\u3000\u3 China Vanke Co.Ltd(000002) 142 Bank Of Ningbo Co.Ltd(002142) )
Event: Bank Of Ningbo Co.Ltd(002142) today announced that the board of directors approved: 1) appoint Mr. Zhuang Lingjun as president and vice chairman; 2) Resolution appointing Mr. Luo Weikai as vice president and financial director.
On the whole, the two presidents have joined Bank Of Ningbo Co.Ltd(002142) as important officials for more than 15 years. They are professional and experienced. They are expected to continue Bank Of Ningbo Co.Ltd(002142) ‘s consistent strategy and move towards a new journey. It is optimistic that under the leadership of the chairman, the management will work together and is expected to continue to maintain high quality and high growth.
Mr. Zhuang Lingjun: young, professional and experienced president. Born in 1979, he is the youngest and very professional among the presidents of listed city commercial banks, which fully reflects Bank Of Ningbo Co.Ltd(002142) more dynamic and market-oriented system and mechanism and talent training ability. President Zhuang joined Bank Of Ningbo Co.Ltd(002142) in 2006, honed in retail business, risk control, head office accounting and finance, core branches and other fields for many years, accumulated rich and professional management experience, and participated in and witnessed Bank Of Ningbo Co.Ltd(002142) a series of strategic decisions and transformation and development. For example, President Zhuang previously served as president assistant in Beilun sub branch and general manager assistant of Personal Banking Department of head office from September 2011 to March 2012; From March 2012 to July 2013, served as assistant president and vice president of Shenzhen Branch; President of Mingzhou sub branch since July 2013; General manager of risk management department of the head office since January 2015; From September 2015 to October 2019, he served as president of Beijing Branch. He has been the vice president of the company since October 2019 and the executive director and financial director of the company since 2020.
In addition to President Zhuang, Bank Of Ningbo Co.Ltd(002142) ‘s vice president Fu Wensheng (in charge of corporate), vice president Wang Yongjie (in charge of risk) and vice president Feng peijiong (in charge of retail) are also “Post-70s”, and vice president Zhang Ningning (in charge of financial market) is “post-80s”. They have been precipitated and cultivated in the bank for many years and have smoothly undertaken the previous management. They are young, professional and experienced. Mr. Luo Weikai: one of the company’s elders. He knows everything from strategy to business details. Mr. Luo has served as assistant president since 2005 and vice president for nearly 13 years from 2007 to 2020. He has experienced the introduction of war investment in 2006, listing in 2007, subsequent financial crisis, adverse risk exposure in Jiangsu and Zhejiang, trade war, epidemic and other major events. He has participated in a series of major strategic decisions such as strategy formulation and transformation and development since the establishment of Bank Of Ningbo Co.Ltd(002142) and is one of the important veterans of Bank Of Ningbo Co.Ltd(002142) . President Luo previously served as vice president of Tianyuan sub branch, general manager of Finance and accounting department, director of business department and general manager of e-banking Department of the company, and was familiar with Bank Of Ningbo Co.Ltd(002142) various financial and business details and specific playing methods.
Management landing + performance catalysis, actively optimistic about the investment opportunities of Bank Of Ningbo Co.Ltd(002142) . Since the announcement of the resignation of the former president was announced on January 8, Bank Of Ningbo Co.Ltd(002142) share price has been disturbed to a certain extent (the share price fell 6.87% one week after the announcement), coupled with the market’s downward pressure on the economy, increased concerns about real estate related risks, the overall correction of the sector and many other factors, At present, Bank Of Ningbo Co.Ltd(002142) 22pb is only about 1.55 times (close to the lowest Pb levels of Bank Of Ningbo Co.Ltd(002142) at that time under the influence of trade war + Social Finance in 2018 and 20q1 epidemic). In the case of relatively strong demand for credit and stable growth in the near future, we are expected to keep the basic growth of Q1 and 142 annual report on July and July as always; 2) Medium and long term: Bank Of Ningbo Co.Ltd(002142) 15 profit centers “open doors” and are expected to continue to grow at a high rate in the next three years; 3) There is no need to worry about credit risk: they basically do not participate in the real estate business, and 21h corporate and mortgage loans account for only 3.4% and 5.4%. Management landing + stable high growth + roe stable income of about 18%, actively optimistic about the upward space of Bank Of Ningbo Co.Ltd(002142) valuation repair and performance catalysis, and maintain the “buy” rating.
Risk warning: macroeconomic deterioration exceeded expectations, and industry credit supply was lower than expected
