NJBK(SH:601009) GUOTAI HAITONG SECURITIES·2026-01-25 00:45Investment Rating - The investment rating for the company is "Accumulate" [6] Core Insights - The company reported a revenue growth rate exceeding 10% and a profit growth rate maintaining above 8%, with a return on equity (ROE) level of 12.0%. Total assets have surpassed 3 trillion yuan, and retail assets under management (AUM) have exceeded 1 trillion yuan. Asset quality indicators remain stable [2][12]. Financial Summary - Revenue for 2025 is projected at 55.567 billion yuan, reflecting a year-on-year growth of 10.5%. Net profit attributable to the parent company is expected to be 21.807 billion yuan, with an increase of 8.1%. The net asset value per share is forecasted to be 14.83 yuan, with a net asset return rate of 10.7% [4][12]. - The company’s total assets are expected to reach 3.022 trillion yuan by 2025, with total loans at 1.424 trillion yuan and total deposits at 1.703 trillion yuan [8][13]. Performance Metrics - The company achieved a net interest income of 34.933 billion yuan in 2025, representing a year-on-year increase of 31.2%. The total asset and loan scale are projected to grow by 16.6% and 13.4%, respectively, by the end of 2025 [12][13]. - The non-interest income is expected to decline by 18.0% in 2025, influenced by a high base in the previous year, while retail customer AUM is anticipated to grow by 21.2% [12][13]. Asset Quality - By the end of 2025, the non-performing loan (NPL) ratio is projected to be 0.83%, with a provision coverage ratio of 313%, indicating stable asset quality [12][13].