\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 838 Bank Of Chengdu Co.Ltd(601838) )
Key investment points
Performance overview
2022q1 Bank Of Chengdu Co.Ltd(601838) net profit attributable to parent company increased by 28.8% year-on-year, and the growth rate decreased by 1.2pc compared with 2021a; The revenue increased by 17.6% year-on-year, and the growth rate decreased by 4.9pc compared with 2021a; Roe (annualized) was 18.3%, with a year-on-year increase of 2.0pc; ROA (annualized) was 1.07%, with a year-on-year increase of 9bp. The non-performing rate at the end of 2022q1 was 0.91%, which was 7 BP lower than that at the beginning of the year; The provision coverage rate was 436%, an increase of 33pc over the beginning of the year.
Operating characteristics
1. The profit keeps high growth. 2022q1 Bank Of Chengdu Co.Ltd(601838) net profit attributable to parent company increased by 29% year on year, revenue increased by 18% year on year, and profit maintained high growth. The profit growth rate in 2022q1 decreased 1pc slightly compared with that in 2021a. The main driving factors are as follows: ① in terms of supporting factors, thanks to excellent asset quality, the contribution of credit impairment to profit growth increased significantly; ② In terms of drag factors, the growth rate of interest bearing assets slowed down, the interest margin decreased, the growth rate of non interest income decreased, and the cost drag increased. Looking forward to the future, Bank Of Chengdu Co.Ltd(601838) profit is expected to maintain rapid growth thanks to the strong credit demand brought by the development of Chengdu Chongqing economic circle and solid asset quality.
2. Strong scale growth. 2022q1 Bank Of Chengdu Co.Ltd(601838) total assets increased by 9.0% over the beginning of the year, with a year-on-year increase of 17.4%, a slight decrease of 0.4pc over the end of 2021a, and the scale growth remained strong. Among them, the loan increased by 7.9% month on month and 33% year-on-year. From the perspective of main investment direction, it is speculated that it is mainly driven by infrastructure loans. 96% of the new loans in 2022q1 are invested in corporate loans. Looking forward to the future, Bank Of Chengdu Co.Ltd(601838) plan focuses on the development of industrial park construction, urban organic renewal, ecological environmental protection and other fields, which is expected to fully benefit from the construction of Chengdu Chongqing economic circle, and the scale is expected to maintain high growth and strongly support profitability.
3. The interest margin decreased month on month. The net interest rate at the end of the period is mainly attributable to the decrease of Q18 1 8 from Q18 8 at the end of the period, which is lower than that at the beginning of the period. ① Asset side: the return on assets in 2022q1 decreased by 20bp to 3.94% compared with 2021q4. It is speculated that the proportion of loans decreased. At the same time, 2022q1 loans are mainly invested in large-scale infrastructure projects, and the loan pricing decreased month on month. ② Debt side: the debt cost ratio of 2022q1 decreased 2bp to 2.24% compared with 2021q4, thanks to the increase in the proportion of deposits. Deposits in 2022q1 increased by 10.5% over the beginning of the year, 1.2pc faster than total liabilities.
4. The defects were significantly improved. At the end of 2022q1, the non-performing rate and attention rate were 0.91% and 0.45% respectively, which were 7 BP and 16 BP lower than that at the beginning of the year, both of which were the best level since listing, and the asset quality was significantly improved. In terms of provision, the provision coverage at the end of 2022q1 increased significantly by 33pc to 436% compared with the beginning of the year. Looking forward to the future, excellent asset quality and substantial provisions will lay a solid foundation for subsequent profit growth.
Profit forecast and valuation
Bank Of Chengdu Co.Ltd(601838) profits maintained high growth, scale growth was strong, and adverse effects were significantly improved. It is estimated that from 2022 to 2024, the net profit attributable to Bank Of Chengdu Co.Ltd(601838) parent company will increase by 30.18% / 20.14% / 20.19% year-on-year, corresponding to bps14 97 / 17.46/20.46 yuan shares. The current price corresponds to 1.06/0.91/0.78 times of Pb valuation. Raise the target valuation to pb1.2 in 202227 times, corresponding to the target price of 19.00 yuan / share, and the current price corresponds to pb1.00 yuan in 202206 times, 19% of the current price space.
Risk tip: macroeconomic stall and substantial exposure of adverse.
