NJBK(601009) 广发证券·2025-04-23 10:25Investment Rating - The investment rating for the company is "Buy" with a current price of 10.44 CNY and a reasonable value of 14.69 CNY [2] Core Insights - The company has shown strong performance in corporate loans, with a year-on-year growth of 14.5% in 2024, focusing on key sectors such as infrastructure and green finance [6] - The non-performing loan ratio has stabilized at 0.83%, showing a slight decrease from the previous year, indicating improved asset quality [6] - The non-interest income has shown signs of recovery, with a significant increase of 18.0% year-on-year in Q1 2025, following a challenging year in 2024 [6] - The net interest margin has been under pressure, decreasing to 1.94% by the end of 2024, but the downward trend is easing [6] - The company is expected to see a net profit growth of 0.14% in 2025 and 5.68% in 2026, with corresponding EPS of 1.72 CNY and 1.83 CNY per share [6] Summary by Sections Financial Performance - In Q1 2025, the revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.5%, 6.2%, and 7.1% year-on-year, respectively [6][9] - The total assets grew by 15.4% year-on-year, with loans increasing by 14.69% [9] Asset Quality - The non-performing loan balance was reported at 11.173 billion CNY, with a non-performing loan ratio of 0.83% [9] - The provision coverage ratio stands at 335.27%, indicating a strong buffer against potential loan losses [6] Income Structure - The net interest income has shown a year-on-year increase of 17.8% in Q1 2025, while non-interest income has decreased by 4.5% [12] - The cost-to-income ratio improved to 23.80%, reflecting better operational efficiency [9] Capital Adequacy - The core capital adequacy ratio decreased to 8.89% in Q1 2025, down by 47 basis points from the beginning of the year [6] - The company is expected to enhance its capital position through convertible bonds [6]