NJBK(SH:601009) ZHONGTAI SECURITIES·2026-01-23 03:49Investment Rating - The report maintains a rating of "Accumulate" for Nanjing Bank [2] Core Views - Nanjing Bank achieved a revenue of 55.32 billion yuan in 2025, representing a year-on-year growth of 10.5% [3] - The net profit attributable to shareholders reached 21.81 billion yuan, with an 8.1% year-on-year increase [3] - The bank's asset quality remains excellent, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 313.31% [6] Financial Performance Summary - Revenue and profit growth: - 2023A revenue: 45.006 billion yuan, 2024A: 50.069 billion yuan, 2025E: 55.322 billion yuan, 2026E: 60.654 billion yuan, 2027E: 65.901 billion yuan [2] - Net profit: 2023A: 18.502 billion yuan, 2024A: 20.177 billion yuan, 2025E: 21.806 billion yuan, 2026E: 23.827 billion yuan, 2027E: 26.005 billion yuan [2] - Asset and liability growth: - Total assets reached 3.02 trillion yuan, a 16.6% increase year-on-year, with total loans of 1.42 trillion yuan, up 13.4% [6] - Total liabilities were 2.82 trillion yuan, growing 17.4% year-on-year, with total deposits of 1.67 trillion yuan, increasing by 11.7% [6] - Earnings per share (EPS) forecast: - 2024A: 1.79 yuan, 2025E: 1.73 yuan, 2026E: 1.89 yuan, 2027E: 2.07 yuan [2] - Price-to-earnings (P/E) ratio forecast: - 2024A: 5.84, 2025E: 6.02, 2026E: 5.50, 2027E: 5.04 [2] - Price-to-book (P/B) ratio forecast: - 2024A: 0.73, 2025E: 0.70, 2026E: 0.64, 2027E: 0.58 [2] Investment Recommendation - The report suggests that Nanjing Bank's strong performance, high growth in loans and deposits, and low non-performing loan ratio indicate a stable future with potential for high dividends, thus maintaining the "Accumulate" rating [6]