\u3000\u3000 Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) (002839)
Key investment points
Performance overview
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the announcement of 2021 performance express: the net profit attributable to the parent company was + 29.8% year-on-year, and the growth rate was + 2.8pc month on month; Revenue + 10.8% year on year, growth rate + 0.1pc month on month; Roe was 11.0%, year-on-year + 1.9%; The non-performing rate was 0.95%, with a chain comparison of + 1bp, and the provision coverage rate was 480%, with a chain comparison of + 28pc.
High profit growth
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) in 2021, the net profit attributable to the parent company was + 29.8% year-on-year, and the growth rate was + 2.8pc month on month; Revenue was + 10.8% year-on-year, and the growth rate was + 0.1pc month on month. The profit growth rate is the second among the listed banks in the disclosed express, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the profit growth rate exceeds the market expectation. It is speculated that the main driving factors are the high growth of non interest income and the improvement of asset quality. Looking ahead, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) retail transformation and excellent asset quality will strongly support the performance.
Promotion of retail transformation
The proportion of Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) loans increased. At the end of 2021, loans increased by + 17.6% year-on-year, 3.2pc faster than total assets. Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the proportion of retail loans continued the trend of gradual increase since the mid-term report of 19 years. The proportion of personal loans increased by 3.6pc compared with the beginning of the year, and the proportion of personal operating loans increased by 2.4pc compared with the beginning of the year. Looking forward to the future, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the “two small strategies” will be promoted, and the effectiveness of retail transformation will be further demonstrated.
Provision for substantial thickening
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) at the end of 2021, the non-performing rate was 0.95%, slightly increased by 1bp month on month, and remained at a historical low; The provision coverage ratio increased by 28pc to 480% at a high level, the best level since listing. Looking forward to the future, excellent asset quality and sufficient provisions lay the foundation for the performance release of Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) .
Profit forecast and valuation
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) profits increased significantly, retail transformation was promoted, and the provision was significantly thickened. It is estimated that the growth rate of net profit attributable to parent company in 22-23 years will be 17.1% / 17.4%, corresponding to bps7.5% 45 / 8.19 yuan. The target price is raised to 7.45 yuan, corresponding to pb1.5 yuan in 22 years 00x。 The current price corresponds to 22 year pb0 82x, current price space 22%, buy rating.
Risk tip: macroeconomic stall and significant exposure of adverse.
