\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 169 Bank Of Beijing Co.Ltd(601169) )
Key investment points
Performance overview
22q1 Bank Of Beijing Co.Ltd(601169) net profit attributable to parent company increased by 6.6% year-on-year, and the growth rate increased by 3.1pc compared with 2021; The revenue growth rate was 2.1%, which was 1.0pc lower than that in 2021; Roe (annualized) was 13.3%, year-on-year -0.2pc; ROA (annualized) was 0.95%, with a year-on-year increase of 1bp. The non-performing rate at the beginning of the year was 169 and 169 at the end of the year; The provision coverage rate was 212%, up 1pc from the beginning of the year.
Profit growth picked up
① on the revenue side, the growth rate of 22q1 Bank Of Beijing Co.Ltd(601169) revenue was 2.1%, which was 1.0pc lower than that in 2021, mainly due to the slowdown of other non interest rate growth, and the growth rate of other non interest rate in 22q1 was 64pc to 23% lower than that in 21a. It is speculated that corporate bond investment is dominated by allocation disk, treasury bond interest rate is down, and other non interest rate growth is slow. ② On the profit side, the net profit of 22q1 Bank Of Beijing Co.Ltd(601169) attributable to the parent company increased by 6.6% year-on-year, and the growth rate increased by 3.1pc compared with that in 2021, mainly due to the increased contribution of asset impairment. The asset impairment loss of 22q1 decreased by – 15% year-on-year, an increase of 10pc compared with that in 21a.
Retail strategy promotion
① the proportion of retail revenue increased. The proportion of retail revenue in 21 years increased by 1.7pc to 28.1% compared with 21h1. ② The proportion of retail loans increased. At the end of 21, the proportion of personal loans in the total loans increased 2pc to 35% compared with that at the end of 21h1. In the increment of personal loan balance in 21 years, the proportion of personal business loans and personal consumption reached 71%. ③ In terms of wealth management: the medium income in 22q1 increased by 36% year-on-year, 42pc higher than that in 21 years; AUM grew rapidly. At the end of 22q1, the year-on-year growth rate of Bank Of Beijing Co.Ltd(601169) AUM exceeded 14.9%, about 0.7pc higher than that at the end of 21. At the same time, it was noted that the balance of insurance sold by the company on a commission basis and private equity fund increased by 16% and 35% respectively compared with that at the beginning of the year; The number of private bank customers increased rapidly, with a single quarter increase of 800 in 22q1, more than twice that of the same period last year. Looking forward to the future, the rapid development of the company’s retail business will support the growth of the company’s revenue.
Stable asset quality
① NPL: 22q1 Bank Of Beijing Co.Ltd(601169) NPL ratio is 1.44%, unchanged from the beginning of the year. In terms of forward-looking indicators, the concern rate at the end of 21 increased by 52bp to 1.48% compared with that at the end of 21h1, the overdue rate increased by 19bp to 1.75% compared with that at the end of 21h1, and the pressure of non-performing products increased. Considering the strict recognition of non-performing assets, the overdue 90 + deviation degree at the end of 21 decreased by 18 PC to 64% compared with that at the end of 21h1. The intensity of non-performing assets disposal increased, and the asset quality will continue to be consolidated. ② Provision: the coverage rate of Bank Of Beijing Co.Ltd(601169) provision at the end of 22q1 was 212%, an increase of 1pc over the beginning of the year, maintaining a good risk offset capacity.
Profit forecast and valuation
Bank Of Beijing Co.Ltd(601169) profit growth picked up, retail strategy was promoted, and asset quality was stable. It is estimated that the net profit attributable to Bank Of Beijing Co.Ltd(601169) parent company from 2022 to 2024 will increase by 8.3% / 8.9% / 9.2% year-on-year, corresponding to bps11 03 / 11.91/12.87 yuan. Maintain the target price of 6.16 yuan, corresponding to 0.56 times Pb in 2022. The current price corresponds to pb0.00 in 202241 times, 35% of the current price space.
Risk tip: macroeconomic stall and sharp outbreak of adverse.
