\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 036 China Merchants Bank Co.Ltd(600036) )
Event: on March 19, China Merchants Bank Co.Ltd(600036) issued the annual report for 2021. Revenue 331.25 billion yuan, yoy + 14.0%; The net profit attributable to the parent company was 119.92 billion yuan, yoy + 23.2%; The non-performing rate is 0.91% (- 2bp), and the provision coverage rate is 483.9% (+ 40.7pct).
High performance and leading roe. In 2021, the growth rate of net profit attributable to the parent company increased by 1.0pct to 23.2% month on month, a new high since 2012, and the growth rate of revenue increased by 0.5pct month on month to 14.0%. Roe was 16.96% and continued to maintain the leading position.
The interest rate spread rose slightly month on month, and the scale expansion was stable. The single quarter net interest margin of 21q4 was 2.48%, 1bp higher than that of 21q3, and the average balance of interest bearing assets was yoy + 10.4%, 0.1pct higher than that in 2020, which constituted the basic sector for the recovery of net interest income growth.
3.0 mode, wealth management shine. In 2021, retail AUM reached 10.8 trillion, yoy + 20.3%. The growth rate of AUM of private banks was significantly higher than that of the whole, and the structure continued to be optimized. The revenue from wealth management business reached 35.84 billion, yoy + 25.7%, an increase of 6.7pct year-on-year; It accounted for 10.8% of the operating revenue, with a year-on-year increase of 1.0pct. The growth rate of corporate FPA is higher than that of total assets, and the proportion of non-traditional financing continues to increase. The comprehensive financial approach consolidated the moat of deposits, and the proportion of current deposits increased by 4.5pct to 64.5% year-on-year.
The quality of assets is improving, and the impact of housing is small. In 2021, the non-performing rate decreased by 2bp to 0.91% month on month, and the provision coverage rate increased by 40.7pct to 483.9% month on month, reaching a new high. The non-performing rate of the real estate industry increased by 34bp to 1.41% compared with 21h1, but the overall corporate non-performing rate still decreased significantly. Almost all new overdue cases will be paid attention to, and the disposal of old overdue cases will be accelerated, and the asset quality will be stable for some time in the future.
Investment suggestion: the pioneer of great wealth, the valuation is low and needs to rise
The excellent customer structure keeps the basic price of net interest income. The 3.0 model drives the income in wealth management to shine brightly. The credit risk of real estate enterprises does not change, the asset quality is stable, the general trend is good, roe remains in the lead, and the target of big wealth management is scarce. It is estimated that the EPS of 22 / 23 / 24 years will be 5.56 yuan, 6.69 yuan and 8.39 yuan respectively. The closing price on March 19 corresponds to 1.4 times of 22 year Pb, maintaining the “recommended” rating.
Risk warning: the macroeconomic situation is down; Credit risk exposure; The transformation progress is less than expected.
