\u3000\u3000 Xiamen Bank Co.Ltd(601187) (601187)
Summary of express: 1. Net profit attributable to parent company increased by 18.6% year-on-year. After excluding the incomparable factors of the bill asset management business income recovered through litigation last year, the revenue growth continued to rise, with a year-on-year growth rate of 8.8%. With the improvement of asset quality and the release of profit from provision, the net profit continued to maintain a high growth rate, and the net profit attributable to the parent increased by 18.6% year-on-year. 2. Both sides of the capital and negative maintained scale expansion. Total assets increased by 3.0% month on month and 15.5% year-on-year. Liabilities increased by 3.1% month on month, with a year-on-year growth rate of 15.5%. 3. The quality of assets continued to improve, and the ability of risk offsetting remained at a high level. The non-performing rate fell 1bp to 0.91% month on month, the best level since the end of 2013. The stock risk was basically cleared and the burden of asset quality was removed. The allocation coverage rate was 370.25% in 2021, which was basically the same as that of 3q, and the allocation loan ratio was 3.37%, which was 2bp lower than that of 3q.
Investment suggestion: the company 2021e, 2022epb0 76X/0.77X； PE8. 03x / 6.77x (City Commercial Bank pb0.82x/0.75x; pe7.21x / 6.33x), the regional economy of the company is strong, the ownership structure is decentralized and balanced (the shareholding ratio of Xiamen Finance Bureau and Fubang financial holding is about 20%), the loans are concentrated in manufacturing and wholesale and retail industries, the loan pricing is better than that of the same industry, and the burden of asset quality stock is cleared. It is suggested to keep a positive attention.
Note: according to the performance express, we fine tune the profit forecast. It is estimated that the revenue and net profit attributable to the parent company in 2022-2023 will be 6.773/7.479 billion and 2.566/2.773 billion (the previous values were 7.444/8.781 billion and 2.049/2.323 billion).
Risk tip: the macro economy is facing downward pressure, and the bank performance is lower than expected.
