\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 926 Bank Of Hangzhou Co.Ltd(600926) )
Event: on March 10, Bank Of Hangzhou Co.Ltd(600926) released the performance express for 2021, with a revenue of 29.36 billion yuan, yoy + 18.4% (compared with 21q3, mom -1.6pct, the same below); Net profit attributable to parent company: 9.261 billion yuan, yoy + 29.8% (+ 3.6pct); Roe was 12.33%; Loan yoy + 21.7% (+ 2.1 PCT); The defect rate was 0.86% (- 4bp); The provision coverage rate is 567.71% (+ 8.3pct).
The high growth trend of revenue continued, and the profit growth rate rose to a higher level. The revenue of Bank of Hangzhou in 2021 was yoy + 18.4%, maintaining a high growth trend; Net profit attributable to parent company yoy + 29.8%, up 3.6pct from 21q3. The high performance growth led to the increase of roe by 1.2pct to 12.33% over the beginning of the year, and the high growth continued.
The loan delivery progress is fast, and the net interest margin may be better Bank Of Hangzhou Co.Ltd(600926) in 2021, the total assets were yoy + 18.9%, of which the loan was yoy + 21.7%, 2.1 PCT higher than 21q3. The asset structure continued to return to credit, which was conducive to the stability of asset side yield. Deposit yoy + 16.1%, with a good “start”, the advantage of low cost on the liability side is expected to continue, and the net interest margin is expected to be better.
The non-performing rate reached a new low and the asset quality was further consolidated The non-performing rate of Bank Of Hangzhou Co.Ltd(600926) 21q4 decreased by 4bp to 0.86% month on month, and the asset quality continued to improve, with excellent and better. The non-performing rate continued to decline, making the provision coverage passively increased by 8.3pct to 567.7% month on month, further consolidating its advantages and leaving enough room for the release of subsequent performance.
Investment suggestion: the model of “clean table + high expansion”, the valuation may continue to improve, the performance will maintain high growth, the prosperity of deposits and loans will boost the strong expansion of table, and the asset quality will be further consolidated. It is estimated that EPS in 22 / 23 years will be 1.91 yuan and 2.40 yuan respectively. The closing price on March 11, 2022 corresponds to 1.2 times of 21-year Pb, maintaining the “recommended” rating.
Risk warning: macroeconomic growth rate is down; Housing related loans account for a relatively high proportion; Risk of shareholder reduction.
