Investment Rating - The report maintains a "Recommendation" rating for Bank of Beijing (601169.SH) [1][4][7] Core Views - The company's revenue recovery is driving profit rebound, with a stable asset quality [4][7][8] - The bank's total assets reached 4.75 trillion yuan, a year-on-year increase of 20.3%, with loans and deposits growing by 10.3% and 13.3% respectively [4][7] - The net interest margin (NIM) is stabilizing, with a slight decrease in loan yield and deposit cost [7][8] Financial Performance Summary - For the first half of 2025, the company achieved operating income of 36.2 billion yuan, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 15.1 billion yuan, up 3.3% [4][7] - The bank's net interest income grew by 1.2% year-on-year, while non-interest income increased by 3.6% [7] - The bank's loan quality remains stable, with a non-performing loan (NPL) ratio of 1.30% and a coverage ratio of 196% [8][10] Future Projections - The report forecasts earnings per share (EPS) for 2025-2027 to be 1.23, 1.26, and 1.32 yuan respectively, with corresponding profit growth rates of 0.7%, 2.5%, and 5.0% [7][10] - The bank's price-to-book (P/B) ratios for 2025-2027 are projected to be 0.46x, 0.43x, and 0.40x, indicating a sufficient margin of safety in valuation [7][10] Asset Quality Indicators - The bank's asset quality remains robust, with a year-on-year decline in the NPL generation rate to 0.96% and a decrease in the overdue rate to 1.53% [8][10] - The report highlights a stable trend in asset quality, supported by the bank's strong regional economic presence [8][10]