\u3000\u3000 Bank Of Ningbo Co.Ltd(002142) (002142)
Key investment points
Events
On January 7, 2022, Bank Of Ningbo Co.Ltd(002142) announced that Mr. Luo Mengbo resigned as vice chairman, executive director and President of the company for personal reasons and continued to serve as Deputy Secretary of the Party committee of the company to perform relevant duties.
Resignation for personal reasons
Bank Of Ningbo Co.Ltd(002142) announcement Mr. Luo Mengbo resigned as president for personal reasons. We believe that personal reasons do not involve other matters. Bank Of Ningbo Co.Ltd(002142) the independent director checked the reasons for the resignation of the president, Mr. Luo Mengbo, and believed that the reasons for his resignation were consistent with the actual situation. At the same time, Bank Of Ningbo Co.Ltd(002142) the board of directors spoke highly of Mr. Luo Mengbo and believed that he had made outstanding contributions during his tenure and improved the core competitiveness of the company.
Expected smooth transition
The growth probability of the next bank will be selected within the bank. The specific candidates will wait and see. It will not be ruled out that they will be clarified years ago. After his resignation, Mr. Luo Xingchang still served as Deputy Secretary of the Party committee and performed relevant duties. It is expected that the management team will make a smooth transition.
The implementation of the strategy remains unchanged, Chairman Lu and other core management teams are still stable, and the next bank is selected within the bank. We believe that Bank Of Ningbo Co.Ltd(002142) will continue the original strategy and maintain growth. In addition, on December 28, 2021, Bank Of Ningbo Co.Ltd(002142) announced the transfer of 70% equity of Huarong consumer finance, and the national license of consumer finance helped the development of the company’s large retail business.
Optimistic about investment value Bank Of Ningbo Co.Ltd(002142) taking root in the Yangtze River Delta has location advantages, strong asset investment ability, high growth of retail wealth, and profits are expected to continue to maintain rapid growth. If the stock price is adjusted due to this event, buying opportunities will be created.
Profit forecast and valuation
Bank Of Ningbo Co.Ltd(002142) it is expected that the transition will be smooth, the strategy will remain unchanged and the growth will remain unchanged. It is estimated that the net profit attributable to the parent company in Bank Of Ningbo Co.Ltd(002142) from 2021 to 2023 will increase by 27.12% / 21.77% / 22.60% year-on-year, corresponding to bps20 34 / 23.52/27.43 yuan. Maintain the target price of 49.32 yuan, corresponding to 2.10 times Pb in 2022. The current price corresponds to PB1 in 2022 67 times, current price space 25%, buy rating.
Risk tip: macroeconomic stall and sharp outbreak of bad.
