\u3000\u3000 Ping An Bank Co.Ltd(000001) Ping An Bank Co.Ltd(000001) )
Highlights of quarterly report: 1. Revenue increased by 10.6% year-on-year and PPOP increased by 13.3% year-on-year. The growth rate remained upward and exceeded market expectations: the upward year-on-year net interest income and the high growth of other non interest income were the main support. Net interest income increased by 7.3% on a year-on-year basis, and the narrowing of the year-on-year decline caused by the recovery of interest margin is the driving factor for the upward growth of interest income. The net profit increased by 26.8% year-on-year, and the provision continued to release profits. 2. Net interest income in the first quarter increased by 3.8% month on month: driven by both volume and price. The average daily interest bearing asset scale of the company in a single quarter increased by 3.9% month on month. The annualized net interest margin in a single quarter was 2.8%, up 6BP month on month. The net interest margin rose 6BP month on month, mainly contributing to the upward return on assets; The cost on the liability side remained stable. The loan interest rate rose 14bp to 6.1% month on month; Individual loan interest rates have rebounded by a large margin. 3. Deposit growth was good. In Q1, 172 billion new deposits were added, which was close to that in the same period last year, and the new resident deposits were better than that in the same period last year. The new deposits to public and residents were 114.6 billion and 57.3 billion respectively, compared with 132.8 billion and 46.5 billion in the same period last year. 4. The marginal pressure of bad companies has improved. The generation of non-performing products in the first quarter was 1.8%, down 1.6 points from the fourth quarter. The non-performing rate was flat at 1.02% month on month. The concern category accounted for 1.41%, with a slight decrease of 1bp month on month. 5. The number of customers and AUM grew steadily. The number of retail customers was 120 million, with a year-on-year growth rate of 8.8%, and the total number of customers was not low. AUM volume contributed by retail customers was 3.36 trillion, with a year-on-year growth rate of about 19.9%; Among them, savings deposits increased by 16% year-on-year. The number of qualified customers of private banks was 73200, with a high growth of about 17% year-on-year. Private aum1 49 trillion yuan, a year-on-year increase of 21%, and the growth rate returns to the industry average.
Insufficient quarterly reports: the net fee income increased by 4.8% year-on-year (vs. 11.5% year-on-year in 2021), of which the wealth management fee decreased by 6.8% year-on-year (the proportion of wealth management fee decreased by 21%). The company took the initiative to reduce the scale of non-standard products and the decline of fund sales caused by fluctuations in the securities market were the main reasons.
Investment suggestion: the company has strong strategic execution ability. With the gradual progress of the new three-year goal of "reshaping asset liability operation", the comprehensive income is expected to rise steadily. Company 2022e, 2023e pb0 78X/0.69X； PE6. The current valuation of PE shares is in the middle and lower range of 32x.494714 (x.494 / Pb); the current valuation of PE shares is in the middle and lower range of 32x.494 / 715. Backed by the group's technology and comprehensive finance, the company has obvious advantages in public and retail business development. In the medium and long term, it is expected to transform into a high-quality bank. It is suggested that investors actively pay attention to its transformation.
Note: according to the first quarterly report, we fine tune the profit forecast and predict that the net profit attributable to the parent company from 2022 to 2023 will be 46.1 billion and 53.3 billion (the previous values were 41.7 billion and 48 billion).
Risk tip: the economic downturn exceeded expectations and the company's operation was less than expected
