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Qingnong Commercial Bank (002958) Interpretation of the 2019 Interim Report: The advantages of maintaining high growth performance are obvious, and the urban and rural financial service model has characteristics

Qingnong Commercial Bank (002958) Interpretation of the 2019 Interim Report: The advantages of maintaining high growth performance are obvious, and the urban and rural financial service model has characteristics
Investment Highlights Interim Report Highlights: 1. The performance has maintained a high upward trend. Revenue has nearly every 30 points, PPOP has exceeded nearly 40 points: Revenue, profit before provision, and net profit have exceeded the growth rate since 1Q19-1H19Is 27.9% / 28.6%, 35.7% / 37.0%, 11.4% / 12.9%.2. Net interest income increased by 2.6 units, both volume and price rose, and interest-earning assets increased by 3 from the previous quarter.4%, the cumulative annualized daily average interest spread rose 6bp to 2 from the previous quarter.59%.The rise in net interest margin is due to the dual contribution of equity.3. Net non-interest income increased by 449% per year, an increase of 297% from the previous quarter, which was mainly driven by net other non-interest income: the yield in 1H19 increased by 47%, which was a high growth rate of 49% in the first quarterFlat; net other non-interest years increased by 860% over the previous quarter, a further increase of 493%.4. The overall asset quality is stable: it has improved overdue, and it has tightened its bad expectations.The overdue ratio, the proportion of loans overdue for more than 90 days, has improved compared with the earlier period, which decreased by 55bp and 8bp to 1, respectively.98%, 1.13%, the extent of improvement in credit conditions within 3 months overdue.Insufficient Interim Report: The provision for provision is less than the write-off effort, and the risk offsetting capacity has decreased slightly from the previous quarter.Provision coverage ratio, loan provision decreased by 1 compared with the previous quarter.55%, 0.02% to 308%, 4.49%. The company’s performance has gradually picked up since bottoming out in 1H17. Revenue and PPOP growth in 1H19 have remained stable at a high level, and the growth rate of net profit has slightly increased 13%.Qingnong Commercial Bank’s revenue, pre-provision profit, and net profit since 1Q19-1H19 have continued to increase by 27.9% / 28.6%, 35.7% / 37.0%, 11.4% / 12.9%. The cumulative annual growth rate of the 2019 interim report results: in addition to the interest margin, provision for negative contribution performance, the remaining factors have made positive contributions.Among them, the 四川耍耍网 marginal improvement is: 1. Negative contribution of interest margin narrowed compared with the first quarter.2. Non-interest contribution further improved.3. The contribution of cost savings to performance has been further enhanced.4. The positive contribution of cost savings to performance increases.The decline in marginal contributions is: the increase in provision for accruals and the negative contribution to performance increase. Investment suggestion: Company 2019E, 2020E PB 1.41X / 1.28X; PE 13.19X / 11.57X (Rural Commercial Bank PB 1.17X / 1.08X; PE 11.63X / 10.31X), the company deeply cultivates Qingdao, with obvious regional advantages. The development of Qingdao’s economy provides a broad space for the company’s business development. The company has the largest number of local outlets and is equipped with multiple urban and rural service networks, forming a certain support for the company’s stable development.Covered for the first time, giving an overweight rating, it is recommended to pay attention. Risk reminder: The macro economy is facing downward pressure, and performance management is less than expected.

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