\u3000\u30006 Shenzhen Zhenye(Group)Co.Ltd(000006) 00000)
Key investment points
Data overview
6 China Vanke Co.Ltd(000002) 021 performance express: net profit attributable to the parent company was – 9.1% year-on-year and the growth rate was – 2.0pc month on month; Revenue was – 2.8% year-on-year, with a growth rate of + 0.8pc month on month; ROE8. 8%, year-on-year -2.1pc; The non-performing balance was – 0.6% month on month, the non-performing rate was 1.61%, the month on month ratio was – 1bp, the provision coverage rate was 144%, and the month on month ratio was – 4.7pc.
Performance growth grinding bottom
for 6 China Vanke Co.Ltd(000002) 021, the net profit attributable to the parent company was – 9.1% year-on-year, the growth rate was – 2pc month on month, the revenue was – 2.8% year on year, and the growth rate was + 0.8pc month on month. It is judged that it is mainly dragged down by impairment. Looking forward to the future, after Shanghai Pudong Development Bank Co.Ltd(600000) risks are cleared, the strategic transformation is expected to drive the repair of performance growth, and pay close attention to the effectiveness of business transformation.
The number of bad products continued to drop
Shanghai Pudong Development Bank Co.Ltd(600000) non-performing loans fell twice for eight consecutive quarters, with the non-performing balance of 21q4 being – 0.6% month on month and the non-performing rate of – 1bp month on month. The non-performing rate reached the best level in recent five years. The provision decreased slightly, and the provision coverage rate at the end of 6 China Vanke Co.Ltd(000002) 1q4 was -5pc to 144% month on month. It is expected to lay a solid foundation for the future growth rate of Shanghai Pudong Development Bank Co.Ltd(600000) assets and lay a solid foundation for actual risk recovery in the future.
Business transformation promotion
Shanghai Pudong Development Bank Co.Ltd(600000) continued to promote business transformation and gradually achieved results. ① The asset liability structure was improved and the proportion of deposits and loans increased. At the end of 2021, the total Shanghai Pudong Development Bank Co.Ltd(600000) loans increased by + 5.6% year-on-year, 3.2pc faster than the growth rate of total assets, and the total Shanghai Pudong Development Bank Co.Ltd(600000) deposits increased by 8.0% year-on-year, 5.9pc faster than the growth rate of total liabilities. ② Wealth management continued to advance. By the end of 2021q3, Shanghai Pudong Development Bank Co.Ltd(600000) retail AUM had reached 3.6 trillion, a rapid growth of 15% over the beginning of the year. In January 2022, Puyin wealth management was approved by the China Banking and Insurance Regulatory Commission to start business. The wealth management business is light loaded and enables the development of bank wealth management, which is expected to contribute new profit points. ③ The green business has developed rapidly. The scale of green credit at the end of 6 China Vanke Co.Ltd(000002) 1q3 was 306.4 billion yuan, an increase of 16.5% over the beginning of the year. The balance of green credit ranks high among joint-stock banks. At the same time, the scale of Shanghai Pudong Development Bank Co.Ltd(600000) underwriting green bonds has increased several times.
Profit forecast and valuation
The number of non-performing loans continued to drop, and the business transformation was promoted. It is estimated that the net profit of Shanghai Pudong Development Bank Co.Ltd(600000) attributable to the parent company from 2022 to 2023 will increase by 1.7% / 8.5% year-on-year, corresponding to bps20.5% 48 / 21.93 yuan. Maintain the target price of 19.15 yuan, corresponding to 0.93 times Pb in 2022. The current price corresponds to pb0.00 in 202239 times, buy rating.
Risk tip: macroeconomic stall and sharp outbreak of adverse.
