\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 036 China Merchants Bank Co.Ltd(600036) )
Overall: the net profit attributable to the parent company during the reporting period increased by 12.52% year-on-year
In 2022q1, CMB achieved revenue / net profit attributable to parent company of 91.990 billion / 36.022 billion respectively, with a year-on-year increase of 8.54% / 12.52% respectively. Among the revenue, the net interest income / non interest income was 54.464 billion / 37.526 billion respectively, with a year-on-year increase of 9.97% / 6.53% respectively. The annualized ROA and roe were 1.54% and 19.24%, with a year-on-year increase of 0.04 and a decrease of 0.30 percentage points.
Operation: the growth rate of high net worth customers is higher than that of overall retail customers
At the end of the reporting period, the number of retail customers of China Merchants Bank / golden sunflower and above / private customers reached 176 million / 3.8945 million / 125000 respectively, an increase of 1.73% / 6.06% / 2.56% respectively over the end of the previous year; The corresponding assets were 113393 billion / 9256.3 billion / 35008 billion, an increase of 5.39% / 4.75% / 3.15% respectively over the end of the previous year. Among them, the average assets of private banks were 279657 million yuan, an increase of 161400 yuan compared with the end of the previous year.
The balance of CMB financial management, China Merchants Fund, CMB international and China Merchants Cino asset management was 4.41 trillion, an increase of 2.32% over the end of the previous year.
Asset negative matching: net interest margin improved month on month
In 2022q1, the net interest margin and net interest margin are 2.39% (yoy-5bps, QoQ + 2bps) and 2.51% (yoy-1bp, QoQ + 3bps) respectively, which is due to the decline of loan yield and investment yield on the one hand and the rise of deposit cost rate on the other hand.
The balance of corporate / bill / retail loans was 1958315 billion / 487215 billion / 2977007 billion respectively, an increase of 4.05% / 13.54% / 1.22% respectively over the end of the previous year. Among them, the balance of small and micro loans / housing loans / credit cards / consumer loans was 590721 billion / 1374205 billion / 823768 billion / 171.04 billion respectively, an increase of 5.38% / 0.71% / – 1.96% / 9.65% respectively over the end of the previous year.
Intermediate income: wealth management income decreased year-on-year, and asset management income maintained a high growth rate
During the reporting period, the net income from fees and commissions was 28.695 billion yuan, with a year-on-year increase of 5.49%, of which the wealth management fees / asset management fees / custody income fees were 10.429 billion yuan / 3.249 billion yuan / 1.633 billion yuan respectively, with a year-on-year increase of – 11.11% / 47.55% / 11.32% respectively. The bank card / settlement fee income was 5.593 billion yuan / 4.463 billion yuan respectively.
Among the handling fees of wealth management, agency fund / insurance / trust / wealth management were 1.727 billion yuan / 5.471 billion yuan / 1.228 billion yuan / 1.765 billion yuan respectively, with a year-on-year growth rate of – 58.5% / 61.6% / – 48.5% / 29.7% respectively.
Asset quality: the overall non-performing rate has increased
At the end of the reporting period, the overall non-performing rate was 0.94%, up 0.03 percentage points month on month. Among them, the non-performing rates of corporate loans and retail loans were 1.33% and 0.82% respectively, up 0.02 percentage points month on month and flat. The non-performing rate of the company was 1.16%, up 0.21 percentage points month on month. The provision coverage rate was 462.68%, down 21.19 percentage points month on month.
The non-performing rate of public real estate was 2.57%, an increase of 1.18 percentage points over the end of the previous year, and the balance of real estate loans accounted for 6.74%, a decrease of 0.04 percentage points over the end of the previous year.
Investment advice
China Merchants Bank Co.Ltd(600036) high net worth customers increased rapidly, the net interest margin improved month on month, and the asset quality was excellent. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 138135 / 160443 / 186210 million yuan respectively, with a year-on-year increase of 15.19% / 16.15% / 16.06%, and the corresponding EPS will be 5.41/6.30/7.32 yuan respectively. Maintain the “buy” rating.
Risk tips
Macroeconomic contraction exceeded expectations.
