\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 166 Industrial Bank Co.Ltd(601166) )
Overall: net profit attributable to parent company increased by 15.62% year on year
In 2022q1, Industrial Bank Co.Ltd(601166) realized revenue / net profit attributable to parent company of 59.403 billion / 27.578 billion respectively, with a year-on-year increase of 6.72% / 15.62% respectively. In the revenue, the net interest income / handling fee and commission income / investment income were 37.775 billion / 13.316 billion / 6.751 billion respectively, with a year-on-year increase of 2.44% / 18.78% / – 11.60% respectively. The balance of various provisions in a single quarter was RMB 11.502 billion, a year-on-year decrease of 28%. The non annualized roe was 4.51%, with a year-on-year increase of 0.11 percentage points.
Asset negative matching: steady growth of loans
At the end of the reporting period, the total amount of loans reached 4629373 billion, a year-on-year increase of 10.9%. Among them, corporate loans / personal loans / bill discounting were 2407779 billion / 190.23 billion / 319294 billion respectively, with a year-on-year increase of 8.2% / 9.0% / 56.1% respectively.
The total deposits reached 4409552 billion, a year-on-year increase of 8.23%. Among them, demand deposits / time deposits were 1729440 billion / 2338908 billion respectively, with a year-on-year increase of 6.21% / 10.24% respectively.
Quality: asset quality remains excellent
At the end of the reporting period, the overall non-performing rate of the company was 1.10%, which was the same as that at the end of the previous year. The provision coverage rate was 268.89%, an increase of 0.16 percentage points over the end of the previous year.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 94.954107.694123.098 billion yuan respectively, with a year-on-year increase of 14.85% / 13.42% / 14.30%, and the corresponding EPS will be 4.44/5.05/5.79 yuan respectively. It is predicted that the reasonable valuation center is 827.8 billion, maintaining the “buy” rating.
Risk tips
The impact of the epidemic on the macro economy exceeded expectations.
