NJBK(601009) 东方证券·2024-08-01 06:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.94 CNY per share, compared to the current price of 10.09 CNY [1][3]. Core Insights - The company's revenue growth has improved beyond expectations, leading to a continued increase in profit growth. As of the first half of 2024, revenue, PPOP, and net profit attributable to the parent company have shown significant year-on-year growth compared to the previous quarter [2]. - The asset expansion remains strong, with a limited decline in net interest margin. The total asset growth rate increased to 11.7%, while the loan growth rate, although slightly decreased, still outpaced total asset growth [2]. - The report forecasts a steady increase in net profit attributable to the parent company for 2024, 2025, and 2026, with expected growth rates of 12.3%, 13.8%, and 13.7% respectively [3]. Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 49,352 million CNY, with a year-on-year growth of 9.3%. The net profit attributable to the parent company is expected to reach 26,883 million CNY, reflecting a growth of 12.3% [1][3]. - The earnings per share (EPS) is forecasted to be 1.90 CNY for 2024, increasing to 2.49 CNY by 2026. The book value per share (BVPS) is expected to rise from 14.79 CNY in 2024 to 18.33 CNY in 2026 [1][3]. - The price-to-book (PB) ratio is projected to decrease from 0.68 in 2024 to 0.55 in 2026, indicating a potentially undervalued stock [3].