NJBK(601009) 浙商证券·2025-01-27 12:00Investment Rating - The investment rating for Nanjing Bank is "Buy" [6][8]. Core Views - Nanjing Bank's revenue growth in 2024 exceeded expectations, with a year-on-year increase of 11.3%, which is 3.3 percentage points higher than the growth rate in the previous three quarters [2][3]. - The bank's net profit attributable to shareholders is expected to grow by 9.1% year-on-year in 2024, maintaining a similar growth rate as in the first three quarters [2][3]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.83% at the end of 2024, unchanged from the previous quarter [5]. Summary by Sections Revenue and Profitability - Nanjing Bank's revenue for 2024 is projected to be 50,272 million yuan, reflecting an 11.32% increase compared to 2023 [7]. - The net profit attributable to shareholders is expected to reach 20,177 million yuan in 2024, representing a 9.05% increase from 2023 [7]. Loan and Deposit Growth - The bank's loans and deposits both showed strong year-on-year growth in Q4 2024, with loans increasing by 14.3% and deposits by 9.3% [4]. - In Q4 2024, deposits contributed 74% of the net increase in total deposits for the year, driven by a reduction in deposit rates [4]. Asset Quality - The non-performing loan ratio remained stable at 0.83% at the end of 2024, while the provision coverage ratio was 335%, down 5 percentage points from the previous quarter [5]. Earnings Forecast and Valuation - Nanjing Bank's net profit is forecasted to grow by 9.1% in 2024, 9.2% in 2025, and 9.0% in 2026, with corresponding book values per share of 14.11, 15.84, and 17.35 yuan [6]. - The target price is set at 14.26 yuan per share, indicating a potential upside of 33% based on a price-to-book ratio of 0.90 for 2025 [6].