\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 009 Bank Of Nanjing Co.Ltd(601009) )
The largest shareholder of the company increased its shareholding by 2.33% and promised not to transfer within 5 years, reflecting its firm confidence in the future development prospect of the company. BNP Paribas is the single largest shareholder of the company. By the end of March 2022, BNP Paribas and those acting in concert held Bank Of Nanjing Co.Ltd(601009) 14.97% in total. After this increase, BNP Paribas and QFII increased their shareholding to 2.33%. Among them, Bank of Paris (QFII) has increased its holdings by 0.91% with its own funds before 3q21, while Bank of Paris increased its holdings by 1.42% (May 17, 2022) by converting convertible bonds into shares. Although this increase does not involve incremental funds, it reflects the firm confidence of the major shareholders in the follow-up development of Bank Of Nanjing Co.Ltd(601009) project.
Other major shareholders have also increased their holdings since the beginning of the year. At present, the company has formed a balanced and scientific mixed ownership ownership ownership structure. 1. Zijin investment and its holding company under Nanjing SASAC have increased their holdings by 1.81% since the beginning of the year. According to the first quarterly report of the company, Zijin investment, the second largest shareholder of the company, increased its holdings by 0.69% to 12.61% compared with the beginning of the year, and its holding company Zijin trust newly held 1.12%, with a total shareholding ratio of 13.68%. At present, Zijin investment (including Zijin trust), Nanjing Gaoke Company Limited(600064) , and Nanjing state-owned assets investment under the state owned assets supervision and Administration Commission of Nanjing are persons acting in concert, holding 24.8% of the company in total. 2. The shareholding limit of Jiangsu traffic control under state-owned assets of Jiangsu Province was expanded to 15%. According to the company’s announcement on April 22, the Jiangsu regulatory bureau of China Banking and Insurance Regulatory Commission has agreed to the shareholder qualification of transportation holdings, and the shareholding limit has been adjusted to 15%. By the end of March 2022, Jiangsu traffic control held 9.98% of the company’s shares.
Bank Of Nanjing Co.Ltd(601009) fundamentals are sound and excellent, and the establishment of Xiaojin company and network has further opened the growth pole of subsequent scale expansion of the company Bank Of Nanjing Co.Ltd(601009) performance was stable, net profit increased by more than 20% for three consecutive quarters, and asset quality remained at an excellent level. Looking back, on the one hand, after the acquisition of 41% equity of Suning consumer finance by the company is approved by the regulator, the company will obtain the controlling right of consumer finance company, which can make up for the short board of the license, break the restrictions on business areas and promote the retail transformation of the company. On the other hand, the company plans to add 100 outlets by 2023, including 47 in 2022. At present, the 15 newly established sub branches in 21 years have made incremental contributions to the company’s deposit and loan. It is expected that with the subsequent laying of outlets, the company will usher in the bank’s deposit and loan growth pole.
Investment suggestion: the company is steady and upward, which is the gold stock we recommended at the beginning of the year. We will continue to recommend it. 1. The company has high roe and attractive valuation: 2022e and 2023e Pb 0.90x/0.80x; PE6. 03x / 5.11x (City Commercial Bank Pb 0.70X / 0.62x; PE 5.73x / 5.05x). The company has sound fundamentals and strong profitability, with net profit of 20% + high growth, and stable and excellent asset quality; 2. Sustainable and steady development in the future can be expected: Bank Of Nanjing Co.Ltd(601009) excellent management and developed regional economy; The bank is promoting the strategic transformation of its large retail and trading banks; Sub branches in Jiangsu Province accelerated the layout of outlets and formed new growth points for new deposits and loans. In 21 years, the company issued 20 billion convertible bonds. It is expected that the performance of the next quarter will maintain a steady and high growth, and continue to be recommended.
Risk tip: the macro economy is facing downward pressure, the company’s deposit competition is facing pressure, and the operating performance is less than expected.
