\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 658 Postal Savings Bank Of China Co.Ltd(601658) )
Overall: net profit attributable to parent company in 2021 increased by 18.65% year on year
In 2021, Postal Savings Bank Of China Co.Ltd(601658) realized revenue / net profit attributable to parent company of 318762 billion / 76.170 billion respectively, with a year-on-year increase of 11.38% / 18.65% respectively. In the revenue, the net interest income / commission income / other non interest income were 269382 billion / 22.007 billion / 27.373 billion respectively, with a year-on-year increase of 6.32% / 33.42% / 67.63% respectively, of which other non interest income was the main point exceeding the expectation. EPS was 0.78 yuan, with a year-on-year increase of 0.07 yuan. The annualized roe was 11.86% and the annualized ROA was 0.64%, with a year-on-year increase of 0.02 and 0.04 percentage points respectively. The net interest margin was 2.36%, down 0.06 percentage points from the same period last year.
Deepening credit management and wealth management online at the same time
Online drainage continued to strengthen. At the end of the reporting period, the number of mobile banking customers exceeded 326 million, yoy + 9%, corresponding to 47 million Maus. Postal savings credit card app3 0 went online, with a total of 7.6323 million users, yoy + 109.61%, mau250430000 households, yoy + 65.25%. Optimization of retail customer structure. At the end of the reporting period, the company’s retail customers / VIP customers / wealth customers reached 638 million / 426898 million / 3.5621 million respectively, with a year-on-year increase of 2.6% / 17.07% / 24.12% respectively. High quality customers grew rapidly and the customer structure was continuously optimized.
Retail credit is the core. At the end of the reporting period, the balance of housing loans was 2.17 trillion, yoy + 12.92%. The balance of personal small loans was 915354 billion yuan, yoy + 22.66%. Auto credit reached 54.382 billion yuan, with a three-year CAGR of 98%. Credit card loans amounted to 174869 billion yuan, yoy + 20.9%.
Accelerated upgrading of wealth management. First, in terms of team, the total number of people at the end of the reporting period reached 43747, yoy + 5.9%. Second, enrich the product matrix, focus on the layout of “fixed income +”, hybrid, equity, derivatives and other strategies, and issue characteristic products around the themes of pension, military, teachers and so on. Third, digital empowerment, online wealth experience function of mobile banking, online wealth diagnosis and optimization services for mass customers, wealth physical examination for 1052900 customers and customized configuration scheme for 190400 wealth customers. In addition to the rapid growth of agent sales, the balance of personal finance reached 860328 billion, yoy + 3.4%.
At the end of the reporting period, the balance of Pratt & Whitney small and micro loans was 960602 billion yuan, yoy + 19.9%, accounting for more than 14% of the bank (online small and micro loans were 713099 billion yuan, yoy + 56.02%). Agriculture related loans reached 1.61 trillion yuan, yoy + 13.9%.
Handling charges and commissions: the net handling charges and commission income increased rapidly
During the reporting period, the net income from handling fees and commissions was 22.007 billion yuan, a year-on-year increase of 33.42%. Among them, the income from handling fees and commissions was 42.383 billion yuan, a year-on-year increase of 29.43%; The fee and commission expenditure was 20.376 billion yuan, a year-on-year increase of 25.38%.
Most of the sub items of handling fee and commission income have achieved rapid growth. Among them, agency fees were 12.239 billion yuan (88.67% year-on-year), bank card fees were 11.951 billion yuan (3.78% year-on-year), settlement and clearing fees were 9.626 billion yuan (16.24% year-on-year), financial management fees were 5.17 billion yuan (23.15% year-on-year), investment banking fees were 1.366 billion yuan (43.94% year-on-year), and custody fees were 1.164 billion yuan (31.23% year-on-year).
Quality: the defect rate and defect generation rate decreased
At the end of the reporting period, Postal Savings Bank Of China Co.Ltd(601658) non-performing rate was 0.82%, down 0.06 percentage points from the end of the previous year. Non performing loans + concerned loans accounted for 1.29%, down 0.13 percentage points from the end of the previous year. The non-performing rate was 0.6%, down 0.19 percentage points from the end of last year. The provision coverage rate was 418.61%, an increase of 10.55 percentage points over the end of the previous year.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 88.997102.959120.92 billion yuan respectively, with a year-on-year increase of 16.84% / 15.69% / 16.64%, and the corresponding EPS will be 0.91/1.05/1.23 yuan respectively. Maintain the “buy” rating.
Risk tips
The macro economy went down faster than expected.
