\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 838 Bank Of Chengdu Co.Ltd(601838) )
The performance continues to be released at a high level, and roe has an obvious leading edge
The company disclosed in the 2021 annual report that the annual revenue and net profit attributable to the parent company increased by 22.54% and 29.98% respectively year-on-year, and the compound growth rate of performance in the past two years reached 18.77%, which was only slightly lower than 19.38% of Bank Of Ningbo Co.Ltd(002142) . In addition, the company disclosed that in the first quarter report of 2022, the revenue and net profit attributable to the parent company increased by 17.65% and 28.83% respectively year-on-year, and the compound growth rate of performance in recent three years reached 19.30%, showing a sustained high profit release level. According to the split of 22q1 revenue, the net interest income increased by 19.43% year-on-year, mainly due to the rapid expansion of interest bearing assets, and the net income of handling fees and commissions in non interest income increased by 28.99% year-on-year, also maintaining a good growth level.
The weighted average roe of the company in 2021 and 22q1 reached 17.60% and 18.32% respectively, ranking first among listed banks and first among comparable peers with disclosed data, showing strong profitability.
The credit supply is booming, and the company continues to increase its weight
In 2021, the company's net interest margin was 2.13%, a year-on-year decline, mainly due to the 14bp decline in loan interest rate. However, the rapid growth of credit supply hedged the impact of the decline in pricing. The total amount of loans at the end of Q4 was much higher than that at the end of Q4, with a year-on-year increase of 2137%. 22q1 company's loan balance continued to maintain high growth, with a year-on-year growth rate of 33.41% at the end of the period, of which the balance of corporate loans increased by 38.91% year-on-year, showing the strong credit demand in the region and the company's rich project reserves.
From the perspective of credit supply structure, the company has prominent focus and distinctive characteristics. At the end of 21q4, the balance of infrastructure loans increased by 54.43% year-on-year, accounting for 43.53% of the total loans. At the same time, credit was increased in strategic emerging industrial clusters, industrial Internet, advanced manufacturing and other fields. At the end of 21q4, the balance of manufacturing loans increased by 43.90% year-on-year. In terms of retail loans, the growth rate of individual housing mortgage investment slowed down, and the loan balance at the end of 21q4 increased by 16.44% year-on-year, accounting for 21.88% of the total loans.
The quality of assets has been continuously consolidated, and the public non-performing assets have been optimized almost across the board
The non-performing rates at the end of 21q4 and 22q1 were 0.98% and 0.91% respectively, which continued to maintain a low level, while the proportion of concerned loans was 0.61% and 0.45% respectively, which fell significantly. The total has fallen to 1.36%, the lowest level in history. By industry, the non-performing rate of public real estate increased to 1.18% at the end of 21q4, which remains low. It is mainly affected by the credit risk exposure of the industry. Such loans account for only 6% of the total loans, and the overall impact is controllable. The non-performing rate of other public industries declined across the board. Under the compaction of asset quality, the company's provision thickness continued to increase, reaching 435.69% at the end of 22q1, an increase of 102.78pct in the past year.
Investment suggestion: benefit from the construction of Chengdu Chongqing double circle, with high growth and distinctive characteristics
The company takes root in Chengdu, one of the twin engines of southwest economy, and will fully enjoy the policy dividends of the construction of Chengdu Chongqing economic circle. The short-term infrastructure will support the high growth of corporate credit. In the medium and long term, the improvement of regional economic activity will give birth to more vigorous financial demand, and the high growth of the company is becoming more and more obvious. At present, the company's 8 billion yuan convertible bonds have been issued and listed, and the static calculation can supplement the core tier 1 capital adequacy ratio of 1.36 PCT. At the same time, the release of high-level profits has also strengthened the endogenous growth of capital and supplemented capital ammunition for credit growth. We are optimistic about the growth of the company's performance and adjust the year-on-year growth rate of net profit attributable to the parent company from 2022 to 2024 from 22.03%, 20.04% and 18.38% to 29.89%, 23.54% and 20.60%. At present, the company's Pb (LF) is 1.34 times, raising the target Pb in 2022 to 1.5 times, corresponding to the target price of 22.07 yuan, maintaining the "buy" rating.
Risk warning: the epidemic situation is repeated, the credit demand is insufficient, the credit risk fluctuates, and the Aum growth is less than expected
