\u3000\u3 China Vanke Co.Ltd(000002) 839 Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) )
Data overview
The net profit attributable to the parent company was + 30.3% year-on-year and the growth rate was + 3.3pc month on month; Operating income was + 10.1% year-on-year, with a growth rate of -0.6pc month on month; Roe was 11.1%, year-on-year + 1.9pc, ROA was 0.87%, year-on-year + 12bp; The non-performing rate was 0.95%, basically unchanged month on month, the concern rate was 1.61%, the month on month ratio was – 4bp, the provision coverage rate was 475%, and the month on month ratio was + 24pc.
High profit growth
The net profit of 21a was + 30.3% year-on-year, with a growth rate of + 3.3pc month on month. The profit growth rate was 0.5pc higher than that of the express report, and the profit growth rate was the second among the disclosed annual report and express report banks. The high profit growth is mainly due to the improvement of asset quality and the high growth of non interest. Looking forward to the future, the excellent asset quality and the promotion of two small strategies will strongly support the profit growth. Specifically: ① the year-on-year impairment loss of 21a assets was – 4.9%, and the impairment pressure decreased; ② The non interest income of 21a was + 55.8% year-on-year, maintaining a high level of growth, of which the income in 21 years was 124 million yuan (the income in 20A was – 10 million yuan), mainly due to the significant growth of agency financial management business, and the handling fee of agency business was + 253% year-on-year; ③ 21q4 net interest margin (at the beginning and end of the period) fell month on month, dragged down at both ends of asset negative. The rate of return on interest bearing assets (beginning and end of the period) of 21q4 increased -8bp to 4.63% month on month. Due to the increase in the proportion of bills discounted with low rate of return, the rate of growth of 21q4 bills increased by + 14% month on month, 12pc faster than that of total loans and total assets. The cost ratio of 21q4 interest bearing liabilities (at the beginning and end of the period) increased by + 12bp to 2.65% month on month, due to the decline in the proportion of deposits and the rise in the cost of deposits. The chain ratio of 21q4 deposits was + 1.3%, the growth rate was 0.6pc slower than that of total liabilities, and the cost ratio of 21h2 deposits increased by 28bp to 2.46% compared with 21h1.
Two small strategic advances
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) increase the promotion of the two small strategies, and deeply cultivate Inclusive Finance. The strategic results are obvious. In terms of the number of customers, in 2021, the number of individual loan customers increased by 67.7% year-on-year, and the number of small and micro enterprise loans increased by 46.9% year-on-year; In terms of loan growth, the two small loans increased by + 29.5% year-on-year, maintained a high growth rate, and personal production and operation loans increased by + 31.1% year-on-year. Looking forward to the future, the continuous promotion of the two small strategies will continue to contribute to the profit growth point.
Provision for substantial thickening
① stock index: Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) 2021 year-end NPL + concern rate – 4bp month on month; The provision coverage ratio rose from + 24pc to 475% at a high level, the best level since listing. ② In terms of dynamic indicators, the net generation rate of 21a Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) real bad TTM decreased by 14bp to 0.64% compared with 21h1. Looking forward to the future, excellent asset quality and sufficient provisions lay the foundation for the release of Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the performance.
Profit forecast and valuation
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will increase by 19.6% / 17.5% / 17.6% year-on-year, corresponding to bps7.5% 57 / 8.33/9.21 yuan shares. The current price corresponds to 0.79/0.72/0.65 times of Pb valuation. Maintain the target price of 7.21 yuan / share, corresponding to pb0.5 yuan in 22 years 95x, the current price corresponds to 22 years pb0 79x, 20% of the current price space.
Risk tip: macroeconomic stall and sharp outbreak of adverse.
