NJBK(601009) 国泰君安·2024-10-24 03:16Investment Rating - The report maintains a "Buy" rating for Nanjing Bank, with a target price of 11.85 CNY, corresponding to a 0.82 times price-to-book ratio for 2024 [6][2]. Core Views - Nanjing Bank's new management is actively reforming the bank, focusing on optimizing the asset-liability structure, with loans now accounting for 48.6% of total assets. Revenue and net profit growth are expected to improve quarter by quarter [1]. - The bank is solidifying its customer base, with fee income growth turning positive ahead of peers, and retail and private banking AUM increasing by 10.5% and 14.8% respectively since the beginning of the year [1]. - The bank's plan to establish 300 new branches is progressing well, achieving full coverage in Jiangsu's county areas, with four new branches opened in Q3 2024 [1]. - The report adjusts the net profit growth forecast for 2024-2026 to 9.4%, 10.1%, and 10.3%, respectively, with corresponding BVPS of 14.50 CNY, 16.29 CNY, and 17.90 CNY [1]. Financial Summary - For 2024, the expected revenue is 48,947 million CNY, with a growth rate of 8.4%. The net profit attributable to the parent company is projected at 20,243 million CNY, reflecting a growth of 9.4% [4]. - The bank's cost-to-income ratio decreased by 0.9 percentage points year-on-year to 24.5%, while the net profit for Q3 2024 increased by 10.2% year-on-year [1][4]. - The asset quality remains strong, with a non-performing loan ratio stable at 0.83% and a slight increase in the attention rate to 1.14% [1][4]. Performance Trends - In Q3 2024, revenue grew by 8.4%, with net interest income increasing by 8.7%. The net interest margin showed signs of recovery, with a significant narrowing of the year-on-year decline [1]. - The bank's loan growth was 13.7% year-on-year, with corporate and retail loans increasing by 134 billion CNY and 166 billion CNY, respectively [1]. - The deposit growth was under pressure, with a year-to-date increase of only 2.4% [1].