NJBK(601009) 东方证券·2024-10-24 12:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.44 CNY per share based on a historical valuation method [2][4]. Core Insights - Revenue and net profit growth rates have shown slight improvements, with net interest income growth notably increasing. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to shareholders have year-on-year growth rates of 8.0%, 10.1%, and 9.0%, respectively [1]. - Asset expansion has accelerated, with total assets and loan growth rates increasing to 13.7%. The bank's total liabilities and deposit growth rates have also improved, indicating a shift towards more active liabilities [1]. - The non-performing loan ratio remains stable at 0.83%, with a slight increase in the attention ratio. Capital adequacy ratios have shown marginal improvements, indicating a solid risk coverage capacity [1]. Financial Performance Summary - The company forecasts net profit growth rates of 12.3%, 13.8%, and 13.7% for 2024, 2025, and 2026, respectively. The expected EPS for these years is 1.84, 2.10, and 2.41 CNY, with corresponding PB ratios of 0.71X, 0.64X, and 0.58X [2][3]. - Key financial metrics for 2024E include total revenue of 49,352 million CNY, a net profit of 20,781 million CNY, and an EPS of 1.84 CNY, reflecting a year-on-year growth of 9.3%, 12.3%, and 12.3%, respectively [3][4].