China Merchants Bank: 2021 performance Express, net profit increased by 23.2% year-on-year

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China Merchants Bank: 2021 performance Express, net profit increased by 23.2% year-on-year

2022-01-15 12:05:55 8 ℃

[Overview]

On January 14th, China Merchants Bank (600036.sh) announced the 2021 year-of-year performance, the Group achieved operating income of 33.1234 billion yuan, an increase of 40.752 billion yuan, an increase of 14.03%; the total profit was 148.159 billion yuan, an increase of 25.719 billion yuan, an increase 21.01%;

The net profit attributable to the company shareholder is 119.992 billion yuan, an increase of 22.58 billion yuan, an increase of 23.20%; after deducting non-recurring profit and loss, net profit belonging to the company shareholder is 119.43 billion yuan, a year-on-year increase of 22.90%.

As of December 31, 2021, the total amount of the group's assets was 927.266 billion yuan, an increase of 91.1212 billion yuan from the end of the previous year, an increase of 10.90%;

The total amount of debt is 840.877 billion yuan, an increase of 77.783 billion yuan in the last year, an increase of 10.14%; non-performing lending rate is 0.91%, down 0.16 percentage points from the end of the previous year; the provision coverage is 441.34%, increased by 3.66 percentage points from the last year; loan provision The rate is 4.03%, which reduces 0.64 percentage points from the end of the previous year.

Interpretation]

China Merchants Bank's performance is basically in line with institutional expectations. At present, many institutions believe that the fundamentals of the banking industry are continuous improvement.

About China Merchants Bank's recent institutional predicts from Galaxy Securities on December 30, it believes that China Merchants Bank's return of net profit can reach 118.386 billion yuan. After disclosure of China Merchants Bank, the most optimistic forecast from BOC Securities, China Merchants Bank's 2021 return of net profit can reach 13.2078 billion yuan.

In the end, China Merchants Bank 2021 returned to the post-profit of 119.922 billion yuan, in accordance with the institutional expectations.

Guangfa Securities believes that with the gradual strength of wide fiscal wide credit policy, the expectation of the economic step into the recovery channel is increased, and the banking industry is expected to rise synchronously. The market market is expected to return equilibrium, and the sector is expected to increase.

At the same time, considering the current sector valuation and public fund configuration positions in the bottom interval, the valuation has the power and space of repair, and continues to optimize the chance of the bank sector configuration. The differentiation of individual shares is expected to increase, and the spread of interest is the first to improve, and the asset quality and excellent provisioning levels have strong sense of determinism, and more flexible.

Liao Zhiming, chief analyst of China Merchants Securities, said that the factors of the compression bank valuation are obviously relieved; the steady growth is increased, and the economic expectation will also support bank valuation.

Shenghe resources

[Popular]

On January 14th, Shenghe Resources (600392.sh) announced that the purity of 1050 million yuan is expected to increase by 225 billion yuan to 271% year-on-year, with a decreasing performance to pre-increased 1323% -1532%. Affected by factors such as market supply and demand, the price of rare earth products rose year-on-year.

[Popular]

Shenghe resources main products include rare earth concentrate, rare earth oxide, rare earth compound, rare earth metal, rare earth metallurgical materials, rare earth catalytic materials, zircon sand, titanium concentrate, rutile, etc., widely used in new energy, new materials, energy saving and environmental protection , Aerospace, military, electronic information and other fields.

Interpretation]

Shenghe resource performance notice is in accordance with the institutional expectations, and the agency generally optimistic about the rare earth industry will have long-term boom.

Recently, the agency's returned value in the 2021, 2021, is 1.17 billion, Shenghe resource announcement is expected to be 1050 million yuan to 1.2 billion yuan in 2021, and the institutional prediction is similar.

Looking back, the wind security said: rare earth prices have skyrocketed 2011-2012, 2017, 2017, three rounds of three rounds, 2020 Q4, rare earth prices have fluctuated up and sustainable.

Northeast Securities said that long-term perspective, rare earth is at the beginning of the new era of supply and demand, and the estimated system reconstruction. Rare Earth Future is expected to renew the logic of new energy demand in the history of lithium cobalt in history, and its supply is even more excellent than the cobalt, along with the price center, enterprise or continuous redemption, and grasp the core of global pricing rights. Asset price revaluation opportunities.

[Related company performance is currently]

The company's operating income of RMB 24.091 billion in the first three quarters of 2021 was increased by 51.61% year-on-year; net profit was 3.149 billion yuan, a year-on-year net profit increased by 495.03%.