KuaiBao summary: 1, Zijin Bank semi-annual performance growth: cumulative revenue increased by 2.6% year-on-year, net profit increased by 10.0%. The revenue side achieved cumulative year-on-year growth of 2.6%: the company's cumulative revenue growth rate narrowed slightly from 3.4% in the first quarter, and the overall growth rate remained stable. Profits increased by 10.0% year-on-year, and the growth rate was basically the same as the previous year (VS 1Q22 rose 10.5% year-on-year). The growth rate of net profit in 22 years has been maintained at more than 10%. 1Q22-1H22 accumulated revenue, operating profit and homed net profit increased by 3.4%, 2.6%, 16.8%, 14.2%, 10.5% and 10.0% respectively compared with the same period last year. 2. Affected by the epidemic, the increase in credit was less than that in the same period last year, and the overall increase in the first half of the year was the same as that of last year.
Asset side: year-on-year growth rate, credit growth far exceeds the total asset growth rate. Total assets were-0.2% year-on-year, total loans increased 14.7% year-on-year, and loans accounted for total assets rose 2.2 points to 67.9% compared with 1Q22. Credit increment. In the second quarter alone, new loans totaled 4.61 billion yuan, which is expected to be affected by the epidemic, an increase of 2.72 billion less than that of the same period last year. New loans increased by 14.26 billion in the first half of the year, basically the same as the same period last year (13.85 billion in the first half of 21). The growth of deposits on the debt side in the second quarter is better than that in the same period last year: year-on-year growth, deposit growth is higher than the total debt growth. Total debt was-0.8% year-on-year, and total deposits increased by 14.5% year-on-year. Deposit increment. Deposits increased by 2.43 billion in the second quarter alone, an increase of 10.03 billion over the same period last year. Deposits increased by 20.83 billion in the first half of the year, an increase of 14.35 billion over the same period last year. 3. The month-on-month ratio of asset quality has been significantly improved, the defect rate has decreased 15bp:1, and the bad dimension-- the month-on-month ratio has greatly improved. The defective rate of 1H22 is 1.20%, and the downlink 15bp is the best level in recent years. 2. The dimension of provision-the ability of risk offset is further improved. The 1H22 provision coverage rate was 261.56%, an increase of 20.25% from the previous month, and the loan ratio was 3.14%, a decrease of 13bp from the previous month.
Investment advice: the company has high growth and low valuation. Company 2022E, 2023E PB 0.60X 6.35X/5.63X 0.55X 6.35X/5.63X (Agricultural Commercial Bank PB 0.67X Universe 0.61X 6.36X/6.59X), the company deeply ploughs the native land of Nanjing, adheres to the market orientation of "serving agriculture, rural areas and farmers, serving small and medium-sized enterprises, serving urban and rural areas", and goes deep into the process of urbanization in Nanjing through channels. Over the past 17 years, the company's business has gradually returned to its origin, the cost-side cost management and control ability is good, the regional economic vitality in Nanjing is strong, and the asset quality is stable and good.
Note: according to the performance of H1 KuaiBao, we fine-tune the profit forecast. The revenue of 2022E and 2023E is expected to be 4.92 billion and 6.093 billion respectively (the previous value is 4.758 billion and 5.384 billion), and the net profit is 1.608 billion and 1.814 billion respectively (the previous value is 1.669 billion and 1.858 billion).
Risk hint: the economic downturn is higher than expected, and the company's operation is not as expected.