\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 166 Industrial Bank Co.Ltd(601166) )
The event company released its annual report for 2021.
Net profit continued to increase, and the pressure of provision provision was relieved. In 2021, the company’s operating revenue was 221636 billion yuan, a year-on-year increase of 8.91%; The net profit attributable to the parent company was 82.68 billion yuan, a year-on-year increase of 24.1%; The weighted roe was 13.94%, with a year-on-year increase of 1.32 percentage points; The basic EPS was 3.77 yuan, a year-on-year increase of 22.4%. The performance growth rate was further improved compared with the first three quarters, and the profit maintained a high increase, which was mainly affected by the continuous relief of the pressure on provision. In 2021, the company’s credit impairment loss was 66.841 billion yuan, a year-on-year decrease of 11.23%.
Credit grew steadily, debt structure was optimized and costs were reduced. In 2021, the company’s net interest income was 145679 billion yuan, a year-on-year increase of 1.51%; The net interest margin was 2.29%, a year-on-year decrease of 0.07 percentage points. On the asset side, the scale of credit continued to grow and its proportion in interest bearing assets increased. By the end of 2021, the company’s total loans amounted to 4428113 billion yuan, an increase of 11.66% over the beginning of the year, with an average daily scale of 4207.3 billion yuan, accounting for 58.64% of interest bearing assets, an increase of 3.18 percentage points year-on-year. Among them, corporate loans and personal loans increased by 8.83% and 9.65% respectively over the beginning of the year, accounting for 50.22% and 42.45% of the total loans respectively. On the debt side, the company actively optimizes the debt structure and controls the debt cost. By the end of 2021, the balance of the company’s customer deposits (excluding accrued interest) was 4311041 billion yuan, an increase of 6.63% over the beginning of the year. Among them, demand deposits increased by 9.56% over the beginning of the year, accounting for 41.04% of the total deposits, an increase of 1.1 percentage points over the beginning of the year. In 2021, the average cost rate of corporate deposits was 2.34%, a year-on-year decrease of 2bp; The interbank capital cost remained at a low level of 2.18%, providing support for stabilizing the net interest margin.
In 2021, the company’s net non interest income was 75.557 billion yuan, a year-on-year increase of 26.73%. Among them, the net income from intermediate business fees and commissions was 42.68 billion yuan, a year-on-year increase of 13.18%, accounting for 19.29% of revenue, an increase of 0.73 percentage points year-on-year. Wealth banks and investment banks achieved rapid growth. In 2021, the company achieved a wealth bank revenue of 23.394 billion yuan, a year-on-year increase of 13.17%. Among them, the income of financial management business, fund consignment and custody business increased by 20.42%, 104% and 19.68% year-on-year; The group’s retail AUM scale was 2.85 trillion yuan, a year-on-year increase of 9.01%. The company achieved investment banking revenue of 4.529 billion, a year-on-year increase of 12.61%; Group fpa7 01 trillion yuan, an increase of 15.49% over the end of the previous year. Among them, the balance of non-traditional off balance sheet financing represented by off balance sheet investment banking business was 2.71 trillion yuan, a year-on-year increase of 33.21%, accounting for 38.67%. The growth of other non interest income further expanded. In 2021, the company’s other non interest income was 32.877 billion yuan, a year-on-year increase of 50.04%. Among them, the investment income (including the profit and loss from changes in fair value) was 30.656 billion yuan, a year-on-year increase of 54.15%.
The asset quality continued to improve, and the issuance of convertible bonds and secondary capital bonds added capital strength. By the end of 2021, the company’s non-performing rate was 1.1%, down 0.15 percentage points from the beginning of the year; The balance of non-performing loans and non-performing rate of real estate were 1.65 trillion yuan and 1.34%, and the collateral was sufficient. The provision coverage rate continued to improve and the risk offset ability was enhanced. By the end of 2021, the provision coverage of the company was 268.73%, an increase of 49.9 percentage points over the beginning of the year. The company successfully issued 75 billion yuan of secondary capital bonds and 50 billion yuan of convertible bonds, further enhancing its capital strength and helping to expand its business.
The investment suggestion company adheres to the transformation direction of “light capital, light assets and high efficiency”, takes the “1234” strategy as the core main line, and focuses on the breakthrough of the three business cards of “green bank, wealth bank and investment bank”, and continues to adjust and optimize the business layout, with gradual results. The steady growth of asset side credit and the optimization of liability structure contribute to cost control and support the net interest margin; The contribution of intermediary business has increased, the income of investment banking and wealth management business has maintained rapid growth, and the profit space has been thickened; The quality of assets has been continuously improved and the ability of risk offset has been enhanced. In combination with the company’s fundamentals and stock price elasticity, we give a “recommended” rating of bvps32 from 2022 to 202423 / 36.2/40.78 yuan, corresponding to pb0.5 yuan from 2021 to 202362X/0.55X/0.49X。 ，
The risk indicates that the macroeconomic growth rate is lower than expected, resulting in the risk of deterioration of asset quality
