\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 926 Bank Of Hangzhou Co.Ltd(600926) )
The net profit attributable to the parent company was 29.77% year-on-year. In 2021, the company’s revenue / net profit attributable to the parent company were 29.361 billion / 9.261 billion respectively, with a year-on-year increase of 18.36% / 29.77% respectively. Diluted roe was 11.57%, with a year-on-year increase of 1.21 percentage points. Net interest income / net fee income and commission income / investment income were 9.2% / 19.7% / 55.0% year-on-year respectively. The overall non interest net income accounted for 28.36%, an increase of 6.05 percentage points year-on-year.
Manufacturing, public facilities and consumer loans grew rapidly. The net interest margin and net interest margin were 1.83% and 1.86% respectively, with a year-on-year decrease of 0.15 and 0.10 percentage points respectively, mainly because the loan yield decreased by 0.26 percentage points to 5.11%. (1) The balance of loans reached 588.56 billion yuan, a year-on-year increase of 21.69%. Among them, corporate loans / personal loans were 364.42 billion yuan / 224.15 billion yuan respectively, with a year-on-year growth rate of 23.27% / 19.21% respectively; (2) Among corporate loans, loans for manufacturing (30%) and public facilities (37%) increased rapidly. The balance of “two increases and two controls” small and micro loans was 91.707 billion yuan, an increase of 15.829 billion yuan or 20.86% over the end of the previous year; The balance of green loans was 41.932 billion yuan, an increase of 10.449 billion yuan or 33.19% over the end of the previous year; The balance of agriculture related loans was 73.930 billion yuan, an increase of 15.302 billion yuan or 26.10% over the end of the previous year. (3) The balance of personal housing loan / business loan / consumer loan was 82.54 billion yuan / 85.34 billion yuan / 56.27 billion yuan respectively, with a year-on-year growth rate of 14.52% / 21.51% / 23.09% respectively. The growth rate of consumer loan increased significantly.
The growth rate of wealth management fees is relatively high. The income from handling fees and commissions was 3.976 billion yuan, a year-on-year increase of 22.01%. Among them, custody and other entrusted businesses increased by 28.96%, mainly due to the increase in handling fee income of financial management business; The handling fee of agency business increased by 33.34%, mainly due to the increase of handling fee income of consignment business.
Excellent asset quality and high provision. The non-performing rate at the end of the period was 0.86%, a year-on-year decrease of 0.21 percentage points. The provision coverage rate was 567.61%, an increase of 98.17 percentage points year-on-year. The non-performing rate of all kinds of loans decreased.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 11.092/13.164/16.176 billion respectively, with a year-on-year increase of 19.77% / 18.68% / 22.88%, and the corresponding EPS will be RMB 1.82/2.16/2.65 respectively. Maintain the “buy” rating.
Risk tips
Macroeconomic growth was slower than expected.
