NJBK(SH:601009) ZHONGTAI SECURITIES·2026-01-23 04:20Investment 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 a year-on-year increase of 8.1% [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] - Loan and deposit growth: - Total assets reached 3.02 trillion yuan, a year-on-year increase of 16.6% [6] - Total loans amounted to 1.42 trillion yuan, growing by 13.4% [6] - Total deposits were 1.67 trillion yuan, with a year-on-year growth of 11.7% [6] - Profitability metrics: - Return on equity (ROE) for 2025E is projected at 12.74% [2] - Price-to-earnings (P/E) ratio for 2025E is estimated at 6.02 [2] - Price-to-book (P/B) ratio for 2025E is projected at 0.70 [2] Asset Quality Summary - Non-performing loan ratio remains stable at 0.83% [6] - Provision coverage ratio improved slightly to 313.31% [6] - The bank's management is noted for its excellence and the operational region is economically developed, contributing to sustained growth potential [6]