研报掘金丨光大证券：维持南京银行“买入”评级，25年营收双位数高增长

Core Viewpoint - Nanjing Bank is expected to achieve a revenue growth rate of 10.5% and a net profit growth rate of 8.1% for the year 2025, indicating strong double-digit growth in revenue [1] Group 1: Financial Performance - The company maintains a high Return on Equity (ROE) and is recognized as a leading city commercial bank in Jiangsu Province with complete financial licenses [1] - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected at 1.79, 1.91, and 1.98 yuan respectively [1] Group 2: Strategic Initiatives - Nanjing Bank is advancing its "Big Retail Strategy" and "Transaction Banking Strategy," focusing on the economically developed Yangtze River Delta region [1] - The bank has a strong retail business advantage in the main urban area of Nanjing and possesses robust investment capabilities in the financial market [1] Group 3: Risk Management and Support - The company's comprehensive business development capabilities provide strong counter-cyclical risk resistance [1] - The conversion of convertible bonds effectively enhances the company's equity base, supporting future expansion [1] - Major shareholders increasing their stakes reflects confidence in the company's future development [1] Group 4: Valuation Metrics - The current stock price corresponds to a Price-to-Book (PB) ratio of 0.73, 0.66, and 0.61 for the years 2025, 2026, and 2027 respectively, and a Price-to-Earnings (PE) ratio of 5.78, 5.43, and 5.22 for the same years [1]