证券研究报告 2024 年 08 月 09 日 湘财证券研究所 公司研究 南京银行（601009.SH） 对公业务稳健扩张，成本节约效应显现 核心要点： 公司评级：增持（首次覆盖） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 0.56 21.66 37.63 绝对收益 -2.01 13.02 21.41 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 业绩增长超预期，非息收入贡献加大 2024H1，南京银行营业收入增速和利润增速均超预期，营收增速达 7.9%， 较 24Q1 上升 5%，净利润增速达 8.5%，较 24Q1 上升约 3%，营收和净利 润之间的增速差减小。非息收入增长显著加快，非息收入同比增长 25.5%， 主要是债券投资公允价值变动对收入的贡献提升，手续费收入同比增长 13.3%。由于息差仍在下降，净利息收入仍然负增长，受益于息差降幅收窄， 净利息收入增速环比提升 3%。 区域经济有韧性，对公 ...

Investment Rating - The investment rating for Nanjing Bank is upgraded to "Buy" with a target price of 11.85 CNY, reflecting a 0.79 times price-to-book ratio for 2024 [2][6]. Core Views - Nanjing Bank's revenue and profit growth in the 2024 mid-year report exceeded expectations, with asset quality meeting forecasts. The new management team has made significant progress in driving reforms and improving efficiency [2][3]. - The bank's net profit growth is projected at 14.0%, 10.2%, and 10.7% for 2024-2026, with corresponding earnings per share (EPS) of 1.93 CNY, 2.14 CNY, and 2.38 CNY [3][4]. - The bank's current dividend yield for 2024 is 5.95%, indicating a combination of growth potential and stable dividends [3]. Financial Summary - Revenue for 2024 is estimated at 49,842 million CNY, reflecting a 10.4% increase from 2023 [4]. - Net profit attributable to shareholders is projected to be 21,096 million CNY in 2024, representing a 14.0% growth compared to 2023 [4]. - The bank's total assets reached 2,288,276 million CNY, with total loans amounting to 1,099,073 million CNY and total deposits at 1,396,366 million CNY [8][12]. Operational Highlights - In Q2 2024, Nanjing Bank's loan growth was 13.5% year-on-year, while financial investments increased by 13.1% [3]. - The bank's non-interest income saw a significant increase of 45.7% year-on-year, contributing 43% to total revenue [3]. - The non-performing loan (NPL) ratio remained stable at 0.83%, with a slight increase in the attention rate to 1.07% [3][4].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com [当前价格： Table_CurPrice] 10.28 登记编号 S0880521060001 52 周内股价区间（元） 7.11-10.43 总市值（百万元） 104,886 总股本/流通A股（百万股） 10,344/9,213 流通 B 股/H 股（百万股） 0/0 资产总额（百万元） 2,288,276 贷款总额（百万元） 1,099,073 存款总额（百万元） 1,396,366 核心一级资本充足率 9.39% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -1% 15% 25% 相对指数 1% 21% 36% [Table_Finance] 财务摘要（百万元） 2022A 2023A 2024E 2025E 2026E 营业收入 44,606 45,160 49,842 52,880 57 ...

[Table_Title] 南京银行（601009.SH） 非息高增，业绩好于预期 [Table_Summary] 核心观点： 南京银行发布 2024 年半年度报告，24H1 营收、PPOP、归母利润同 比增速分别为 7.9%、10.4%、8.5%；24Q2 单季度营收、PPOP、归 母净利润同比分别增长 13.6%、17.2%、12.0%。从上半年累计业绩驱 动上看，规模增长、非息收入高增、成本收入比下降是主要正贡献，息 差、拨备计提是主要负贡献。 亮点：（1）信贷保持较高增速。24H1 贷款同比增长 13.5%，结构上以 对公贷款为主，24H1 对公贷款同比增长 16.6%，基建和制造业贷款同 比增速分别为 34.3%、26.3%。个人贷款需求疲软，24H1 个贷同比增 长 4.4%，仅消费贷款正增，同比增长 9.4%。（2）其他非息收入保持 高增。24H1 公司其他非息收入同比增长 25.5%，环比 24Q1 提升 1.62pct，或主要得益于债牛行情下交易户浮盈，公允价值变动损益大 幅增长。（3）中收增长稳健。24H1 手续费及佣金净收入同比增长 13.3%，相对稳健，主要是代理咨询、担保承诺等业务保 ...

上 市 公 司 证 券 研 究 报 告 银行 公 司 研 究 / 公 司 点 评 07-3108-3109-3010-3111-3012-3101-3102-2903-3104-3005-3106-3007-31 -40% -20% 0% 20% 40% 南京银行 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 07 月 31 日 | | 收盘价（元） | 10.09 | | 一年内最高/最低（元） | 10.53/7.03 | | 市净率 | 0.7 | | 息率（分红/股价） | 5.32 | | 流通 A 股市值（百万元） | 92,956 | | 上证指数/深证成指 | 2,938.75/8,754.09 | | | | | --- | --- | |------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 14. ...

营收改善超预期，净息差降幅有限 ——南京银行 24H1 财报点评 核心观点 ⚫ 营收增速改善超预期，带动利润增速延续回升。截至 24H1，南京银行营收、 PPOP、归母净利润累计同比增速（下同）分别较 24Q1 提升 5.0pct、5.6pct、 3.4pct。营收增速改善，一是净利息收入增速季度环比上升 3pct；二是其他非息收 入增速上升 7.8pct，主要来自交易性金融资产公允价值变动的贡献，同时金融投资 中其他债权投资的比重环比有所提升，整体反映了南京银行出色的债券投资能力 ； 净手续费收入增速环比走弱 15.4pct。营收增速改善趋势下，利润增速跟随上行，但 减值损失计提提速影响下，PPOP 增速自 22H1 以来首次超过归母净利润增速。 ⚫ 资产扩张依旧强劲，主动负债占比提升，净息差收窄幅度较为有限。截至 24H1，南 京银行总资产增速环比上升 0.2pct 至 11.7%，其中贷款增速有所下降，但仍高于总 资产增速；负债结构中存款占比较年初下降 3.2pct，除了行业性的存款脱媒影响 外，我们理解可能也是银行主动调整负债结构的结果，进而推动负债成本的加速下 行。24H1 南京银行净息差较 202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.94 CNY per share, compared to the current price of 10.09 CNY [1][3]. Core Insights - The company's revenue growth has improved beyond expectations, leading to a continued increase in profit growth. As of the first half of 2024, revenue, PPOP, and net profit attributable to the parent company have shown significant year-on-year growth compared to the previous quarter [2]. - The asset expansion remains strong, with a limited decline in net interest margin. The total asset growth rate increased to 11.7%, while the loan growth rate, although slightly decreased, still outpaced total asset growth [2]. - The report forecasts a steady increase in net profit attributable to the parent company for 2024, 2025, and 2026, with expected growth rates of 12.3%, 13.8%, and 13.7% respectively [3]. Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 49,352 million CNY, with a year-on-year growth of 9.3%. The net profit attributable to the parent company is expected to reach 26,883 million CNY, reflecting a growth of 12.3% [1][3]. - The earnings per share (EPS) is forecasted to be 1.90 CNY for 2024, increasing to 2.49 CNY by 2026. The book value per share (BVPS) is expected to rise from 14.79 CNY in 2024 to 18.33 CNY in 2026 [1][3]. - The price-to-book (PB) ratio is projected to decrease from 0.68 in 2024 to 0.55 in 2026, indicating a potentially undervalued stock [3].

详解南京银行 2024 年半年报，业绩持续向上，资产质量稳稳，确认中期分红 南京银行 (601009) /银行 证券研究报告/公司点评 2024 年 08 月 1 日 齐级： 祥诗(维持)公司召唤到及估估 | --- | --- | --- | --- | --- | |-------------------------------------------|-----------------------------|--------------------|-------------------|-------------------| | 辛场价格: 10.09 | 授校 | | 2022A | 2023A | | 外村 太も村快主演＊無手： S0740517030004 | 捨糸牛 yoy%净利润（百万元） | 宇业状入（百万元） | 44,4609.03%18,408 | 45,0061.23%18,502 | | Email: daizf@zts.com.cn | ೫ 玄中 yoy% | | 16.02% | 0.51% | | | | | | | PEGEmail: dengmj@zts.com.c ...

详解南京银行 2024 年半年报：业绩持续向上；资产质量稳健；确认中期分红 南京银行(601009)/银行 证券研究报告/公司点评 2024 年 08 月 1 日 [Table_Industry] [Table_Title] 评级：增持(维持) [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|--------------------|--------|--------|--------|--------|--------| | 市场价格：10.09 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师 戴志锋 | 营业收入（百万元） | | | | | | | | 增长率 yoy% | 9.03% | 1.23% | 7.61% | 4.23% | 4.18% | | 执业证书编号：S0740517030004 | 净利润（百万元） | | | | | | | Email：daizf@zts.com.cn ...

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009 SH) with a current price of 10 09 yuan [1] Core Views - Nanjing Bank achieved a 7 9% YoY increase in revenue to 26 2 billion yuan and an 8 5% YoY increase in net profit to 11 6 billion yuan in the first half of 2024 [2] - The bank's net interest income decreased by 6% YoY while non interest income surged by 25 5% YoY [3] - The bank's non performing loan (NPL) ratio remained stable at 0 83% with a strong risk coverage ratio of 345% [7] - The bank's net interest margin (NIM) narrowed by 8bps YoY to 1 96% in the first half of 2024 [6] Revenue and Profit Analysis - Revenue and profit growth accelerated in 1H24 with revenue up 7 9% YoY and net profit up 8 5% YoY [3] - Non interest income grew significantly by 25 5% YoY contributing 51% to total revenue [6] - Net fee and commission income increased by 13% YoY to 2 6 billion yuan driven by wealth management and advisory services [6] Deposit and Loan Trends - Deposit growth remained slow with a 4 2% YoY increase in deposits and a continued shift towards term deposits [4] - Loan growth slowed slightly with a 13 5% YoY increase in loans and a 13 5% YoY increase in interest earning assets [5] - Corporate loans grew by 16 7% YoY while retail loans grew by 4 4% YoY [5] Asset Quality and Risk Management - The NPL ratio remained stable at 0 83% with a slight increase in the overdue ratio to 1 25% [7] - The bank's provision coverage ratio stood at 345% indicating strong risk absorption capacity [7] - Credit impairment losses increased by 7 6 billion yuan YoY to 21 4 billion yuan in 2Q24 [7] Capital and Shareholder Confidence - The bank's core tier 1 capital ratio decreased to 9 0% due to dividend payouts but remained stable at 9 3% excluding dividends [7] - Major shareholder BNP Paribas increased its stake to 17 68% demonstrating confidence in the bank's future [7] - The bank has 16 6 billion yuan of convertible bonds outstanding with a conversion price of 8 57 yuan per share [7] Future Outlook - The bank is expected to maintain a high ROE of around 13 5% with EPS forecasts of 1 93 yuan 2 10 yuan and 2 33 yuan for 2024 2025 and 2026 respectively [9] - The bank's PB valuation is projected at 0 68x 0 61x and 0 56x for 2024 2025 and 2026 respectively [9]