Minsheng Bank: This year or profit 10.6 billion increase 35%

Sina tip: This article belongs to the Research Report column, only for the analysis of a stock of personal views and views, and the unofficial news report, Sina does not guarantee its authenticity and objectivity, all relevant to the stock of effective information to the Shanghai and Shenzhen Stock Exchange of the announcement as prevail, please investors pay attention to risk.　　Chichicheng Securities Xuan Minsheng Bank (600016) held a meeting of shareholders, the company executives after the meeting with analysts to exchange. Minsheng Bank's performance growth this year mainly from the sale of Haitong shares, network expansion will continue.　　On the loan strategy, Minsheng Bank said it will not significantly reduce the real estate industry loan ratio, but will further adjust the distribution structure of the region, the new focus will be the current major distribution of Shanghai, Nanjing, Hangzhou, Tianjin and other first-tier cities to relatively stable prices, rigid demand and basic bubble-free second-tier cities to transfer.　　New loan size is not optimistic Minsheng bank after the first quarter non-performing loan balance has declined, hualian Samsung and other parts of the last year, the production of large non-performing projects in the business has been good. As at the end of April, the new scale of non-performing loan balances has dropped to 160 million yuan since this year, mainly due to the clearance.　　According to the latest research, Hualian Samsung has been operating well this year, is expected to achieve a net profit of 1 billion yuan a year, Minsheng Bank will be based on follow-up business tracking or return to normal classes of loans. But the future spreads will fluctuate, Minsheng Bank will strengthen the active management of assets and liabilities through the adjustment of the interbank debt and Bill discounting.　　Minsheng Bank believes that the two-quarter spreads will rebound, the three-quarter will continue to decline, mainly because: first, the unfinished 80% of the need to reset the cost of deposits brought about by the decline in capital costs, will mainly focus on the two-quarter release completed.　　Secondly, the size and structure of the new loans in March are better, in the first quarter, the spreads are less, the two quarter will have more obvious performance, while the real economy demand has not warmed up, making April loan new situation is not ideal, Minsheng Bank for the future of the size and structure of new loans is not very optimistic. Interbank debt and Bill discounting are the main initiative adjustment tools of Minsheng Bank's assets and liabilities management this year, and realize the income through the period mismatch, which is also the main means to relieve the pressure of capital utilization. Interbank liabilities increased by more than 40 billion yuan per month in April, and the balance fluctuated considerably.　　In the first quarter of this year, the annual yield of the bill is 3.59%, at a higher level in the industry, on the one hand, the new invoice at the end of last year is partly reflected by the higher income, and also shows that Minsheng Bank has a relatively perfect network of counterparties.　　The bank will not be reduced to account for more than CMBC this year is expected to achieve a profit of 10.6 billion yuan, an increase of 35% per cent, growth depends mainly on the sale of Haitong Securities equity realization.　　According to a rough calculation of 2.53% per cent in the first quarter of 2009, the Net interest margin (NIM) in 2008 fell by about 20%, the size of the profit asset grew by about 20%, and the net income portion would be roughly flat;Business outlets at present than China Merchants Bank (600036) less than 307, the year is expected to add 80 or so, the leading central operating management system in the background (started in 2004) to reduce the demand of the network manager, in favor of the regulation of subordinate branches of the behavior, to a certain extent, in favor of cost control　　For a long time, the main reasons for the higher than the industry average of the company's cost income include: the rental cost incurred by the non-owned outlets, the marketing cost consumption of the small and medium-sized customers and the continuous investment of the retail IT system. We believe that the real estate industry loan is a good profit growth point, Minsheng Bank will not give up, only to further adjust the distribution structure of the region, the new focus will be the main distribution of Shanghai, Nanjing, Hangzhou, Tianjin and other front-line cities to relatively stable price, rigid demand and the basic bubble-free second-tier cities.