Investment Rating - The report maintains a "Buy" rating for Nanjing Bank [6] Core Views - Nanjing Bank's revenue growth in 2024 and Q1 2025 exceeded expectations, driven by significant increases in net interest income, with revenue growth of 11.3% and 6.5% year-on-year respectively [6] - The bank's asset quality remains strong, with non-performing loan ratios stable at 0.83% and a provision coverage ratio of 324% [6] - The report highlights the bank's focus on retail lending and credit growth, with a notable increase in loan issuance in key sectors such as technology and green finance [6] Financial Data and Profit Forecast - Total revenue (in million) is projected to grow from 45,159.51 in 2023 to 52,873.78 in 2025E, with a year-on-year growth rate of 1.24% in 2023 and 11.32% in 2024 [5] - Net profit attributable to shareholders is expected to increase from 18,502.08 in 2023 to 21,788.20 in 2025E, with a year-on-year growth rate of 0.51% in 2023 and 9.05% in 2024 [5] - The report anticipates a steady decline in the price-to-earnings ratio from 6.21 in 2023 to 5.59 in 2025E, indicating improved valuation [5] Loan Growth and Structure - Nanjing Bank's loan growth is projected to remain robust, with a year-on-year increase of 14.3% in Q4 2024 and 14.6% in Q1 2025, driven primarily by corporate lending [6][10] - The bank's loan issuance strategy focuses on key areas such as technology, green finance, and inclusive finance, with over 50% of new loans expected to be allocated to Shanghai and Beijing branches [9][11] Interest Margin and Cost of Liabilities - The net interest margin is expected to stabilize, with a slight increase in Q1 2025 to 1.44%, supported by a decrease in the cost of liabilities [8][13] - The report notes a decline in the cost of interest-bearing liabilities, which is projected to enhance the bank's profitability [13] Asset Quality and Risk Management - Nanjing Bank's non-performing loan ratio has remained stable at 0.83%, with proactive measures taken to manage asset quality [8] - The report indicates that the bank's focus on asset disposal has contributed to maintaining a leading position in asset quality within the industry [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [8]. Core Insights - The company reported a revenue of 43.397 billion RMB for 2024, representing a year-on-year increase of 20%, and a net profit attributable to shareholders of 13.024 billion RMB, up 39% year-on-year [1]. - Investment income reached a record high of 14.8 billion RMB in 2024, driven by significant growth in brokerage net income, which more than doubled in Q4 [2][3]. - The company has completed the absorption of Haitong Securities, which is expected to enhance integration and synergy [1]. Summary by Sections Financial Performance - The company achieved a total revenue of 43.397 billion RMB in 2024, with a year-on-year growth of 20% [7]. - The net profit attributable to shareholders was 13.024 billion RMB, reflecting a 39% increase compared to the previous year [7]. - Q4 revenue was 14.396 billion RMB, showing a year-on-year increase of 58% and a quarter-on-quarter increase of 21% [1]. Investment Income - Investment income for the year reached 14.8 billion RMB, marking a 62% increase year-on-year, which was the main driver of the company's performance [2]. - The company significantly expanded its balance sheet, with total assets increasing by 122.3 billion RMB year-on-year [2]. Brokerage and Wealth Management - Brokerage net income for the year was 7.8 billion RMB, up 16% year-on-year, with Q4 net income reaching 3.4 billion RMB, more than doubling year-on-year and quarter-on-quarter [3]. - The average monthly active users of the Junhong APP reached 8.85 million, a year-on-year increase of 11% [3]. Asset Management and Investment Banking - Asset management net income decreased by 5% year-on-year to 3.9 billion RMB, while the scale of the company's asset management reached 588.4 billion RMB, up 6.5% year-on-year [4]. - Investment banking net income fell by 21% year-on-year to 2.9 billion RMB, with equity financing under pressure [4]. Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.66, 1.90, and 2.22 RMB respectively, with a target price of 27.64 RMB for A-shares and 18.21 HKD for H-shares [5]. - The price-to-book (PB) ratio for 2025 is projected at 1.38 for A-shares and 0.84 for H-shares [5].

Core Viewpoint - Zhejiang Commercial Bank reported a slight increase in net profit for 2024, with a net profit of 15.186 billion RMB, up 0.92% year-on-year, and a significant increase in fair value changes net income by 1095.92% [1][2]. Financial Performance - The bank achieved an operating income of 67.65 billion RMB in 2024, a year-on-year increase of 6.19% [2]. - Total profit amounted to 17.579 billion RMB, reflecting a 0.50% increase compared to the previous year [2]. - The net interest income was 45.157 billion RMB, down 4.99% year-on-year, with interest income at 110.697 billion RMB, up 0.40% [2][3]. - Non-interest net income reached 22.493 billion RMB, a 39.05% increase, driven by strong performance in trading financial assets [3]. Asset and Liability Overview - As of the end of 2024, total assets were 3,325.539 billion RMB, up 5.78% from the previous year [4]. - Total liabilities increased by 5.70% to 3,122.796 billion RMB [4]. - The bank's loan and advance total was 1,857.116 billion RMB, an increase of 8.21% [4]. Asset Quality - Non-performing loans (NPL) stood at 25.494 billion RMB, an increase of 8.98 billion RMB, with an NPL ratio of 1.38%, down 0.06 percentage points [5][6]. - The provision coverage ratio was 178.67%, a decrease of 3.93 percentage points [6]. Capital Adequacy - The capital adequacy ratio was 12.61%, up 0.42 percentage points from the previous year [7]. - The core tier 1 capital adequacy ratio increased to 8.38%, reflecting a 0.16 percentage point rise [7].