Investment Rating - The report maintains a "Buy" rating for Nanjing Bank, with a target price of 11.85 CNY, corresponding to a 0.82 times price-to-book ratio for 2024 [6][2]. Core Views - Nanjing Bank's new management is actively reforming the bank, focusing on optimizing the asset-liability structure, with loans now accounting for 48.6% of total assets. Revenue and net profit growth are expected to improve quarter by quarter [1]. - The bank is solidifying its customer base, with fee income growth turning positive ahead of peers, and retail and private banking AUM increasing by 10.5% and 14.8% respectively since the beginning of the year [1]. - The bank's plan to establish 300 new branches is progressing well, achieving full coverage in Jiangsu's county areas, with four new branches opened in Q3 2024 [1]. - The report adjusts the net profit growth forecast for 2024-2026 to 9.4%, 10.1%, and 10.3%, respectively, with corresponding BVPS of 14.50 CNY, 16.29 CNY, and 17.90 CNY [1]. Financial Summary - For 2024, the expected revenue is 48,947 million CNY, with a growth rate of 8.4%. The net profit attributable to the parent company is projected at 20,243 million CNY, reflecting a growth of 9.4% [4]. - The bank's cost-to-income ratio decreased by 0.9 percentage points year-on-year to 24.5%, while the net profit for Q3 2024 increased by 10.2% year-on-year [1][4]. - The asset quality remains strong, with a non-performing loan ratio stable at 0.83% and a slight increase in the attention rate to 1.14% [1][4]. Performance Trends - In Q3 2024, revenue grew by 8.4%, with net interest income increasing by 8.7%. The net interest margin showed signs of recovery, with a significant narrowing of the year-on-year decline [1]. - The bank's loan growth was 13.7% year-on-year, with corporate and retail loans increasing by 134 billion CNY and 166 billion CNY, respectively [1]. - The deposit growth was under pressure, with a year-to-date increase of only 2.4% [1].

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 10.30 CNY [1]. Core Views - Nanjing Bank's revenue and profit have shown steady growth, with a 8% year-on-year increase in revenue to 38.56 billion CNY and a 9% increase in net profit to 16.66 billion CNY for the first three quarters of 2024 [1][4]. - The bank's return on average equity (ROAE) stands at 15.1%, a slight decrease of 0.2 percentage points year-on-year [1]. - Shareholder confidence is reflected in increased shareholdings, with significant purchases made by major shareholders [8]. Summary by Sections Revenue and Profit Growth - For the first three quarters of 2024, Nanjing Bank's revenue, pre-provision profit, and net profit grew by 8%, 10.1%, and 9% respectively, indicating stable growth compared to the first half of 2024 [4]. - Net interest income and non-interest income growth rates were -1.4% and 19.8%, showing improvements in non-interest income compared to the previous half [4]. Deposit and Loan Trends - As of Q3 2024, the bank's interest-bearing liabilities and deposits grew by 13.5% and 4.5% year-on-year, with a decrease in deposits of 15.9 billion CNY in the quarter [5][6]. - The bank maintained a high loan growth rate, with a year-on-year increase of 13.7% in loans, and a significant rise in retail loans due to new credit card products [6]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained low at 0.83%, with a strong risk coverage capability indicated by a provision coverage ratio of 340.4% [7][15]. - The bank's capital adequacy ratios improved, with the core tier 1 capital ratio reaching 9.0% [8][16]. Future Outlook and Valuation - The bank's net profit growth forecasts for 2024-2026 are set at 7.7%, 9.2%, and 10.7%, with adjusted earnings per share (EPS) estimates of 1.86, 2.03, and 2.25 CNY respectively [8][10]. - The current price-to-book (PB) and price-to-earnings (PE) ratios are projected to be 0.71, 0.65, and 0.59, and 5.54, 5.07, and 4.58 for the respective years [10][17].

| 证券简称: 南京银行 | 证券代码: 601009 | 编号: 2024-051 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司关于调整 2024 年中期利润分配方案的提示性公告 特别提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：因本公司普通股总股本发生变动，需相应调整利润分配方案， 按照维持分配总额不变的原则，每股派发现金红利由0.3587元人民币（含税）调整 为0.34626元人民币(含税)。 本次调整原因：鉴于本公司可转换公司债券"南银转债"转股，致使本公司 普通股总股本由10,343,793,521股(2024年6月30日)变动至10,715,554,295股(2024 年10月23日)。本公司按照维持分配总额不变的原则，对2024年中期利润分配方案进 行相应调整。 南京银行股份有限公司（ ...

| 证券简称: 南京银行 | 证券代码: 601009 | 编号: 2024-047 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司 第十届董事会第七次会议决议公告 一、关于审议《南京银行股份有限公司 2024 年第三季度报告》的议案 本议案已经本公司董事会审计委员会事前认可。 同意 9 票；弃权 0 票；反对 0 票。 具体详见本公司在上海证券交易所披露的《南京银行股份有限公司 2024 年 第三季度报告》。 二、关于审议《南京银行股份有限公司 2024 年第三季度第三支柱信息披露 报告》的议案 同意 9 票；弃权 0 票；反对 0 票。 三、关于审议《南京银行股份有限公司第三支柱信息披露管理办法》的议 案 特别提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南京银行股份有限公司（以下简称"本公司"）第十届董事会第七次会议于 20 ...

Financial Performance - The company's operating revenue for Q3 2024 was 12,342,468 thousand RMB, representing an 8.38% increase year-over-year[3] - Net profit attributable to shareholders for Q3 2024 was 5,068,493 thousand RMB, reflecting a 10.20% increase compared to the same period last year[3] - Basic earnings per share for Q3 2024 were 0.47 RMB, while diluted earnings per share were 0.41 RMB, an increase of 10.81% year-over-year[3] - The company achieved an operating income of RMB 385.58 billion in the first three quarters of 2024, representing an increase of 8.03% year-on-year[14] - The net profit attributable to shareholders was RMB 166.63 billion, marking a growth of 9.02% compared to the same period last year[14] - The basic earnings per share were RMB 1.59, an increase of 8.90% year-on-year[14] - The bank's net profit for the first nine months of 2024 reached CNY 16,772,257, up from CNY 15,375,251 in the same period last year, marking a growth of 9.1%[31] - The bank's total operating income for the first nine months of 2024 was CNY 38,558,036, up from CNY 35,692,157 in the same period last year, representing an increase of 7.9%[31] Asset and Liability Management - Total assets as of September 30, 2024, reached 2,547,037,415 thousand RMB, marking an 11.31% increase from the end of the previous year[4] - The total liabilities amounted to RMB 23,645.11 billion, growing by RMB 2,488.29 billion or 11.76% year-on-year[13] - Total assets increased to CNY 2,547,037,415 as of September 30, 2024, up from CNY 2,288,275,916 at the end of 2023, representing a growth of 11.3%[30] - The total liabilities increased to CNY 2,364,511,277 as of September 30, 2024, compared to CNY 2,115,681,851 at the end of 2023, an increase of 11.7%[30] Cash Flow Analysis - The net cash flow from operating activities for the first nine months of 2024 was -74,559,468 thousand RMB, a significant decrease of 297.37%[7] - Net cash flow from operating activities decreased to -74,559,468 thousand RMB in 2024 from 37,776,700 thousand RMB in 2023, indicating a significant decline[32] - Total cash inflow from operating activities was 129,279,902 thousand RMB in 2023, down from 230,339,615 thousand RMB in 2022[32] - The balance of cash and cash equivalents at the end of the period was 60,293,214 thousand RMB, up from 40,393,832 thousand RMB in 2023[32] Income Composition - The net interest income was RMB 196.14 billion, a decline of 1.36% year-on-year, accounting for 50.87% of total operating income[14] - The non-interest income reached RMB 189.44 billion, an increase of 19.84% year-on-year, making up 49.13% of total operating income[14] - The bank's investment income for Q3 2024 was CNY 3,999,370, compared to CNY 3,050,477 in Q3 2023, reflecting a significant increase of 30.9%[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 73,459[7] - The total equity attributable to shareholders was 179,177,807 thousand RMB, a 5.67% increase compared to the end of the previous year[4] - The bank's total equity increased to CNY 182,526,138 as of September 30, 2024, up from CNY 172,594,065 at the end of 2023, representing a growth of 5.4%[30] Loan and Deposit Growth - The total deposits increased to RMB 14,025.59 billion, reflecting a growth of RMB 331.51 billion or 2.42% from the previous year[13] - The total loans reached RMB 12,366.97 billion, up by RMB 1,376.24 billion or 12.52% compared to the end of last year[13] - The corporate RMB loan balance reached 931.99 billion yuan, an increase of 116.89 billion yuan, or 14.34% year-on-year[16] - The bank's customer deposits rose to CNY 1,431,756,801, up from CNY 1,396,365,869, indicating a growth of 2.5%[30] Operational Efficiency - The cost-to-income ratio improved to 25.32%, a decrease of 5.15 percentage points from the end of the previous year[14] - The company's non-performing loan ratio is 0.83%, a decrease of 0.07 percentage points from the beginning of the year, with a provision coverage ratio of 340.40%[15] - The migration rate for normal loans decreased to 0.93% from 1.39% in December 2023, showing improved loan performance[23] Business Expansion - The company opened four new branches in 2024, expanding its market presence[19] - The company converted 1.05 billion yuan of convertible bonds into shares, increasing its stake in Jiangsu Financial Leasing to 21.27%[19] - The consumer finance subsidiary increased its registered capital from 5 billion yuan to 5.215 billion yuan, with the company's ownership decreasing to 64.16%[19] User Engagement - The number of active users of the mobile banking app increased by 16.28% year-on-year, enhancing user experience[17]

| 证券简称: 南京银行 | 证券代码: 601009 | 编号: 2024-048 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 一、关于审议《南京银行股份有限公司 2024 年第三季度报告》的议案 会议对本公司 2024 年第三季度报告发表书面意见如下： 1.董事会的编制和审议程序符合法律、行政法规和中国证监会的规定； 2.报告的内容能够真实、准确、完整地反映本公司的实际情况； 3.所有参与编制和审议的人员未发现违反保密规定的行为。 第十届监事会第六次会议决议公告 特别提示： 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南京银行股份有限公司（以下简称"本公司"）第十届监事会第六次会议于 2024 年 10 月 23 日以现场方式在本公司河西总部大楼召开。会议通知及会议文 件已于 2024 年 10 月 12 日发出。会议由监事长吕冬阳先生提议召开并主持 ...

| 证券简称: 南京银行 | 证券代码: 601009 | 编号:2024-050 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 特别提示： 南京银行股份有限公司（以下简称"本公司"）将于 2024 年 10 月 24 日在 上海证券交易所网站（www.sse.com.cn）披露本公司 2024 年第三季度报告。为 便于广大投资者更全面深入地了解本公司 2024 年第三季度业绩和经营情况，本 公司拟于 2024 年 10 月 30 日（星期三）上午 9:00-10:00 召开 2024 年第三季度 业绩说明会，就投资者普遍关注的问题进行交流。 一、业绩说明会召开类型 本次业绩说明会以网络文字互动形式召开，本公司将就 2024 年第三季度业 绩和经营情况与投资者进行交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行交流。 1 本公司董事会及全体董事保证本公告内容不 ...

| 证券代码：601009 | 证券简称：南京银行 | 公告编号：2024-046 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南银优 2 360024 南京银行股份有限公司 关于实施 2024 年中期权益分派时"南银转债" 一、2024 年中期普通股分红派息基本情况 1．南京银行股份有限公司（以下简称"本公司"）2024 年中期利润分配方案： 以本公司 2024 年 6 月 30 日普通股总股本 10,343,793,521 股计算，向全体普通股 股东每 10 股派送现金股利 3.587 元人民币（含税），共计派发现金股利 37.103 亿元，占合并报表中归属于上市公司股东的净利润的 32.00%。由于本公司发行的 可转债处于转股期，若总股本在实施权益分派的股权登记日前发生变动，届时本 公司将维持分配总额不变，以实施权益分派的股权登记日普通股总股本为基数， 相应调整每股分配金额，并在分红派息实施公告中明确具体分配情况。 转股连续停牌的提示 ...

Investment Rating - The investment rating for Nanjing Bank is "Buy" and is maintained [8] Core Views - The fundamentals and trading aspects of Nanjing Bank are resonating positively, with the potential for convertible bonds to enhance capital, positioning the bank to return to the forefront of city commercial banks [2] - The recent shareholding increase by Eastern Airport Group, a new shareholder, reflects confidence in Nanjing Bank's future development and value growth [3] - The bank's stock price has reached the convertible bond conversion price, and if all bonds are converted, it could significantly bolster core Tier 1 capital [3] - The bank is expected to continue its strong performance, with projected net profit growth of 10.2% for 2024-2026 [7] Summary by Sections Shareholder Support - Eastern Airport Group increased its stake in Nanjing Bank by 1.09% through the secondary market, indicating strong support from shareholders [3] - Other significant shareholders include Jiangsu State-owned Assets and Nanjing State-owned Assets, which are expected to continue supporting the trading environment [4] Dividend Expectations - The board has approved a mid-year dividend plan for 2024, with a payout ratio increasing by 2% to 32%, suggesting a projected dividend yield of 6.07% based on current prices [5] Performance Outlook - Nanjing Bank is anticipated to maintain a strong growth trajectory, with revenue and profit expected to show significant increases in the upcoming quarters [6] - The bank's fundamentals are supported by a clear value creation strategy, regional development trends, and a new management cycle [6] Financial Projections - Forecasted net profit for 2024 is 20.4 billion, with a projected growth rate of 10.24% [12] - The bank's price-to-book (P/B) ratios for 2024-2026 are estimated at 0.70, 0.64, and 0.58 respectively, with a target price of 13.33 per share, indicating a potential upside of 28% from the current price [7][12]

Investment Rating - The report maintains a **Buy** rating for Nanjing Bank with a target price of **RMB 12.94** [2] Core Views - Nanjing Bank is considered a high-quality city commercial bank with both **dividend yield** and **growth potential** [3] - The bank's strategic transformation is effective, and its business expansion prospects are broad, justifying a valuation premium [3] - The bank's **EPS** is forecasted to be **RMB 1.95/2.19/2.46** for 2024-2026, with a **2025 BVPS** of **RMB 16.18** and a **PB ratio** of **0.64x** [3] - The bank's **2025 target PB** is set at **0.80x**, higher than the industry average of **0.54x** [3] Shareholder Confidence - **Eastern Airport Group Investment Co**, a subsidiary of Jiangsu SASAC, increased its stake in Nanjing Bank by **1.16%**, reflecting confidence in the bank's future development [4] - Earlier in 2024, **BNP Paribas** and **BNP Paribas (QFII)** also increased their stakes, further demonstrating investor confidence in the bank's growth potential [5] Financial Performance - In **H1 2024**, Nanjing Bank reported **7.9% YoY revenue growth** and **8.5% YoY net profit growth**, with a **dividend yield** of **5.04% (TTM)** [6] - The bank's **convertible bonds** are in a critical conversion period, with the current stock price **7% below the mandatory conversion price** [6] - If the remaining **RMB 14.4 billion** convertible bonds are converted, the bank's **core tier 1 capital adequacy ratio** could increase by **0.87pct** to **9.84%** [6] Valuation and Forecasts - The bank's **2024-2026 revenue** is projected to grow at **7.26%/7.50%/8.20%**, reaching **RMB 48.4/52.1/56.3 billion** [7] - **Net profit** is expected to grow at **10.80%/12.29%/12.13%**, reaching **RMB 20.5/23.0/25.8 billion** [7] - The **ROE** is forecasted to be **11.58%/11.93%/12.24%** for 2024-2026, with a **dividend yield** of **5.64%/6.34%/7.10%** [7] Business Strategy - Nanjing Bank is focusing on **corporate banking** in areas like technology innovation, inclusive finance, and international business, while leveraging its retail banking strengths [6] - The bank is also migrating its **consumer finance** experience to its parent bank to expand its business space [6]