\u3000\u3 China Vanke Co.Ltd(000002) 142 Bank Of Ningbo Co.Ltd(002142) )
Events
On March 25, 2022, Bank Of Ningbo Co.Ltd(002142) issued the announcement of the resolution of the board of directors, appointing Mr. Zhuang Lingjun as Bank Of Ningbo Co.Ltd(002142) vice chairman and President, and Mr. Luo Weikai as Bank Of Ningbo Co.Ltd(002142) vice president and financial director. The qualification takes effect from the date of approval by the regulatory authority.
Internal selection of President
Bank Of Ningbo Co.Ltd(002142) appoint Mr. Zhuang Lingjun as Bank Of Ningbo Co.Ltd(002142) vice chairman and president. Mr. Zhuang Lingjun has worked in the bank for a long time. He joined Bank Of Ningbo Co.Ltd(002142) in July 2006 and has worked in Bank Of Ningbo Co.Ltd(002142) for more than 15 years; With rich working experience, he has successively served as the general assistant of personal banking department, vice president of Shenzhen Branch, general manager of risk management department of the head office, President, vice president and financial director of Beijing Branch. At the same time, Bank Of Ningbo Co.Ltd(002142) appointed Mr. Luo Weikai as Bank Of Ningbo Co.Ltd(002142) vice president and financial director to fill the vacancy of Mr. Zhuang Lingjun’s promotion. Mr. Luo Weikai joined Bank Of Ningbo Co.Ltd(002142) , and has served as vice president and financial director for a long time since 2006. After the expiration of his term in 2020, he served as the full-time Deputy Secretary of the Party committee of the company. The president and vice president are selected internally, and have worked in the bank for a long time. They are familiar with the company’s culture and strategy, which is conducive to the smooth transition of the management team.
The implementation of the strategy remains unchanged
Bank Of Ningbo Co.Ltd(002142) among the current management team, Chairman Lu and other core management teams are stable and experienced; Mr. Zhuang Lingjun (born in 1979) will become the youngest president of listed banks. He is in his prime of life and active. At the same time, Mr. Zhuang Lingjun has many years of personal banking experience. After the arrival of the new president, Bank Of Ningbo Co.Ltd(002142) ‘s retail transformation promotion and strategy implementation are expected to exceed expectations.
Optimistic about the investment value.
From the perspective of performance, Bank Of Ningbo Co.Ltd(002142) has strong growth. According to the express, the growth rate of net profit in 2021a increased by 2.7pc to 29.7% month on month, and the growth rate of revenue basically stabilized at 28.2%, exceeding market expectations and maintaining high growth of performance for many years. Looking forward to the future, Bank Of Ningbo Co.Ltd(002142) rooted in the Yangtze River Delta has regional advantages, strong asset delivery capacity, high growth of retail wealth, and profits are expected to continue to maintain rapid growth. At the same time, from the beginning of the year to March 25, 2022, Bank Of Ningbo Co.Ltd(002142) fell by 6%, underperforming the industry 4pc. After the president landed, the repressive factors were relieved, and it is recommended to actively allocate.
Profit forecast and valuation
It is estimated that the net profit attributable to Bank Of Ningbo Co.Ltd(002142) parent company from 2022 to 2023 will increase by 20.6% / 22.1% year-on-year, corresponding to bps23 12 / 26.60 yuan. Maintain the target price of 49.32 yuan, corresponding to 2.13 times Pb in 2022. The current price corresponds to 1.56 times of Pb in 2022, and the current price space is 37%, with a buy rating.
Risk tip: macroeconomic stall and sharp outbreak of adverse.
