NJBK(601009) 万联证券·2025-04-23 11:06Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown a slight improvement in growth rates, with revenue growth of 11.3% for 2024 and 6.5% for Q1 2025, while net profit growth was 9.1% and 7.1% respectively. This growth is supported by an increase in net interest income [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 0.83% as of Q1 2025, unchanged from the beginning of the year. The company has increased efforts in disposing of non-performing assets, with a provision coverage ratio of 323.7% [3] - The company is expected to maintain steady growth, with projected net profits of 21.623 billion, 23.180 billion, and 24.791 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 7.17%, 7.20%, and 6.95% [4] Summary by Sections Revenue and Profitability - For 2024, the company is projected to achieve a total revenue of 50.273 billion, with a growth rate of 11.32%. The net profit is expected to be 20.177 billion, with a growth rate of 9.05% [4] - The net interest income for 2024 is estimated at 26.627 billion, with interest income of 79.534 billion and interest expenses of 52.908 billion [9] Asset Quality - The non-performing loan ratios for corporate and personal loans are 0.66% and 1.29% respectively, showing a year-on-year decrease of 4 basis points and 21 basis points [3] - The company has reported a significant increase in retail customer assets under management (AUM), reaching 913.586 billion by the end of Q1 2025, a growth of 10.48% [2] Future Projections - The company is expected to see a steady increase in total assets, projected to reach 2.591 trillion in 2024 and grow to 3.485 trillion by 2027 [9] - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.68, 0.62, and 0.56 respectively, indicating a favorable valuation outlook [4]