NJBK(601009) 新浪财经·2025-04-25 00:31Core Viewpoint - Nanjing Bank's 2024 annual report and Q1 2025 report indicate a slowdown in revenue and net profit growth compared to the previous year, despite strong interest income growth and stable asset quality [1][2]. Revenue and Profit Performance - Q1 2025 revenue increased by 6.53% year-on-year, while net profit attributable to shareholders rose by 7.06%, both showing a slowdown from the previous year's growth rates of 11.32% and 9.05% respectively [2]. - The significant growth in net interest income of 17.8% year-on-year effectively offset the decline in non-interest income, which was impacted by fluctuations in the bond market [2]. Asset and Loan Growth - Total assets grew by 15.40% year-on-year in Q1 2025, with deposits increasing by 16.70% and loans by 14.69%, indicating a continued strong expansion [3]. - The growth in loans was primarily driven by corporate loans, with notable increases in technology finance loans (up 13.24%), green finance loans (up 11.96%), and inclusive finance loans (up 9.25%) [3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.83%, while the coverage ratio slightly decreased to 323.69%, indicating a stable asset quality despite a minor decline in risk coverage [3]. - The proportion of special mention loans decreased by 5 basis points to 1.15%, reflecting improved asset quality management [3]. Earnings Forecast and Investment Rating - The company maintains a "buy" rating, with projected revenues for 2025-2027 of 52.501 billion, 55.845 billion, and 60.453 billion yuan, representing year-on-year growth rates of 4.43%, 6.37%, and 8.25% respectively [4]. - Net profit forecasts for the same period are 21.164 billion, 22.020 billion, and 22.858 billion yuan, with expected growth rates of 4.89%, 4.04%, and 3.81% [4].