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.
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.
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.
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.