Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's revenue and net profit have continued to decline, with Q1 2025 showing a year-on-year decrease of 3.58% in revenue and 2.22% in net profit, reflecting a drop of 4.2 percentage points and 2.3 percentage points compared to 2024 [2] - The net interest margin (NIM) for Q1 2025 is reported at 1.80%, a slight decrease of 2 basis points from 2024, indicating pricing pressure on mortgages [3] - The company has shown steady asset growth, with total assets increasing by 3.6% year-on-year as of Q1 2025, and a significant rise in deposits by 10.3%, which supports credit issuance [2][3] - Non-interest income has improved, with net fee and commission income growing by 8.5% year-on-year, contrasting with a decline of 13.2% in 2024 [3] - The asset quality remains relatively stable, with a non-performing loan (NPL) ratio of 1.08% as of Q1 2025, and the provision coverage ratio is at 233.42%, which is still among the top levels for joint-stock banks [4] Financial Performance Summary - For the fiscal year 2025, the company is projected to have a net profit of 769 billion yuan, reflecting a slight decrease of 0.42% compared to 2024, with expected growth rates of 2.60% and 3.33% in the following years [5][6] - The company's total revenue is forecasted to be 2,128 billion yuan in 2025, with a minimal growth rate of 0.27% [6] - The earnings per share (EPS) for 2025 is estimated at 3.70 yuan, with a price-to-earnings (P/E) ratio of 5.64 [6]