NJBK(SH:601009) ZHONGTAI SECURITIES·2024-05-19 03:02Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Insights - The company's performance is showing signs of recovery, with a notable increase in revenue and net profit growth in Q1 2024 compared to the previous year [2][9]. - The net interest income for Q1 2024 increased by 18.2% quarter-on-quarter, with the annualized net interest margin rising to 1.4% [2][13]. - The company maintains a stable dividend policy with a payout ratio of 30%, resulting in an estimated static dividend yield of 5.52% [2][3]. Summary by Sections 1. Financial Performance - Q1 2024 revenue grew by 2.7% year-on-year, while net profit increased by 5.1%, indicating a positive trend compared to the full year 2023 [2][9]. - The cumulative revenue and net profit growth rates for Q1 2024 were 5.5% and 8.2%, respectively, showing a significant improvement [9][12]. 2. Net Interest Income and Margin - The net interest income for Q1 2024 rose by 18.2% quarter-on-quarter, with the annualized net interest margin increasing by 17 basis points to 1.4% [2][13]. - The asset yield increased by 11 basis points to 4.15%, while the cost of liabilities decreased by 5 basis points to 2.47% [13][16]. 3. Asset and Liability Management - In Q1 2024, the company reported a 11.5% year-on-year increase in interest-earning assets and a 14.6% increase in total loans [16][18]. - The company actively adjusted its liability structure, resulting in a 10.7% year-on-year increase in interest-bearing liabilities, while deposits grew by only 2.9% [16][18]. 4. Non-Interest Income - Q1 2024 non-interest income increased by 17.6% year-on-year, primarily driven by a significant rise in fee income, which grew by 28.7% [2][22]. - The growth in non-interest income reflects a recovery trend since the first half of 2023 [22][24]. 5. Asset Quality - The non-performing loan ratio decreased by 6 basis points to 0.83%, indicating a stable asset quality [2][25]. - The coverage ratio for provisions remains high at 356.95%, providing a strong safety margin [25].