NJBK(SH:601009) Ge Long Hui·2026-01-23 05:36Group 1 - The core viewpoint of the article highlights that Nanjing Bank's revenue for 2025A has achieved double-digit growth, exceeding market expectations, with non-performing loans and provisions remaining stable quarter-on-quarter [1] - For 2025A, Nanjing Bank's operating revenue and net profit attributable to shareholders are projected to grow by 10.5% and 8.1% year-on-year, respectively, with growth rates improving by 1.7 percentage points compared to Q1-Q3 2025 and remaining stable [1] - As of the end of Q4 2025, Nanjing Bank's non-performing loan ratio and provision coverage ratio are both stable at 0.83% and 313%, respectively, compared to the end of Q3 2025 [1] Group 2 - Looking ahead to 2026, Nanjing Bank is expected to maintain a significant single-digit growth rate in revenue and profit, primarily due to high loan growth and a potential stabilization or recovery in interest margins [1] - The target price for Nanjing Bank is set at 14.64 yuan per share, corresponding to a target valuation of 0.90x PB for 2026, indicating a price upside of 40% from the current price [1]