\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 169 Bank Of Beijing Co.Ltd(601169) )
Marginal improvement of performance growth rate and improvement of profitability
The company disclosed that in the 2021 annual report and the first quarterly report of 2022, the operating revenue increased by 3.07% and 2.07% year-on-year respectively, the net profit attributable to the parent increased by 3.45% and 6.60% year-on-year respectively, and the weighted average roe was 10.29% and 13.32% respectively. On the basis of relatively stable year-on-year growth of revenue, the marginal level of year-on-year growth of performance has improved, and the profitability has further improved.
The credit supply was accelerated and the structure was continuously optimized
The net interest margin in 2021 was 1.83%, a slight decrease of 1bp compared with the first half of the year. From the perspective of credit supply, while maintaining steady growth in the total amount of loans, the structure continues to be optimized. In 2021, the new loan was 105517 billion yuan, the ending balance increased by 6.73% year-on-year, and further increased to 7.31% at the end of 22q1. The credit supply remained expanding. In terms of structure, the trend of new loans to retail is obvious. In 2021, retail loans increased by 80.817 billion yuan, and the ending balance increased by 15.9% year-on-year, accounting for 35.18% of the total loans.
In retail credit, personal business loans and consumer loans increased by 20.53% and 57.50% year-on-year at the end of 21q4, and the total new loans accounted for 72.1% of the increment of retail loans. The rapid growth of high-yield retail loans helps to support asset side pricing and maintain a certain toughness of net interest margin.
On the liability side, the company continued to promote the growth of low-cost core deposits. At the end of 22q1, the total deposit increased by 9% year-on-year, significantly higher than the expansion speed of the liability side, and the proportion in the total liability increased to 64.95%.
Wealth management efforts, retail AUM high-quality growth
In 2021, the company's wealth management business revenue increased by 81.7% year-on-year, showing a bright performance. At the end of 21q4, retail AUM reached 884.5 billion yuan, with a year-on-year increase of 14.2%, the highest growth rate in recent three years. Among them, AUM of private banks reached 140.8 billion yuan, a year-on-year increase of 19.35%. At the end of 22q1, the company's retail AUM further increased to 923.1 billion yuan, with a year-on-year increase of more than 120 billion yuan. The number of private bank customers exceeded 12000, with a single quarter increase of more than twice that of the same period last year.
The overall quality of assets is stable, and the identification of non-performing assets is becoming stricter
The non-performing rate of the company at the end of 21q4 and 22q1 was 1.44%, which was the same as that at the end of 21q3. The concern rate and overdue rate at the end of 21q4 increased by 52bp and 18bp to 1.48% and 1.75% compared with that at the end of 21q2, and the potential adverse pressure increased slightly. However, the company continued to increase the recognition of non-performing loans. At the end of 21q4, loans overdue for more than 90 days accounted for 64.04% of non-performing loans, down 18.37pct from the end of 21q2. In addition, at the end of 22q1, the company's provision coverage increased by 1.28pct to 211.50% month on month, and the risk offset capacity was consolidated.
Investment suggestion: Retail transformation has achieved initial results, and the profit contribution is expected to continue to improve
The company continued to strengthen the positioning of serving the capital, increased the support of supporting measures for retail strategic transformation, and gradually achieved remarkable transformation results. Among them, retail transformation takes retail loans, wealth management and credit cards as the three engines, accelerates the construction of a big wealth management platform, and makes every effort to accelerate the development of retail banks. With the in-depth promotion of retail transformation, the profitability of the company is expected to continue to improve. It is expected that the net profit attributable to the parent company will increase by 8.98%, 10.98% and 11.76% year-on-year from 2022 to 2024. At present, the company's Pb (LF) is 0.44 times, giving a target Pb of 0.5 times in 2022, corresponding to the target price of 5.56 yuan, maintaining the "overweight" rating.
Risk warning: macroeconomic downturn, repeated epidemics, insufficient credit demand and credit risk fluctuation
