue growth has returned to positive territory, with a 1.3% increase in Q1 2025 compared to the previous year, marking a 2.9 percentage point improvement from the full year of 2024 [3]. - Profit growth for Q1 2025 is at 1.02%, which is a decline compared to the full year of 2024, primarily due to increased provisioning efforts aimed at solidifying asset quality [3]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.33% at the end of Q1 2025, a decrease of 3 basis points from the beginning of the year, the largest improvement among peer banks [4]. - The bank's loan growth remains robust, with a year-on-year increase of 7.59% as of Q1 2025, the highest among comparable peers [5]. - The net interest margin (NIM) shows signs of stabilization, with a slight decrease of 4 basis points compared to the full year of 2024, indicating an improvement in the bank's asset-liability structure [6]. Summary by Sections Revenue and Profitability - Q1 2025 revenue growth is 1.3%, with a profit growth rate of 1.02%, reflecting a strong performance relative to peers [3][11]. - The bank's net interest income increased by 0.48% year-on-year in Q1 2025, with a notable improvement in the growth rate compared to 2024 [3]. Asset Quality - The NPL ratio improved to 1.33%, and the coverage ratio increased to 187%, indicating enhanced risk mitigation capabilities [4][6]. Loan Growth and Credit Strategy - The bank's loan portfolio grew by over 250 billion yuan year-on-year, with a focus on five key sectors, enhancing its credit deployment capabilities [5]. Financial Forecast - Revenue growth is projected at 3.0%, 4.2%, and 5.4% for 2025, 2026, and 2027 respectively, with net profit growth rates of 11.2%, 5.3%, and 6.6% for the same years [7][13].