\u3000\u3000 Bank Of Qingdao Co.Ltd(002948) (002948)
Summary of express: 1. The annual revenue turned positive, and the net profit attributable to the parent increased by 22.1% year-on-year. In 21 years, the company’s revenue growth continued to rise and turned to positive growth throughout the year. At the same time, the provision provision remained stable, the increase of net profit was less than that of revenue, and the net profit attributable to the parent increased by 22.1% year-on-year. 2. Loans maintained a strong growth rate, with a month on month increase of 1.0% and a year-on-year increase of 18.1%; The growth rate of deposits widened and the debt structure was optimized. Deposit 4q increased by 7.0% month on month, with a year-on-year growth rate of 15.2%. The total liabilities of the whole year increased by 14.0% year-on-year, the proportion of deposits in total liabilities increased by 1.9pct to 64.1%, and the debt structure continued to be optimized. 3. Asset quality improved significantly month on month, and the margin of risk offset ability increased. The non-performing rate fell 13bp to 1.34% month on month, the best level since the end of 2017, and the stock risk continued to be resolved. The coverage rate was 197.4% in 2021, 16.9pct higher than 3Q. The loan allocation ratio was 2.65%, unchanged month on month.
Investment suggestion: the company’s current 2021e and 2022e Pb is 0.82x/0.74x; PE8. 22x / 5.79x (City Commercial Bank Pb 0.81x/0.72x; PE 7.04x / 6.25x). Based in Qingdao and rooted in Shandong, the company has a high-quality and diversified shareholder structure. Senior executives are selected through market-oriented employment, and have profound industry cognition and market-oriented management concept. With the steady progress of the company’s “interface bank” strategy, the asset liability structure is continuously optimized, and the performance has a good foundation for bottom recovery and development. It is recommended to pay attention to it.
Note: according to the performance express, we fine tune the profit forecast and predict that the revenue and net profit attributable to the parent company in 2022-2023 will be 13.691/15.732 billion and 3.461/39.11 billion (the previous values were 13.378/15.348 billion and 3.222/3.619 billion).
Risk tip: the macro economy is facing downward pressure, and the bank’s operating performance is lower than expected.
