Bank of Ningbo(002142) 国信证券·2025-04-29 06:40Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue and profit growth rates have slightly declined, with Q1 2025 revenue at 18.5 billion yuan, a year-on-year increase of 5.6%, and net profit at 7.4 billion yuan, up 5.8% year-on-year [1][2] - The asset growth is robust, with total assets increasing by 17.6% year-on-year to 3.40 trillion yuan, driven by a 20.2% increase in deposits and a 20.4% increase in loans [1] - The non-performing loan generation rate has decreased, indicating improved asset quality, with a year-on-year decline of 0.13 percentage points to 1.15% [2] Financial Performance Summary - Q1 2025 financial highlights include: - Revenue: 185 billion yuan, up 5.6% year-on-year - Net profit: 74 billion yuan, up 5.8% year-on-year - Annualized weighted ROE: 14.2%, down 1.3 percentage points year-on-year [1] - Loan growth was significant, with new loans of 164.1 billion yuan in Q1, compared to 109.4 billion yuan in the same period last year [1] - The net interest margin for Q1 was 1.80%, a decrease of 10 basis points year-on-year [1][2] Earnings Forecast and Valuation - The company is expected to achieve net profits of 29.2 billion yuan, 31.6 billion yuan, and 34.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.6%, 8.4%, and 7.8% [2][4] - The diluted EPS is projected to be 4.27 yuan, 4.64 yuan, and 5.01 yuan for 2025, 2026, and 2027 respectively [2][4] - Current stock price corresponds to a PE of 5.9, 5.4, and 5.0 for the years 2025, 2026, and 2027, and a PB of 0.71, 0.65, and 0.59 respectively [2][4]