中金公司-Retail strategy paid off

页数: 8页
行业: 银行
发布机构: 中金公司
发布日期: 2017-08-25
Equity Research August 25, 2017 Bank of Nanjing Retail strategy paid off Results Review Maintain BUY Trends to watch Retail strategy paid off. In 2Q17, retail deposit +24.9% YoY vs. overall deposit growth of 11.8%. Bankcard business grew rapidly with debit/credit card issuance volume +18.9%/23.0% compared with early-2017. Asset quality remained stable. In 2Q17, NPL ratio stayed flat QoQ at 0.86%. Provision coverage ratio rose 0.8ppt QoQ to 450.2%. SML ratio dipped 4bps QoQ to 1.82%. Deposits shrank QoQ and NIM was still under pressure. NIM on average beginning & ending balances was 1.82% in 2Q17, down 6bps QoQ due to the rising cost of interbank liabilities and CDs. After adding back AR investment, LDR +6.4ppt QoQ to 84.6% and deposits fell 1.3ppt QoQ. Liabilities continued to weigh on NIM. In 2Q17, assets rose 11.7% YoY, slowing 4.5ppt QoQ and continuing their downtrend since 1Q16. In 2Q17, its T1 CAR was 8.06%. Its weak capital conditions restricted asset expansion. On August 1, BoNJ announced a share offering plan which, if successful, would boost its CAR by 2.11ppt. Earnings forecast Maintain 2017/18 earnings forecasts unchanged Valuation and recommendation The stock is trading at 1.1x 2017e P/B. Due to pressure on NIM, we reduce our target price by 12% to Rmb9.41 (1.3x 2017e P/B; 21% upside) and maintain our BUY rating. Risks Macroeconomic growth misses expectations. Ticker 601009.SH CICC investment rating Last close CICC target BUY Rmb7.78 Rmb9.41 52wk price range Market cap (bn) Daily value (mn) Shares outstanding (mn) Free float (%) Daily volume (mn sh) Business sector Rmb8.74~6.94 Rmb66 Rmb348.85 8,482 95 44.52 Banks 601009.SH 118 Relative Value (%) Results in line with expectations Bank of Nanjing announced its 1H17 results: revenue was Rmb12.4bn (-17.0% YoY) and net profit attributable to shareholders was Rmb5.1bn (+17.0 YoY) or Rmb0.60/share. CSI 300 112 106 100 94 88 Aug-2016 Nov-2016 Feb-2017 May-2017 Aug-2017 (Rmb mn) 2015A 2016A 2017E 2018E Revenue 36,110 22,830 26,621 31,083 (+/-) 42.8% 16.6% 16.8% 16.2% Net profit 7,001 8,262 9,609 11,650 (+/-) 23.8% 18.0% 16.3% 21.2% EPS 0.83 0.97 1.13 1.37 BPS 5.56 6.14 7.10 8.27 DPS 0.16 0.19 0.22 0.26 PPOP per share 4.63 3.13 2.59 2.95 P/E 9.4 8.0 6.9 5.7 P/B 1.4 1.3 1.1 0.9 P/PPOP per share 1.68 2.49 3.00 2.64 2.0% 2.4% 2.8% 3.4% ROAE 16.4% 14.4% 14.5% 15.4% ROAA 1.0% 0.9% 0.8% 0.9% Dividend yield Source: Wind, Bloomberg, company data, CICC Research Shuaishuai ZHANG Jiahui YAN Junliang CHEN Analyst shuaishuai.zhang@cicc.com.cn SAC Reg. No.: S0080516060001 SFC CE Ref: BHQ055 Associate jiahui.yan@cicc.com.cn SAC Reg. No.: S0080116110047 Associate junliang.chen@cicc.com.cn SAC Reg. No.: S0080117070013 Please read carefully the important disclosures at the end of this report CICC Research: August 25, 2017 Financial summary Financial statement (Rmb mn) Income statement Interest income Interest expense Net interest income Net fee income Non-interest income Operating income Operating expenses Business tax Pre-provision operating profits Provision Profits before tax Income tax Net profit Balance sheet Gross loans Loan loss reserve Net loans Interbank assets Investments Interest-earning assets (IEA) Non-IEA Total assets Total deposits Interbank liabilities Bonds Interest bearing liabilities (IBL) Non-IBL Total liabilities Total shareholders' equity Total liabilities and shareholders' equity 2015A 2016A 2017E 2018E 38,380 42,883 51,706 59,484 19,552 21,653 26,834 30,404 18,829 21,230 24,872 29,081 6,689 8,001 9,606 11,668 4,002 5,391 6,212 7,030 22,830 26,621 31,083 36,110 5,502 6,602 8,509 10,432 1,690 994 580 671 15,590 18,968 21,994 25,008 6,611 8,456 9,736 10,145 9,020 10,513 12,258 14,862 1,954 2,167 2,527 3,063 7,001 8,262 9,609 11,650 251,198 331,785 8,971 13,242 391,506 461,977 242,227 318,543 372,355 436,931 118,576 197,481 191,539 203,697 424,149 521,681 637,255 734,264 19,151 25,046 793,923 1,050,947 1,220,300 1,399,938 20,069 26,195 37,149 42,522 805,020 1,063,900 1,238,298 1,417,415 504,197 655,203 773,139 912,305 136,327 151,644 176,502 202,033 86,887 170,165 187,182 727,411 25,195 187,182 977,012 1,136,823 1,301,519 24,510 30,957 35,435 752,606 1,001,522 1,167,781 1,336,955 52,414 62,378 70,517 80,460 805,020 1,063,900 1,238,298 1,417,415 Financial ratios Growth ability Gross loans Total deposits Net interest income PPOP Net profit Profitability Net interest margin Net interest spread Non-Int Inc/operating revenue Asset quality NPL / loans LLR / NPL LLR / loans Balance sheet structure Tier I CAR CAR Loans / deposits Return RoA RoE Per-share data EPS (Rmb) BPS (Rmb) PPOP per share (Rmb) DPS (Rmb) Valuation P/E P/B P/PPOP Dividend yield 2015A 2016A 2017E 2018E 43.8% 32.1% 18.0% 18.0% 36.9% 29.9% 18.0% 18.0% 40.1% 12.8% 17.2% 16.9% 52.0% 21.7% 16.0% 13.7% 23.8% 18.0% 16.3% 21.2% 2.8% 2.3% 2.2% 2.2% 2.6% 2.1% 2.0% 2.1% 17.5% 20.3% 20.0% 19.5% 0.8% 0.9% 0.9% 1.0% 431.0% 457.3% 526.7% 561.9% 3.6% 4.0% 4.9% 5.4% 9.4% 0.0% 0.0% 8.0% 13.1% 8.2% 7.9% 12.1% 49.8% 49.0% 51.5% 50.6% 1.0% 0.9% 0.8% 0.9% 16.4% 14.4% 14.5% 15.4% 0.83 0.97 1.13 1.37 5.56 6.14 7.10 8.27 4.63 3.13 2.59 2.95 0.16 0.19 0.22 0.26 9.4 8.0 6.9 5.7 1.4 1.3 1.1 0.9 1.7 2.5 3.0 2.6 2.0% 2.4% 2.8% 3.4% Source: Company data, CICC Research Company description Bank of Nanjing was founded in 1996. Its business scope covers receiving deposits from the public, granting short-term, mid-term and long-term loans, domestic and international settlements, bill acceptance and discount, issuing financial bonds, agent issuing, repayment and underwriting governmental bonds, selling and purchasing of governmental and financial bonds, inter-bank lending and borrowings, selling and purchasing of foreign exchange for itself or on behalf of customers, bank cards, credit card services and guarantee, agent fund collection and payment, agent insurance, safety boxes, and other businesses. Please read carefully the important disclosures at the end of this report 2 CICC Research: August 25, 2017 Figure 1: Brief summary table (Rmb,mn) Net Interest Income 1H16A 11,552 2H16A 9,678 1H17A 10,150 YoY(%) -12.1 HoH(%) 4.9 2017E 24,872 1H as % of FY 41% 3,425 1,966 2,276 -33.6 15.7 6,212 37% Operating income 14,977 11,644 12,425 -17.0 6.7 31,083 40% PPoP 11,024 7,944 8,893 -19.3 11.9 21,994 40% Profits before tax 5,885 4,628 6,366 8.2 37.6 12,258 52% Net profits attributable to shareholders 4,362 3,900 5,105 17.0 30.9 9,647 53% NIM (Beginning & ending average bal.) Loan/deposit 2.57 46.7 1.88 50.6 1.87 51.2 -0.7ppt 4.4ppt 0ppt 0.5ppt 2.19 50.6 ROAA 0.97 0.76 0.94 0ppt 0.2ppt 0.85 ROAE 16.5 13.4 16.2 -0.2ppt 2.8ppt 14.6 NPL ratio 0.87 0.87 0.86 0ppt 0ppt 0.93 Credit cost 3.26 1.51 1.05 -2.2ppt -0.5ppt 2.69 LLR/total loans 3.97 3.99 3.89 -0.1ppt -0.1ppt 4.89 Non-Interest Income Source: Company data, CICC research Figure 2: Analysis of QoQ performance BONJ YoY Analysis (Rmb,mn) Total assets Total loan Non-performing loan Concerned loan Verification and the sale of bad Buying back the sale of financial assets Receivables investment IEA Deposits Interbank liabilities Debt Shareholder's equity Income statement Interest Income Interest Expense Net Interest Income Non-Interest Income Fee income Fee expense Net fee income Other non-interest income Operating income Operating expense PPoP Provision QoQ Analysis 1H16 1H17 YoY(%) 2Q16 3Q16 4Q16 1Q17 2Q17 YoY(%) QoQ(%) 1,015,249 301,066 2,607 6,404 1,988 2,798 302,391 1,004,364 644,451 172,690 941,832 54,840 1,132,849 368,522 3,187 6,722 1,051 33,106 241,152 1,122,273 720,289 95,545 1,039,781 64,708 11.6 22.4 22.2 5.0 (47.1) 1083.3 (20.3) 11.7 11.8 (44.7) 10.4 18.0 1,015,249 301,066 2,607 6,404 746 2,798 302,391 1,004,364 644,451 172,690 941,832 54,840 1,023,218 318,375 2,780 6,881 1,284 8,998 269,705 1,014,892 646,785 123,747 919,983 62,056 1,063,900 331,785 2,896 6,394 -13 2,190 220,742 1,050,947 655,203 151,644 977,012 62,378 1,122,566 346,828 3,033 6,455 986 30,300 223,998 1,111,916 729,656 68,147 995,857 64,378 1,132,849 368,522 3,187 6,722 65 33,106 241,152 1,122,273 720,289 95,545 1,039,781 64,708 11.6 22.4 22.2 5.0 (91.2) 1083.3 (20.3) 11.7 11.8 (44.7) 10.4 18.0 0.9 6.3 5.1 4.1 (93.4) 9.3 7.7 0.9 (1.3) 40.2 4.4 0.5 21,856 -10,303 11,552 3,425 2,740 -109 2,631 794 14,977 -3,084 11,024 -5,148 22,893 -12,743 10,150 2,276 1,785 -170 1,615 660 12,425 -3,324 8,893 -2,548 4.7 23.7 (12.1) (33.6) (34.8) 56.0 (38.6) (16.9) (17.0) 7.8 (19.3) (50.5) 10,653 -5,028 5,624 1,504 1,211 -37 1,174 331 7,129 -1,630 5,239 -2,197 13,246 -8,149 5,097 987 668 -144 524 462 6,084 -1,433 4,569 -2,105 7,781 -3,201 4,580 979 770 -103 667 312 5,560 -2,085 3,375 -1,204 11,244 -6,165 5,078 1,152 922 -78 844 308 6,231 -1,683 4,443 -1,375 11,649 -6,578 5,071 1,123 863 -92 771 352 6,195 -1,641 4,450 -1,172 9.4 30.8 (9.8) (25.3) (28.7) 148.5 (34.3) 6.5 (13.1) 0.7 (15.1) (46.6) 3.6 6.7 (0.1) (2.5) (6.4) 18.2 (8.7) 14.2 (0.6) (2.5) 0.1 (14.8) 5,885 -1,472 4,414 25% 4,362 6,366 -1,206 5,160 19% 5,105 8.2 (18.1) 16.9 3,052 -777 2,276 25% 2,243 2,471 -451 2,020 18% 1,990 2,157 -244 1,913 11% 1,910 3,077 -598 2,479 19% 2,453 3,289 -608 2,682 18% 2,651 7.8 (21.8) 17.8 6.9 1.6 8.2 Profits before tax Income tax Net income Effective tax rate Net income attributable to shareholders Financial Ratios(%) 17.0 Core CAR 8.20 8.06 8.20 8.51 8.21 8.14 8.06 Total CAR 13.10 13.13 13.10 14.21 13.71 13.38 13.13 Average interest earning assets yield 4.86 4.21 4.35 5.25 3.01 4.16 4.17 The average debt interest rate 2.47 2.53 2.19 3.50 1.35 2.50 2.58 NIM (Beginning & ending average bal.) 2.57 1.87 2.30 2.02 1.77 1.88 1.82 17.6 20.6 46.7 0.97 16.5 0.87 2.00 458.7 13.0 26.8 51.2 0.94 16.2 0.86 0.81 450.2 16.5 22.9 46.7 0.92 16.7 0.87 1.38 458.7 8.6 23.6 49.2 0.79 13.8 0.87 1.93 459.8 12.0 37.5 50.6 0.73 12.3 0.87 0.13 457.3 13.5 27.0 47.5 0.91 15.6 0.87 1.35 449.4 12.4 26.5 51.2 0.95 16.6 0.86 0.25 450.2 Credit cost 3.26 1.05 3.02 2.72 1.48 1.62 1.31 LLR/total loans Net overdue loan formation rate Net overdue loan (>90 days) formation rate 3.97 2.98 3.04 3.89 0.24 0.68 3.97 2.98 3.04 4.01 3.99 1.17 0.59 3.93 3.89 0.24 0.68 Fee income/operating income Cost income ratio(excl. BT) Loan/deposit ROAA ROAE NPL ratio NPL formation rate Coverage ratio to impaired loans Source: Company data, CICC research Please read carefully the important disclosures at the end of this report 3 CICC Research: August 25, 2017 Figure 3: Historical and forecasted financials RMB mn Profit and Loss Accounts Net interest income Non-interest income Operating revenue Operating expenses Preprovision operating profits Provision charge Profit before Tax Net income Selected Balance Sheet Total assets Total loans(gross) Other interest earning assets Non interest earning assets Total deposits Other interest bearing Liab Total Equity 2012 2013 2014 2015 2016 2017E 2018E 7,696 1,419 9,114 2,721 5,748 789 4,982 4,046 9,096 1,382 10,478 3,252 6,386 821 5,612 4,534 13,435 2,557 15,992 4,463 10,256 3,245 7,058 5,656 18,829 4,002 22,830 5,502 15,590 6,611 9,020 7,066 21,230 5,391 26,621 6,602 18,968 8,456 10,513 8,346 24,872 6,212 31,083 8,509 21,994 9,736 12,258 9,732 29,081 7,030 36,110 10,432 25,008 10,145 14,862 11,799 343,792 125,269 213,851 7,979 213,656 100,313 24,811 434,057 146,961 280,032 10,968 260,149 140,789 26,856 573,150 174,685 384,560 19,244 368,329 159,792 32,784 805,020 251,198 542,725 20,069 504,197 223,214 52,414 1,063,900 331,785 719,162 26,195 655,203 321,809 62,378 1,238,298 391,506 828,794 37,149 773,139 363,684 70,517 1,417,415 461,977 937,961 42,522 912,305 389,215 80,460 Source: Company data, CICC research Figure 4: Net NPL formation ratio BONJ (Rmb mn) NPL Bal. 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1,778 1,942 2,044 2,082 2,388 2,607 2,780 2,896 3,033 3,187 Overdue loan Bal. 3,242 Write-off Loan Bal. (Gross) 5,137 5,627 4,971 895 584 620 1,242 746 1,284 -13 986 65 186,995 204,049 214,795 251,198 280,415 301,066 318,375 331,785 346,828 368,522 1,387 - 2,028 3,854 - 3,473 1.71% 2.27% 1.34% 1.22% 2.46% 1.38% 1.93% 0.13% 1.35% 0.25% Overdue loan (>90 days)Bal. Net NPL Formation Rate 3,381 609 3,550 Net overdue loan formation rate 2.58% 1.32% 2.98% 1.17% 0.24% Net overdue loan (>90 days) formation rate 1.71% 1.81% 3.04% 0.59% 0.68% Source: Company data, CICC research Please read carefully the important disclosures at the end of this report 4 CICC Research: August 25, 2017 Figure 5: Valuation table A-Share Large state-owned banks ICBC CCB BOC ABC BoCom Mid-size JV Banks MSB SPDB CIB HXB PAB City Commercial Banks BOBJ BONJ BOJS BOGY Simple average A-share banks Weighted average A-share banks H-Share Large state-owned banks ICBC CCB BOC ABC BoCom PSBC Mid-size JV Banks MSB CZB Simple average H-share banks Weighted average H-share banks Price Total shares Float shares Free float shares Market cap Floating market Free floating market cap. (Lcy) mn mn mn (Lcy,bn) (Lcy,bn) (Lcy,bn) 5.92 6.95 4.06 3.79 6.27 356,406 250,011 294,388 324,794 74,263 269,612 9,594 210,766 294,055 39,251 21,564 8,901 20,494 35,433 24,102 2,021 1,444 1,137 1,210 417 1,596 67 856 1,114 246 8.19 12.47 17.44 9.32 10.93 36,485 28,104 20,774 12,823 17,170 29,552 28,104 19,052 12,823 16,918 23,878 15,345 14,967 5,321 7,610 287 350 362 120 188 7.48 7.78 8.66 15.23 18,248 8,482 11,544 2,299 18,248 8,070 5,795 1,208 11,417 5,031 5,795 1,208 5.76 6.74 3.95 3.66 5.75 4.60 356,406 250,011 294,388 324,794 74,263 81,031 86,794 240,417 83,622 30,739 35,012 19,856 7.71 4.20 36,485 17,960 6,933 3,795 15A ROAA ROAE Net profit growth 17E 18E 16E 17E 18E 16A 17E 18E 16E 17E 18E 128 62 83 134 151 1.94 1.98 1.78 1.68 1.38 1.93 1.88 1.70 1.67 1.43 1.92 1.84 1.68 1.67 1.40 1.20 1.18 1.05 0.99 0.87 1.14 1.13 0.99 0.98 0.81 1.14 1.13 0.97 1.01 0.80 14.8 15.3 12.1 14.5 11.6 13.8 14.8 12.0 14.4 10.6 13.5 14.5 11.6 14.5 10.4 0.5 1.5 (3.7) 0.5 1.0 3.1 6.8 7.6 9.3 3.1 7.7 8.8 5.5 11.7 5.5 242 350 332 120 185 196 191 261 50 83 1.95 2.18 2.01 1.83 2.79 1.81 2.18 1.85 1.85 2.88 1.78 2.13 1.76 1.81 2.93 0.94 0.98 0.95 0.90 0.83 0.83 0.95 0.92 0.85 0.77 0.79 0.95 0.89 0.84 0.78 14.7 15.5 16.2 14.6 13.1 13.8 14.6 15.6 13.0 12.4 13.1 14.1 15.0 12.4 12.5 3.7 5.3 7.3 4.2 3.4 5.4 9.1 8.0 7.1 6.0 5.8 10.4 9.0 7.2 12.5 136 66 100 35 136 63 50 18 85 39 50 18 1.71 2.03 1.47 2.40 1.96 1.93 1.65 1.91 1.47 2.22 1.92 1.89 1.57 1.88 1.46 2.15 1.89 1.87 0.90 0.89 0.74 1.21 0.96 1.06 0.88 0.85 0.71 1.09 0.93 1.02 0.86 0.89 0.75 1.09 0.92 1.01 13.8 14.5 14.2 20.4 14.3 14.4 13.0 14.6 13.7 18.4 13.8 13.8 13.0 15.6 14.8 18.4 13.6 13.5 5.7 18.0 11.9 13.4 4.9 1.8 10.3 16.3 15.4 19.3 9.5 6.9 10.8 21.2 21.2 17.2 9.6 8.5 78,093 91,250 76,104 27,053 8,861 8,296 2,253 1,610 1,268 1,349 427 373 500 1,620 330 113 201 91 450 615 301 99 51 38 1.94 1.98 1.78 1.68 1.38 0.77 1.93 1.88 1.70 1.67 1.43 0.81 1.92 1.84 1.68 1.67 1.40 0.80 1.20 1.18 1.05 0.99 0.87 0.51 1.14 1.13 0.99 0.98 0.81 0.51 1.14 1.13 0.97 1.01 0.80 0.52 14.8 15.3 12.1 14.5 11.6 12.9 13.8 14.8 12.0 14.4 10.6 12.2 13.5 14.5 11.6 14.5 10.4 12.3 0.5 1.5 (3.7) 0.5 1.0 14.1 3.1 6.8 7.6 9.3 3.1 12.5 7.7 8.8 5.5 11.7 5.5 12.0 5,673 1,364 320 75 53 16 44 6 1.95 1.98 1.80 1.85 1.81 1.84 1.75 1.82 1.78 1.81 1.72 1.80 0.94 0.85 0.95 1.05 0.83 0.83 0.91 1.01 0.79 0.85 0.90 1.01 14.7 17.3 14.1 14.2 13.8 16.6 13.6 13.7 13.1 16.6 13.6 13.5 3.7 44.0 7.2 1.9 5.4 20.9 8.5 6.8 5.8 17.7 9.1 8.4 16A 17E 18E 15A 16A 17E 18E 16A 17E 18E 16A 17E 18E 16A 17E 18E 16A 17E 18E 0.774 0.926 0.559 0.566 0.905 0.805 0.989 0.601 0.619 0.933 0.855 1.077 0.634 0.692 0.985 4.798 5.657 4.094 3.480 7.002 5.285 6.227 4.457 3.813 7.666 5.859 6.936 4.878 4.262 8.329 6.486 7.713 5.330 4.768 9.033 4.7 4.5 3.8 3.9 4.0 4.3 4.2 3.7 3.6 3.7 4.0 3.9 3.5 3.3 3.5 7.65 7.51 7.26 6.70 6.93 7.35 7.03 6.76 6.12 6.72 6.92 6.45 6.40 5.48 6.37 1.12 1.12 0.91 0.99 0.82 1.01 1.00 0.83 0.89 0.75 0.91 0.90 0.76 0.79 0.69 3.9 4.0 4.1 4.5 4.3 4.1 4.3 4.5 4.9 4.5 4.4 4.6 4.7 5.5 4.7 1.311 1.889 2.592 1.535 1.316 1.382 2.062 2.801 1.644 1.395 1.462 2.276 3.051 1.763 1.570 8.256 10.150 13.851 9.177 9.406 9.119 12.028 15.607 10.310 10.613 10.221 13.936 17.798 11.804 11.850 11.407 16.044 20.190 13.405 13.252 2.9 3.0 3.2 3.0 2.5 2.7 2.6 3.1 2.6 2.1 2.4 2.4 2.9 2.4 1.9 6.25 6.60 6.73 6.07 8.31 5.93 6.05 6.23 5.67 7.84 5.60 5.48 5.72 5.29 6.96 0.90 1.04 1.12 0.90 1.03 0.80 0.89 0.98 0.79 0.92 0.72 0.78 0.86 0.70 0.82 3.4 1.2 3.5 1.6 1.4 3.4 1.3 3.8 1.7 1.5 3.6 1.5 4.1 1.9 1.7 0.976 0.974 0.921 1.605 1.077 1.133 1.063 1.915 1.193 1.373 1.288 2.244 6.120 5.559 5.644 7.758 6.811 6.139 7.161 9.196 7.685 7.099 8.046 10.848 8.654 8.271 9.129 12.779 4.0 3.5 4.2 2.4 3.7 4.1 3.7 3.0 3.5 2.0 3.3 3.7 3.4 2.6 3.1 1.8 3.1 3.5 7.66 7.99 9.40 9.49 7.53 7.51 6.95 6.87 8.15 7.95 6.87 7.01 6.27 5.67 6.72 6.79 6.27 6.48 1.10 1.27 1.21 1.66 1.10 1.08 0.97 1.10 1.08 1.40 0.98 0.97 0.86 0.94 0.95 1.19 0.86 0.87 2.8 2.4 2.1 1.7 3.0 3.6 3.1 2.8 2.4 2.1 3.2 3.9 3.4 3.4 2.9 2.4 3.5 4.2 0.778 0.913 0.580 0.556 0.896 0.610 0.774 0.926 0.559 0.566 0.905 0.550 0.805 0.989 0.601 0.619 0.933 0.552 0.855 1.077 0.634 0.692 0.985 0.619 4.798 5.657 4.094 3.480 7.002 3.948 5.285 6.227 4.457 3.813 7.666 4.281 5.859 6.936 4.878 4.262 8.329 4.760 6.486 7.713 5.330 4.768 9.033 5.268 4.1 3.9 3.4 3.4 3.3 5.6 3.7 3.6 3.1 3.0 2.9 4.6 3.4 3.3 3.0 2.8 2.8 4.2 6.68 6.53 6.34 5.80 5.70 7.50 6.22 5.92 5.71 5.14 5.36 7.24 5.86 5.44 5.42 4.60 5.07 6.46 0.98 0.97 0.79 0.86 0.67 0.96 0.85 0.84 0.70 0.75 0.60 0.84 0.77 0.76 0.64 0.67 0.55 0.76 4.5 4.6 4.7 5.2 5.2 1.8 4.8 5.1 5.3 5.8 5.6 2.8 5.2 5.5 5.6 6.5 5.9 3.1 1.264 0.486 1.311 0.565 1.382 0.684 1.462 0.805 8.256 3.422 9.119 3.757 10.221 4.505 11.407 5.218 2.5 2.9 3.4 3.7 2.2 2.4 3.0 3.3 2.0 2.1 2.8 3.1 5.28 6.67 6.27 6.61 4.85 5.34 5.70 6.01 4.58 4.53 5.37 5.56 0.76 1.00 0.92 0.94 0.66 0.81 0.81 0.82 0.59 0.70 0.73 0.74 4.0 4.5 4.2 4.4 4.1 5.6 4.7 4.9 4.4 6.6 5.3 5.3 EPS A-Share Large state-owned banks ICBC CCB BOC ABC BoCom Mid-size JV Banks MSB SPDB CIB HXB PAB City Commercial Banks BOBJ BONJ BOJS BOGY Simple average A-share banks Weighted average A-share banks H-Share Large state-owned banks ICBC CCB BOC ABC BoCom PSBC Mid-size JV Banks MSB CZB Simple average H-share banks Weighted average H-share banks PPoP ROA 16A 该列临时放一下股票代码 601398.SH 0.778 601939.SH 0.913 601988.SH 0.580 601288.SH 0.556 601328.SH 0.896 600016.SH 1.264 600000.SH 1.801 601166.SH 2.417 600015.SH 1.473 000001.SZ 1.273 601169.SH 0.923 601009.SH 0.825 600919.SH 0.823 601997.SH 1.801 BVPS P/PPoP P/E P/B Source: Company data, CICC research Please read carefully the important disclosures at the end of this report 5 Dividend yield CICC Research Important legal disclosures General Disclosures This report has been produced by China International Capital Corporation Hong Kong Securities Limited (CICCHKS). 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Retail strategy paid off
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中金公司 - Retail strategy paid off
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Retail strategy paid off
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