China Construction Bank (601939) 3 quarterly report detailed interpretation: upward spread interest performance steadily increased

China Construction Bank (601939) 3 quarterly report detailed interpretation: upward spread interest performance steadily increased

Highlights of the quarterly report: 1佛山桑拿网. The interest rate spread and the scale together led to a 3% increase in net interest income.

Among them, the annualized interest rate spread in the single quarter increased by 5bp from the previous quarter, mainly from the contribution of the asset side.

2. Non-interest income performed well, and the growth rate of net fee picked up in the second quarter, achieving two times.

With a rapid growth rate of 9%, net non-interest income increased by 16 in ten years.


3. The asset quality is generally stable. The company’s non-performing assets in the third quarter.

43%, unchanged from the second quarter.

The single-year annualized net bad generation ratio is 0.

82%, a slight increase of 15bp from the second quarter, but the overall level is still low.

  Insufficient quarterly reports: cost-to-income ratios have gone up by 0 over ten years.

6 averages.

Expenses increase slightly each year.

  The revenue growth rate in the three quarters remained relatively stable compared with the previous two quarters; the profit growth rate before provisioning slightly inserted 0.

4 excellent to 6.

8%; the growth rate of net profit attributable to mothers continues to expand, achieving the highest growth rate in 2018.

The annual growth rate of 1-3Q19 revenue, PPOP, and net profit attributable to mothers was 8 respectively.

4% / 6.

7% / 6.

8%, 8.

3% / 7.

2% / 6.

8%, 4.

twenty four.

9% / 5.


  Investment suggestion: The company 2019, 2020 EPB0.

88X / 0.

81X; PE6.

95X / 6.

68X (original line PB0.

75X / 0.

68X; PE6.

37X / 6.

09X), China Construction Bank has excellent management, strong innovation ability, and excellent indicators. In recent years, it has stepped up the promotion of science and technology to create a first-class bank group. We are optimistic about its continued competitiveness and are the bank we continue to recommend.

  Pay attention to the medium and long-term investment opportunities of Chinese banks in Hong Kong stocks, especially ICBC H shares and CCB H shares. The logic is: 1. The valuation of Hong Kong stock Chinese banks is at the bottom of history (IC Bank H shares PB at 0.

67X, China Construction Bank H shares PB at 0.

70X), the dividend yield is at a historically high position (the current Industrial and Commercial Bank of China H-share dividend yield is 5).

12%, CCB H-share dividend yield is 5.55%), the future of domestic large-scale funds face the “asset shortage”; 2. The market is worried about the bank giving profits to the real economy, and we judge that the profit margin is limited;And legal aid.

  Risk warning: The economic growth exceeds expectations, and the company’s operation is worse than expected.