\u3000\u3000 Ping An Bank Co.Ltd(000001) (000001)
Summary of express: 1. The company's revenue maintained an upward trend, and the annual cumulative revenue increased by 10.3% year-on-year, basically in line with expectations. The upward growth of revenue side is expected to be mainly supported by non interest income, and the net interest income is expected to remain stable on the whole under the background of the decline of the company's risk appetite. Under the background of asset quality clearing, the credit cost decreased year-on-year, and the supporting performance increased by 25.6% year-on-year; The year-on-year growth rate of profit slowed down compared with the margin in the first to third quarters, mainly because the company took into account the macroeconomic situation, took precautions, enhanced risk resistance and increased the provision. 2. Deposits and loans grew strongly. The loan growth was strong, and the scale of new loans in the whole year far exceeded 20 years, which was better than the general trend of the industry. The annual new loans increased by 397.2 billion yuan, 54.1 billion more than the new scale in 20 years, and the credit growth was better than the general trend of the industry (the new scale of loans in the whole industry increased by 308 billion more than that in 20 years). The year-on-year increase in the scale of new deposits matches the year-on-year increase in the scale of new loans, indicating the improvement of the company's storage capacity. In the whole year of 21, the scale of new deposits increased by 288.7 billion, an increase of 52.5 billion over the same period last year, which basically matched the year-on-year increase in new loans; In the past 21 years, the industry as a whole had great pressure to attract deposits, and the company's new deposit performance was very beautiful, indicating the improvement of the ability to attract deposits. 3. The company's stock burden has been removed, and the superimposed risk appetite has decreased. It is expected that the new pressure on asset quality in the future will be limited. Non performing dimension: the non-performing balance and proportion have both decreased. The non-performing rate decreased by 3bp month on month to the low since 2014, which was 1.02%. Overdue dimension: the proportion of non-performing loans overdue for more than 60 days has increased slightly, but the total value is less than 100%, indicating that the company has strict recognition of non-performing loans, and loans overdue for more than 60 days are included in non-performing loans. Provision dimension: the company increased provision at Q4 margin, and the safety margin was further improved. The provision coverage rate was 288.4%, a significant increase of 20 percentage points month on month. At the same time, the loan allocation ratio was 2.94% and increased by 13bp month on month, indicating that the improvement of the company's provision coverage was mainly realized by provision provision, not write off.
Investment suggestion: the burden of the company's asset quality is removed. With the gradual progress of the new three-year goal of "reshaping asset liability operation", it is expected that the comprehensive income can achieve a steady upward trend. Company 2022e, 2023epb0 91X/0.82X； PE8. 15x / 7.12x (pb0.62x/0.56x; pe5.39x / 4.86x) of the joint-stock bank. Backed by the group's technology and comprehensive finance, the company has obvious advantages in the expansion of public and retail business. In the medium and long term, it is expected to transform into a high-quality bank. It is recommended that investors actively pay attention to its transformation.
Risk tip: the economic downturn exceeded expectations and the company's operation was less than expected.
