\u3000\u3000 Bank Of Qingdao Co.Ltd(002948) (002948)
Event:
On January 12, Bank Of Qingdao Co.Ltd(002948) released the performance express for 2021. In 2021, it realized an operating revenue of 11.136 billion yuan, a year-on-year increase of 5.65%, and a net profit attributable to the parent company of 2.923 billion yuan, a year-on-year increase of 22.08%. On the same day, the company issued an announcement on the results of the placement and issuance of a shares. According to the placement of 3 shares for every 10 shares, 782 million shares were effectively subscribed, accounting for 94.87% of the placeable shares. The placement price was 3.20 yuan / share, and the subscription amount was 2.502 billion yuan.
Comments:
The year-on-year growth rate of revenue turned positive, and the growth rate of revenue and profit was higher than that of 1-3q. The year-on-year growth rates of Bank Of Qingdao Co.Ltd(002948) revenue and net profit attributable to parent company in 2021 were 5.65% and 22.08% respectively, which were 8.40 and 1.62pct higher than that of 1-3q respectively, and the year-on-year growth rate of revenue was significantly improved month on month. In Q4 of 2021, the year-on-year growth rates of revenue and net profit attributable to parent company were 38.99% and 30.52% respectively, and the growth rates increased by 16.46pct and 0.43pct respectively month on month.
The asset side maintained a high growth rate, and the proportion of deposits increased steadily. At the end of 2021, Bank Of Qingdao Co.Ltd(002948) total assets and loans increased by 13.6% and 18.1% year-on-year respectively, 0.6pct and 1.9pct higher than that at the end of 3q. In the second half of 2021, when the macroeconomic downward pressure is great, the loan growth rate still improves month on month, showing a strong ability of credit supply and customer group operation. At the end of 2021, loans accounted for 46.8% of total assets, a slight decrease of 1.2pct compared with the end of 3q, and the asset structure of the whole year was generally stable. On the liability side, by the end of 2021, the year-on-year growth rates of total liabilities and deposits were 14.0% and 15.2% respectively, and the proportion of deposits increased by 2 percentage points quarter on quarter to 64.13%.
The non-performing rate decreased significantly by 13bp quarter on quarter, the provision coverage rate rose to 197.4%, and the asset quality was significantly improved. Bank Of Qingdao Co.Ltd(002948) continue to strengthen asset quality control and collection of non-performing assets. By the end of 2021, the non-performing loan ratio had decreased by 13bp quarter on quarter to 1.34%; The provision coverage rate was 197.4%, with a quarter on quarter increase of 16.9pct.
Earnings forecast, valuation and rating. In recent years Bank Of Qingdao Co.Ltd(002948) has maintained a good credit growth rate. Urban commercial banks have arranged financial management subsidiaries earlier. At the same time, the asset quality has been continuously consolidated. With the smooth implementation of the share allotment scheme, the core Tier-1 capital has been effectively supplemented to further consolidate the foundation for asset side expansion. Maintain the profit forecast for 2021-2023, and in combination with the share allotment at the beginning of 2022 (the previous report predicted that the landing time of the share allotment was the end of 2021, calculated according to the simulation of 100% share allotment; the actual landing time was the beginning of 2022, the proportion of A-Shares was 94.87%, and the H shares were fully underwritten), raise the EPS forecast for 2021 to 0.64 yuan (+ 30.0%), and maintain the EPS for 2022-23 to 0.55/0.63 yuan, The corresponding Pb valuation of the current stock price is 0.82/0.92/0.84 times respectively, maintaining the “buy” rating.
Risk tip: if the downward pressure on the economy increases, it may affect the effective credit demand; On January 17, the company will lift the ban on 2.047 billion circulating shares, accounting for a relatively high proportion, which may disturb the market.
