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重慶銀行(01963.HK):深耕川渝,資產結構和質量逐步優化
格隆匯 10-15 14:10

機構:海通證券

深耕川渝地區,將成為中國西部首家“A+H”股上市城商行。重慶銀行成立於 1996 年,前身重慶城市合作銀行,是西部和長江上游地區成立最早的地方性國有股份制商業銀行。內資外資持股比例均衡。截止 2020 年 6 月末,公司分支機構達 143 家,在崗員工 4303 人,在重慶所有 38 個區縣及陝、貴、川西部三省經營業務。2015-1H20,重慶市內貸款佔比超過 70%,重慶市內存款佔比超過 80%。2020 年 8 月底公司實現 A 股首發上市申請成功過會,將成為中國西部首家“A+H”股上市的城市商業銀行。

資產結構優化,穩定息差水平。重慶銀行的貸款佔比,從 2015 年的 38.8%提升至 2020 年上半年的 48.9%。貸款佔比的提升,對整體生息資產收益率起到了積極作用。客户存款作為最穩定的負債來源,2015-1H20 佔比維持在60%以上。同時,公司抓住了市場同業負債 2019-1H20 利率下降的窗口期,適當增加同業負債佔比,從 2018 年末的 13.9%提升至 2019 年末的 15.4%和1H20 末的 15.5%,為淨息差的提升做出了正向貢獻。

積極發展電子銀行渠道,個人業務為新興亮點。2015 年以來,個人、企業電子銀行年累計交易額年複合增長率分別為 26.5%和 10.3%。2017 年開始接入第三方支付,近 2 年複合增長率為 111.2%。截至 1H20 末,公司已支持支付寶、財付通、京東等主流第三方支付平台。1H20 末以轉賬、繳費、理財銷售等高頻交易為主的線上業務替代率超過 90%。長遠來看,電子銀行業務的發展有助於節省人力成本,提升經營效率。2015-1H20 個人貸款佔比大幅提升。消費貸款和按揭貸款齊頭並進,個人銀行貸款結構進一步優化。採用“金融+互聯網”模式,打造“綜合化、場景化、智能化、個性化”的新零售模式。

資產質量 2018 年起穩中向好。重慶銀行通過歸集整合貸後管理、不良資產處臵職能,綜合施策,精準發力,降低不良生成率,進而將不良率從 2018年末的 1.36%,持續下降到 1H20 末的 1.24%。撥備覆蓋率優於上市城商行。2018 年起,上市城商行整體撥備覆蓋率從 2018 年末的 187.2%下降至 1H20末的 152.8%。但重慶銀行控制不良生成的同時,謹慎計提撥備,將撥備覆蓋率逆勢從 2018 年的 225.9%提升至 302.2%,紮實資產質量。

募集資金補充資本,有助於提高抗風險能力。募集資金將在扣除發行費用後,全部補充核心一級資本。截至 2020 年 6 月 30 日,公司資本充足率為 12.84%,一級資本充足率為 9.76%,核心一級資本充足率為 8.52%。根據 2019 年 3月的招股説明書申報稿,A 股發行規模不超過 7.81 億股。本次發行完成後,資本充足率、核心一級資本充足率均將提高約 2.22 個百分點,抗風險能力將進一步增強。

風險提示。宏觀經濟環境惡化;行業競爭加劇;監管及貨幣政策出現重大不利於銀行業發展的轉向;業務發展增速不及預期;資產質量惡化。

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