\u3000\u3000 Ping An Bank Co.Ltd(000001) (000001)
The event company released the 2021 annual performance express.
The growth rate of revenue expanded and the growth rate of net profit narrowed due to the impact of excessive provision. In 2021, the company realized an operating revenue of RMB 169.383 billion, a year-on-year increase of 10.3%; The net profit attributable to the parent company was 36.336 billion yuan, a year-on-year increase of 25.6%; The annualized weighted average roe 10 85%, a year-on-year increase of 1.27 percentage points; The basic EPS was 1.73 yuan, a year-on-year increase of 23.6%. The growth rate of the company's revenue continued to rise, and the growth rate of net profit narrowed compared with the first three quarters, which was mainly affected by the increase of provision provision, and the overall performance was stable.
Steady and high growth of credit, structural optimization, steady and high growth of asset side credit and structural optimization. By the end of 2021, the total assets of the company were 4921.38 billion yuan, an increase of 10.1% over the end of 2020, of which the total principal of loans and advances was 3063.448 billion yuan, an increase of 14.9% over the end of 2020, accounting for 62.25% of the total assets, a year-on-year increase of 2.6 percentage points. Deposits on the liability side grew steadily, accounting for more than 60% of total liabilities. By the end of 2021, the company's total liabilities were 4525.932 billion yuan, an increase of 10.3% over the end of 2020, of which the principal of deposits was 2961.819 billion yuan, an increase of 10.8% over the end of 2020, accounting for 65.44% of the total liabilities, an increase of 0.29 percentage points year-on-year.
The asset quality was consolidated, and the provision coverage rate rebounded significantly. By the end of 2021, the company's non-performing loan ratio was 1.02%, down 0.16% and 0.03% respectively compared with the end of 2020 and the end of September 2021; The deviation of loans overdue for more than 60 days was 0.85, a decrease of 0.07 compared with the end of 2020. The increased recognition of non-performing assets indicates the continuous optimization of the company's asset quality. At the same time, the provision coverage of the company has been greatly improved, which helps to further consolidate the asset quality and further respond. By the end of 2021, the company's provision coverage rate was 288.42%, an increase of 87.02 and 21.47 percentage points over the end of 2020 and the end of September 2021.
The investment suggestion company relies on Ping An Insurance (Group) Company Of China Ltd(601318) and continues to benefit from the group's "Finance + ecology" strategy, with outstanding comprehensive financial advantages; Adhere to the strategic policy of "science and technology leading, retail breakthrough and corporate excellence", actively build the "3 + 2 + 1" business strategy of retail business, corporate business and capital interbank business, continue to deepen science and technology empowerment, and promote the transformation to "digital bank, ecological bank and platform bank"; Steady growth on the asset side, structural optimization, favorable interest margin stabilization; The contribution of China income is leading in the industry, and the development trend of wealth management is good, which helps to thicken the profit space; The asset quality was optimized, the non-performing recognition criteria were strict, and the risk offset ability was enhanced. In combination with the company's fundamentals and stock price elasticity, we maintain the "recommended" rating, bvps18 from 2022 to 2023 72 / 21.04 yuan, corresponding to pb0.00 yuan from 2022 to 2023 91X/0.81X。
The risk indicates that the macroeconomic growth is lower than expected, resulting in the risk of deterioration of asset quality.
