研报掘金丨中金：维持南京银行“跑赢行业”评级，目标价13.04元

Core Viewpoint - Nanjing Bank forecasts a 8.1% year-on-year growth in net profit attributable to shareholders for 2025, with a projected 8.2% growth in Q4 2025 [1] Group 1: Financial Performance - The bank's asset scale continues to expand rapidly, benefiting from its geographical advantages and comprehensive financial service capabilities [1] - Revenue growth is accelerating, with expected strong year-on-year performance in net interest income and net fee income [1] Group 2: Asset Quality - The preliminary report indicates that the non-performing loan ratio will remain stable at 0.83% quarter-on-quarter by the end of Q4 2025, with the provision coverage ratio also stable at 313% [1] - Despite rapid loan growth, asset impairment losses are expected to increase year-on-year, but the extent is manageable [1] Group 3: Valuation and Rating - The target price is set at 13.04 yuan, corresponding to 0.8x 2026e P/B and 0.8x 2027e P/B, indicating a potential upside of 25% [1] - The rating is maintained at "outperform the industry" [1]