\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 838 Bank Of Chengdu Co.Ltd(601838) )
Event: on April 27, the company released its 2021 annual report and 22q1 financial report. The revenue in 2021 was 17.89 billion yuan, yoy + 22.5%; Net profit attributable to parent company: 7.83 billion yuan, yoy + 29.9%; ROE17. 6%。 22q1 revenue yoy + 17.7%, net profit attributable to parent company yoy + 28.8%; The non-performing rate was 0.91%, and the provision coverage rate was 436%.
The performance maintained a high boom, and the net interest income continued to grow well. Affected by the high base of 21q1, the year-on-year growth rate of revenue in 22q1 was -4.9pct, and the year-on-year growth rate of net profit attributable to parent was -1.2pct, but it was still at a high level. In terms of year-on-year growth of revenue, net interest income maintained rapid growth supported by scale expansion, but fell slightly by 2.5pct month on month, mainly due to the narrowing of net interest margin; The growth rate of net handling charges and other non interest income has declined. The former is expected to be affected by the double impact of the high base and the slowdown of 22q1 agency business income (product redemption caused by the fluctuation of the net value of financial products). In a single quarter, the year-on-year growth rate of 22q1 revenue was + 3.8pct month on month, and the prosperity rebounded. From the perspective of net profit contribution factor, scale expansion is the cornerstone. As of 22q1, the year-on-year growth rate of total assets was 17.4%, which has further improved the positive pulling effect on profits, and the provision back feeding profits has also been significantly enhanced.
“Stabilizing deposits and expanding assets” has achieved remarkable results. Loans continued to grow strongly. As of 22q1, the year-on-year growth rate was as high as 38.8%, with a month on month increase of + 1.7pct. Among them, public loans contributed 96% of the net increment of 22q1, highlighting the strong financing demand in the region, or partially benefiting from the large impact of the commencement of key projects; The deposit advantage was further consolidated, with a year-on-year growth rate of 22.5% and a month on month growth rate of + 0.2pct, of which 42.8% of the net increase was contributed by individuals on a regular basis, partly from the capital inflow from the redemption of financial products, which is also the embodiment of the effect of the transformation of large retail.
It is estimated that the net interest margin has dropped in a single quarter, and it is expected to stabilize and improve under the improvement of asset and negative structure. In 2021, the net interest margin rebounded compared with 21q3 + 11bp. However, according to the calculation of the net interest margin in a single quarter, 22q1 fell by 20bp month on month, of which the yield of interest bearing assets was – 22bp month on month, which was the main drag factor, and the cost rate of interest bearing liabilities remained stable. 22q1 has strong statement expansion and good structure, in which the year-on-year growth rate of loans leads the total assets by 21.4pct and deposits lead the total liabilities by 4.9pct. The structure at both ends of assets and liabilities is optimized to jointly support the stability and improvement of net interest margin.
The non-performing rate decreased significantly and the provision coverage increased significantly. On the basis of the sharp decline of 39bp in 2021, the non-performing rate continued to decline by 7bp in 22q1, the optimization of asset quality by low-risk and high expansion strategy continued to appear, and the attention rate and overdue rate decreased in varying degrees, indicating that the asset quality was substantially consolidated and the trend for the better was obvious; The non-performing rate decreased significantly, boosting the 22q1 provision coverage rate by + 32.8pct month on month, and the ability to feed back profits was further enhanced.
Investment suggestion: the credit supply is strong, and the non-performing loans have decreased significantly
Net interest income stabilized the basic price of revenue; The region welcomes the period of major development opportunities, helps the company’s credit growth rise again, supports the annual performance, and the high expansion logic has been verified; Under the transformation of large retail, personal savings maintained a high growth and consolidated the advantages of deposits; Both deposits and loans are booming, and the net interest margin is stable and good; Under the strategy of low risk and high expansion, the report cleanliness is further improved. It is estimated that the EPS of 22-24 years will be 2.43 yuan, 2.97 yuan and 3.67 yuan respectively. The closing price on April 27, 2022 corresponds to 1.1 times of 22 years Pb, maintaining the “recommended” rating.
Risk warning: macroeconomic growth rate is down; Frequent epidemic risks; Credit risk exposure.
