Zhangjiagang Bank (002839) Company Comments: Small and Micro Businesses Achieve Fruitful Profit Growth

15 May by admin

Zhangjiagang Bank (002839) Company Comments: Small and Micro Businesses Achieve Fruitful Profit Growth

Zhangjiagang Bank (002839) Company Comments: Small and Micro Businesses Achieve Fruitful Profit Growth

Event: On the evening of February 2, Zhangjiagang Bank disclosed its 19-year performance report and achieved 37 revenue in 19 years.

510,000 yuan, +25 year-on-year.

08%; net profit attributable to mother is 9.

5.2 billion, + 14% year-on-year; the average annualized ROE is expected to be 9.

2%, 0 per year.

19 pct; as of the end of 19 years, the total assets were 1232.

100 million, a year-on-year increase of + 8.

61%; Non-performing loan financing1.

37%, a decrease of 10 bp from the end of 18 years; provision coverage length of 245.

88%, up 22 units from the end of 18 years.

Opinion: Revenue is growing rapidly, and the growth rate of net profit attributable to mothers is increased by 19 years of revenue + 25.

1%, slightly up from 18 years (YoY + 24.

1%), a decrease of 5 compared with 3Q19.

12 pct, mainly a high base of 18Q4 (YoY + 48.

2%) led to a decline in revenue growth in 19Q4 (+12 compared to the same period last year).

1%); net profit attributable to mother + 14% year-on-year, unchanged from 3Q19, increased 4 in the previous 18 years.

6 pct.

Net interest margin remained high. Net interest margin decreased slightly from the previous quarter.

Its 3Q19 net interest margin is 2.

83%, a year-on-year increase of 25bp; a decrease of 2bp from the previous 1H19, mainly due to a slight increase in the interest-bearing resistance cost rate.

Subsidies for interest-bearing debt costs in the third quarter of 192.

35%, an increase of 8 bp from the previous 1H19.

As the industry deposit cost rate may continue to rise, the future net interest margin may decline slightly.

The asset-liability structure was optimized, and the micro- and micro-finance strategy further promoted the rapid 返回码: 500 网站打不开?重查 growth of deposits and loans.

This deposit was 907 at the end of 19 years.

9.8 billion yuan, a year-on-year increase of +14.

21%; the loan was 71.4 billion, a year-on-year increase of +18.

69%.

In the third quarter of 19, personal loans (mainly personal business loans) accounted for 33% of total loans.

71%, an increase of 3 from the end of 18 years.

38 units; 3Q19 loans have an annual growth rate of 47.

79% of the loans for corporate loans were 9.

79%; 1H19 loans accounted for 63% of new loans (earlier).

66%, 22 for corporate loans.

57%.

Increased loan write-offs, asset quality continued to improve, and the NPL ratio at the end of 19 decreased by 5BP to 1 from 3Q19.

37%, the lowest level since listing; 19Q3 concerned that the loan ratio fell 39bp to 3 from the previous month.

4%, mainly due to the increase in the write-off of non-performing loans, will focus on the downward migration of loans. Provision levels continued to increase.

The end of 19 years 245.

88%, an increase of 22 earlier.

03 pct; but down 9 from 3Q19.

86 pct, 19Q4 is expected to increase write-off efforts.

The loan-to-loan ratio is 3.

37%, 8 basis points higher than the beginning of the year and 26 basis points lower than 3Q19.

Investment suggestion: Small and micro businesses have achieved fruitful results, and the profit has grown faster. Zhangjiagang Bank’s 19-year revenue growth rate has remained at a high level, while the growth rate of its net profit has accelerated.

We forecast Zhangjiagang’s 20/21 revenue growth rate to be 18.

3% / 17%, giving it 1.

35 times the 20-year PB target estimate, corresponding to reaching 8.

35 yuan / share, which is about 52% of the current growth space, and maintain a “Buy” rating.

Risk warning: Asset quality deteriorates badly; retail transition is worse than expected.