\u3000\u3000 Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) (601128)
Event: on January 11, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) released the performance express for 2021, with a revenue of 7.653 billion, yoy + 16.27% (+ 14.1pct); The net profit attributable to the parent company is 2.184 billion, yoy + 21.13% (+ 20.1pct); Roe was 11.58% (+ 124bp); The defect rate was 0.81% (- 15bp); The provision coverage rate is 531.98% (+ 46.65pct).
The acceleration of individual loan investment superimposed on the low base effect promoted the revenue growth rate of + 3.3pct and the parent net profit growth rate of + 2.1pct in 2021, and the marginal growth rate in a single quarter continued to rise, driving the bottom recovery of roe.
In 2021, the loan growth rate was 5.42pct ahead of the growth rate of total assets, and the contribution of personal operating loans increased by 2.94pct, showing the growth of micro loan model, promoting the optimization of asset structure, and is expected to continue to enjoy the interest margin premium.
The non-performing rate decreased by 15bp to 0.81% year-on-year, ranking at a low level of listed banks, driving the provision coverage to a new high since 2015, the asset quality continued to be optimized, and the high provision reserved space for the release of performance.
Investment suggestion: good performance growth, continuous development of personal loans, improvement of asset structure and higher quality. It is estimated that EPS in 22 / 23 years will be 0.95 yuan and 1.14 yuan respectively. The closing price on January 14, 2022 corresponds to 1.0 times of 21-year Pb, which is covered for the first time and given a “recommended” rating.
Risk tip: the downward pressure on the economy is increasing; The bad classification policy is becoming stricter; The supervision is stronger than expected.
