NJBK(601009) 太平洋·2024-11-11 02:13Investment Rating - The investment rating for the company is "Buy" with a target price based on the closing price of 10.19 on November 5, 2024 [2][6]. Core Insights - The company reported a revenue of 385.58 billion yuan for the third quarter of 2024, representing a year-on-year increase of 8.03%. The net profit attributable to shareholders was 166.63 billion yuan, up 9.02% year-on-year. The weighted ROE was 11.31%, a slight decrease of 0.13 percentage points year-on-year [2]. - The company's non-performing loan ratio stood at 0.83%, with a provision coverage ratio slightly decreasing to 340.40% [2]. - The total loan amount reached 12.4 trillion yuan, an increase of 12.52% compared to the end of the previous year, with corporate and retail loans growing by 14.34% and 7.30%, respectively [2]. - The total deposit amount was 14 trillion yuan, up 2.42% year-on-year, with a continued trend towards term deposits, which accounted for 80.90% of total deposits [2]. - The net interest margin was measured at 1.37%, showing a year-on-year decrease of 20 basis points but a quarter-on-quarter increase of 1 basis point [2]. - Interest income decreased by 1.36% year-on-year, but the decline was narrowing, while non-interest income increased by 11.71% [2]. - The cost-to-income ratio improved to 25.32%, a decrease of 2.21 percentage points year-on-year, indicating effective cost control [2]. Financial Projections - Projected operating revenues for 2024, 2025, and 2026 are 485.03 billion yuan, 517.09 billion yuan, and 555.03 billion yuan, respectively. The net profit attributable to shareholders is expected to be 202.03 billion yuan, 220.24 billion yuan, and 241.53 billion yuan for the same years [3]. - The book value per share (BVPS) is projected to be 17.48 yuan, 19.75 yuan, and 22.22 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-book (PB) ratios of 0.58, 0.52, and 0.46 [3].