\u3000\u3000 Ping An Bank Co.Ltd(000001) (000001)
Key investment points
Event: the company disclosed the performance express. In 2021, the revenue was 169.383 billion yuan, a year-on-year increase of + 10.3%, and the net profit attributable to the parent was 36.336 billion yuan, a year-on-year increase of + 25.6%. The net profit attributable to the parent was equivalent to 102.7% of our previous forecast, which was basically in line with expectations. The weighted average roe was 10.85%, with a year-on-year increase of + 1.27pct.
Performance attribution: according to the company's announcement, the performance growth is mainly due to: 1) the expansion of assets is faster than liabilities: loans and advances issued at the end of 2021 were 3.06 trillion yuan, a year-on-year increase of 14.9%, and deposits absorbed were 2.96 trillion yuan, a year-on-year increase of + 10.8%; 2) Improvement of asset quality: the non-performing loan ratio was 1.02%, year-on-year -0.16pct, and the provision coverage ratio was 288.42%, a significant increase of 87.02pct year-on-year.
Asset quality improved and retail & corporate business grew steadily: according to the company's announcement, the company's q421 non-performing loan ratio decreased by 0.06pct month on month, the provision coverage ratio was + 28.89pct month on month, and the asset quality continued to improve. In recent years, the company has achieved success in retail transformation. The proportion of non interest income of 1-3q21 has reached 29.58%, and the annual probability is expected to exceed 30%; 1-3q21 retail customers have reached 116 million, and it is expected to exceed 120 million in the whole year; 1-3q21 retail customer aum3 05 trillion. If q421 can maintain the growth rate in the first three quarters, it is expected to exceed 3.2 trillion in the whole year. The company also adheres to the continuous refinement and strengthening of public business. If the growth rate of public revenue in the first three quarters is maintained, it is expected to reach 34 billion yuan in the whole year.
Investment suggestion: according to the company's performance express, we reduced the company's credit impairment loss, and based on this, we raised the company's 2021-2023 profit forecast to 36.599 billion yuan, 47.365 billion yuan and 53.120 billion yuan, by 3%, 7% and 2%, maintaining the buy-b rating.
Risk tip: macroeconomic downturn leads to deterioration of asset quality, intensified industry competition, policy changes, etc.
