\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 036 China Merchants Bank Co.Ltd(600036) )
Overall: net profit attributable to parent company increased by 23.2% year on year
In 2021, CMB achieved revenue / net profit attributable to the parent company of RMB 331253 billion / 119922 billion respectively, with a year-on-year increase of 14.04% / 23.20% respectively. Among the revenue, the net interest income / non interest net income were 203919 billion yuan / 127334 billion yuan respectively, with a year-on-year increase of 10.21% / 20.75% respectively. ROA / roe were 1.36% / 16.96% respectively, with a year-on-year increase of 0.13/1.23 percentage points respectively.
Operation: digital operation, dividend release, retail customer structure optimization
App online users grew rapidly and Mau remained stable. During the reporting period, the cumulative users of China Merchants Bank Co.Ltd(600036) app and handheld life app reached 170 million (YoY + 17.2%) and 127 million (YoY + 15.5%) respectively, and the Maus were 65.42 million and 45.93 million respectively, involving more than 10 million Maus in 28 scenarios, promoting the organic integration of Mau and AUM, and more customers enjoy wealth management business on the platform of China Merchants Bank.
Retail customers grew rapidly, with 173 million overall retail customers, corresponding to AUM of 107592 billion yuan and average household assets of 62200; Sunflower has 3.67 million customers, the corresponding AUM is 8836.4 billion yuan, and the average household assets are 2.41 million; There are 122064 private banks, with corresponding AUM of 3393.9 billion yuan and average household assets of 27.8 million yuan.
Matching of assets and liabilities: deposits and loans increased steadily
During the reporting period, Nim was 2.48%, a year-on-year decrease of 0.01 percentage points.
At the end of the reporting period, the total loans / corporate loans / bill discount / retail loans were 5570034 billion yuan / 2150938 billion yuan / 431305 billion yuan / 2987791 billion yuan respectively, with a year-on-year growth rate of 10.8% / 6.6% / 30.4% / 11.4% respectively.
Total deposits / corporate deposits / personal deposits were 6347078 billion yuan / 4058924 billion yuan / 2288145 billion yuan respectively, with a year-on-year increase of 12.8% / 12.9% / 12.6%.
Non interest income: wealth management and asset management fees increased rapidly
During the reporting period, the income from handling fees and commissions was 102318 billion yuan, a year-on-year increase of 18.04%; The net fee and commission income was 94.447 billion yuan, a year-on-year increase of 18.82%. Among them, the handling fee of wealth management was 35.841 billion yuan, a year-on-year increase of 29.0%; Asset management fee income was 10.856 billion yuan, a year-on-year increase of 57.5%.
Quality: the defect rate decreased and the provision coverage increased
The overall non-performing rate decreased by 16.0% compared with that at the end of the year. Among them, the non-performing loan ratio of the company was 1.24%, down 0.34 percentage points from the end of the previous year, and the non-performing loan ratio of retail loans was 0.82%, unchanged from the end of the previous year. Quarterly, the retail non-performing rate increased quarter by quarter. The provision coverage rate was 483.87%, an increase of 46.19 percentage points over the end of the previous year.
Investment advice
It is estimated that the profit attributable to the parent company from 2022 to 2024 will be 144481/168563/196436 billion yuan respectively, with a year-on-year increase of 20.48% / 16.67% / 16.54%, and the corresponding EPS will be 5.66/6.62/7.72 yuan respectively. It is predicted that the reasonable valuation center is 172.8 billion, maintaining the “buy” rating.
Risk tips
The inhibition of the epidemic on Residents’ consumption behavior is stronger than expected; Macroeconomic growth was slower than expected.
