Gelonghui, July 3 | Orient Securities Research Report points out that the majority shareholders of the Bank of Nanjing (601009.SH) have opened up room to increase their holdings, new management has injected development vitality, and an inflection point in operations has arrived. Since 2022, France and Pakistan, the Municipal State-owned Assets Administration Commission, and Jiangsu Traffic Control have increased their holdings many times, and the company has been highly recognized. After the foreign share ratio restrictions of banks and insurance institutions were lifted, there was further room for France and Pakistan to increase their holdings. The new chairman took office at the beginning of the year. He is young and promising. He has many years of experience in the regulatory system, and is expected to take the company's strategic planning and management capabilities to the next level. Revenue and profit growth both rebounded in 2024Q1, and the intention to convert debt to equity is expected to further drive performance release; annualized ROE increased 1.85pct to 13.21% from the end of 2023, and is expected to continue to recover in the future. Referring to the average for the past three years, 0.82 times PB was given for 24 years, corresponding to the target price of 12.04 yuan/share, maintaining the “buy” rating.