\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 919 Bank Of Jiangsu Co.Ltd(600919) )
The quarterly report was released on the evening of September 202y, with a revenue of 17.0 billion yuan; Net profit attributable to parent company: RMB 6.58 billion, yoy + 26%; The non-performing rate was 1.02%, the provision coverage rate was 330%, and the roe was 15.02%.
Revenue grew steadily and profits maintained high growth. As of 22q1, the year-on-year growth rate of revenue was -11.5pct month on month; Affected by the high base of 21q1, the year-on-year growth rate of net profit attributable to parent company was -4.7pct. In terms of year-on-year growth of revenue, the year-on-year growth rate of net interest income was -9.3pct, which was mainly affected by the slowdown of scale expansion; The growth rate of net handling fee income fell significantly. On the one hand, the year-on-year growth rate of 21q1 was as high as 48.3%. On the other hand, the stock market and bond market of 22q1 fluctuated greatly, many financial products broke the net, and product redemption put pressure on the middle income.
From the perspective of net profit contribution factor, the positive contribution of scale expansion decreased slightly. As of 22q1, the total assets increased by 10.4% year-on-year and -1.6pct month on month; The strength of provision back feeding profits is still strong; Under the low base effect of 21q1, the drag effect of tax is greatly weakened.
Both capital and negative sides made concerted efforts, and the net interest margin calculated in a single quarter rebounded. 22q1, the estimated net interest margin in a single quarter is 1.89%, which is + 9bp compared with the beginning of the year. From the perspective of splitting at both ends, the yield of interest bearing assets was + 4bp month on month, mainly due to the return of asset expansion to credit. The year-on-year growth rate of loan balance was ahead of that of total assets 5pct, in which corporate loans were the core driving force, and the net increase of individual loans and bill discount was negative; The cost ratio of interest bearing liabilities was – 4bp month on month, mainly due to the good growth of deposits. Since the end of 2020, the year-on-year growth rate exceeded the total liabilities for the first time, demonstrating a strong ability to absorb deposits, in which the incremental contribution to public and personal deposits was relatively balanced. The structural improvement at both ends of assets and liabilities is expected to continue to stabilize the net interest margin.
Asset quality continued to improve and provision coverage continued to rise. As of 22q1, the non-performing loan ratio was – 6BP month on month, which was the best level since listing. The attention rate and overdue rate decreased by 1bp and 4bp month on month. The asset quality is expected to further improve, boost the provision coverage rate by + 22.3pct month on month, and feed back sufficient profit space.
Investment suggestions: the net interest margin has stabilized and rebounded, the asset quality has been continuously optimized, the profit has maintained a high increase, the structure of assets and liabilities has been improved, and the measured net interest margin in a single quarter has rebounded. The negative growth of personal loans is a drag on the scale expansion, which is expected to improve the margin and improve the performance of the whole year; The continuous improvement of asset quality has led to a significant increase in provision coverage and sufficient profit space; Good fundamentals, strong willingness to convert superimposed convertible bonds into shares, and sufficient driving force for performance growth. It is estimated that the EPS of 22-24 years will be 1.68 yuan, 2.02 yuan and 2.49 yuan respectively. The closing price on April 28, 2022 corresponds to 0.6 times of 22 years Pb, maintaining the “recommended” rating.
Risk warning: macroeconomic growth rate is down; Frequent epidemic risks; Credit risk exposure.
