NJBK(SH:601009) Orient Securities·2024-07-02 07:01Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.04 CNY per share [1][3]. Core Views - The major shareholder's increased holdings and the new management team are expected to inject vitality into the company's development [2][19]. - The company is entering a capacity release phase with the completion of its plan to add 100 new branches, which is anticipated to support asset expansion [2][36]. - The company has cleared significant existing risks, with a notable improvement in asset quality as the non-performing loan (NPL) ratio decreased to 0.83% as of Q1 2024 [2][45]. - The pressure on net interest margins is manageable, with significant room for reducing funding costs [2][59]. - The company's performance growth momentum is expected to continue, with a projected return on equity (ROE) of 13.21% in 2024, reflecting a 1.85 percentage point increase from the end of 2023 [2][50]. Financial Information Summary - The company’s projected net profit growth rates for 2024, 2025, and 2026 are 10.4%, 11.9%, and 14.6%, respectively [3]. - The projected book value per share (BVPS) for 2024, 2025, and 2026 is 14.76 CNY, 16.35 CNY, and 18.00 CNY, respectively [3]. - The current A-share price corresponds to price-to-book (PB) ratios of 0.70, 0.64, and 0.57 for 2024, 2025, and 2026 [3].