NJBK(SH:601009) Ge Long Hui·2025-10-28 06:59Core Viewpoint - Nanjing Bank's revenue and net profit for Q1 to Q3 of 2025 have shown year-on-year growth of 8.8% and 8.1% respectively, driven by accelerated core revenue growth [1] Financial Performance - Nanjing Bank's Q3 revenue maintains high growth, primarily due to the acceleration in core revenue [1] - For the full year, Nanjing Bank is expected to continue achieving significant single-digit growth in revenue and profit, supported by rapid balance sheet expansion and stable interest margins [1] Interest Margin Analysis - The interest margin for Q3 2025 has rebounded by 19 basis points to 1.50%, benefiting from improvements in asset yield and liability cost rate [1] - Given that Nanjing Bank's liability cost is at a relatively high level among listed city commercial banks, there is substantial room for improvement, which is likely to support the stability of the interest margin [1] Dividend Policy - Nanjing Bank announced a mid-term dividend plan with a payout ratio of 30%, consistent with the expected level for the entire year of 2024 [1] - The current price corresponds to a 2025 dividend yield of 4.7%, and the mid-term dividend is anticipated to be distributed within the year, based on last year's dividend timing [1] Price Target and Rating - The target price for Nanjing Bank is set at 14.64 CNY per share, corresponding to a price-to-book ratio of 1.00 for 2025, indicating a potential upside of 29% from the current price [1] - The rating for Nanjing Bank is maintained at "Buy" [1]