\u3000\u3 China Vanke Co.Ltd(000002) 142 Bank Of Ningbo Co.Ltd(002142) )
Event: on April 26, the company released 22q1 financial report, with a revenue of 15.26 billion yuan, yoy + 15.4%; Net profit attributable to parent company: 5.72 billion yuan, yoy + 20.7%; The non-performing rate is 0.77%, the provision coverage rate is 525%, and roe16 63%。
The growth rate of performance has declined and is still at a good level. In terms of year-on-year growth of revenue, affected by the year-on-year decline of net interest margin and the high growth rate of 21q1, the growth rate of 22q1 net interest income was -4.8pct month on month; The year-on-year growth rate of net handling fee income fell significantly month on month. It is expected that the impact of the sales end caused by the fluctuation of the net value of financial products in the first quarter will put pressure on the agency business income; The growth rate of other non interest income fell 39.1pct month on month. From the contribution factor of net profit, the pulling effect of scale expansion was further upward. The growth rate of total assets in 22q1 was as high as 28.8% month on month + 4.9pct, but the negative impact of the year-on-year decline of net interest margin was also significantly enhanced.
Both deposits and loans prospered, and the net interest margin improved. As of 22q1, deposits had increased by + 23.3% compared with the beginning of the year, with a year-on-year growth rate of + 11.4pct month on month. Although there are certain market factors, it generally reflects a strong ability to absorb deposits. Among them, corporate deposits are the core driving force, contributing 86% of the net increase of deposits. The year-on-year growth rate of loans was 26.2%, with a month on month increase of + 0.8pct, of which the contribution to public loans was mainly incremental. Both deposits and loans flourished, especially the strong growth of deposits, supporting the improvement of net interest margin.
The net interest margin has stabilized and rebounded. 22q1 net interest margin + 3bp on a month on month basis. It is estimated that the net interest margin in a single quarter is significantly + 12bp on a month on month basis, with a significant recovery momentum. In terms of the split of the net interest margin measured in a single quarter (all based on the measured value in a single quarter), the cost ratio of interest bearing liabilities has improved significantly. The quarter on quarter ratio of – 26bp is the core factor for the recovery of the net interest margin, and it is expected that some of them will benefit from the high growth of deposits; The rate of return on interest bearing assets has not improved, with a month on month ratio of – 11bp.
Asset quality remains excellent. As of 22q1, the non-performing loan ratio was basically the same as that at the beginning of the year and is expected to be at an excellent level in the industry. The provision coverage rate is basically the same as that at the beginning of the year and is still at a high level, leaving sufficient space for back feeding profits.
Investment advice: strong expansion, rising interest rate spread and excellent quality
The performance still maintained a high growth rate, and the decline in the growth rate of net handling fee income was mainly affected by the fluctuation of product net value, and the long-term growth logic of big wealth management remained unchanged; The prosperity of deposits and loans contributed to the strong expansion of the table, and the net interest margin benefited from the stabilization and recovery, supporting the annual performance; The asset quality remains excellent, and the profit space fed back by provisions is sufficient, which can protect the performance and maintain good growth on the high base. It is estimated that the EPS of 22-24 years will be 3.73 yuan, 4.35 yuan and 5.21 yuan respectively. The closing price on April 26, 2022 corresponds to 1.5 times of 22 years Pb, maintaining the “recommended” rating.
Risk warning: macroeconomic growth rate is down; Frequent epidemic risks; Credit risk exposure.
