Share $Industrial Bank (SH601166)$ @Today’s topic # 2022Shareholders’ General MeetingResearch insights# on May 27, 2022
The address of this year’s shareholders meeting of Industrial Bank is on the 5th floor of Industrial Bank Building, Jiangbin Middle Avenue, Fuzhou. At the gate of the building, security personnel will check the health code and itinerary code for photos, and then the lady will bring it into the first floor of the building for nucleic acid testing, and then guide you. Go to the elevator and go upstairs, turn left and walk 20 meters to the signing office of the shareholders meeting. Prepare a copy of your ID card for the staff, and after receiving the motion voting form, you can enter the venue and take a seat.
The senior executives of Industrial Bank present at the scene included Hua Bing, General Manager of the Compliance Department, Lai Furong from the Finance Department, Chen Xinjian, Chairman of the Board of Supervisors, Lu Jiajin, Chairman, Tao Yiping, President, Sun Xiongpeng, Vice President, and Zou Jimin, Risk Control Manager.
The general meeting of shareholders started at 9 o’clock. Chairman Lv Jiajin presided over the meeting. He was elegant, calm, and friendly. Tao Yiping is still full of energy and passion as in previous years. Chairman Lv Jiajin made the work report of the board of directors, Chen Xinjian, chairman of the board of supervisors, made the work report of the board of supervisors, and Lai Furong of the finance department made the annual report, final financial report, 2022 financial budget plan and profit distribution plan. There are also amendments to the management measures for related party transactions, the election of new director Ms. Chen Shucui and the election of external supervisor Mr. Lin Hua and other proposals are also carried out step by step. The basic process was completed quickly, and we entered the investor question and answer session that investors care about most. There should be no online live broadcast this year, and investors who did not come to the scene can only watch the minutes of the meeting later. It is still the same model. Due to time constraints, there is no on-stage and off-stage interaction. Before the meeting, the management summarizes the concerns of shareholders into 10 main questions, and asks the executives to prepare them in advance and then answer them on the spot. Although this part was not satisfactory, some executives stayed after the meeting to interact face-to-face with shareholders on a small scale, which made up for some shortcomings! And after the general meeting of shareholders, many shareholders complained that they came from afar but did not arrange for a dinner party. I think this is fair to all shareholders. After all, it saves costs, and the time and energy of executives is also very valuable. Personally, I don’t think it matters. Moreover, it is still during the epidemic prevention and control period.
Returning to the topic, let’s talk about some specific feelings of the shareholders’ meeting:
△The new chairman is in place. After the organizational structure is rectified, the current senior management team is relatively stable.
△The market has overreacted to the incident of the former chairman and chairman of the board of supervisors. For a national joint-stock bank, changes in executive personnel are normal. Even if Tian Huiyu, the president of China Merchants Bank, changes, it will not affect the overall situation.
△ The major change in the proposal is the proposal to revise the administrative measures for related party transactions. (I don’t know if it was revised because the related-party transactions of Sunshine City and other companies affected the operation of Xingye.)
△Sunshine City, Taihe and other Fujian real estate thunderstorms have an impact on Industrial Bank, but the risks are controllable (the scale of cooperation is not large, and the risks are being resolved)
△ At the end of 2022, the total assets of the group are planned to be 9.2 trillion yuan, an increase of 7.0% from the beginning of the year; in 2022, the group plans to achieve a net profit attributable to the parent company of 86.81 billion yuan, a year-on-year increase of 5%. (There is a budget every year, which basically exceeds expectations every year. Like Kweichow Moutai, it has the characteristics of a state-owned enterprise. If the goal is not achieved, it will be very embarrassing!)
△ In the future, the dividend policy will increase steadily, and this year’s dividend is expected to be completed by the end of June. (According to previous experience, it should be about two weeks after the shareholders’ meeting)
△630 enters the conversion period, and the forced redemption price is 31.82 yuan. It is difficult to convert convertible bonds into shares, and it needs the cooperation of the general trend and the market situation of the banking sector. The chairman was the first to vote on the spot (I heard that he represented the Fujian Provincial Department of Finance, I don’t know if the individual holds shares), and the employees also hold shares (the cost is about 20-23). Fujian Province attaches great importance to Industrial Bank, and enterprises in the province start Increase the holdings of Industrial Bank (Fujian Jintou increased its holdings by 172 million shares, and the current total holdings reached 466 million shares).
△Increase technology investment in five major ecological portal platforms: Yinyin Platform, Industrial Manager, Industrial Pratt & Whitney (inaudible), Qianda Shopkeeper, Industrial Life Haoxingdong.
△1234 strategy + 3 business cards: business characteristics and differentiated core competitiveness that meet regulatory requirements. After the new management is stable, a blueprint is drawn to the end.
△Wealth Bank and Investment Bank have a good development situation, the growth rate of wealth management income is quite fast, and the rapid growth rate of non-interest income is also evident in the first quarterly report.
△ The bad debt rate of green finance is very low, and the stock non-performing rate is only 0.4%. Green loans reached 1.46 trillion yuan, accounting for 20% of the total, and the growth rate was obvious. Some of the preferential capital interest rates received from the central bank were only over 1%. The interest rate on loans was a normal level, and the interest rate difference in the middle was relatively large.
△The macro situation in 2022 predicts the epidemic prevention and control and U.S. monetary policy, but there are also unexpected situations (local epidemics in China and conflicts between Russia and Ukraine).
△The interest rate spread decreased slightly, the central bank lowered the reserve ratio and LPR, and the cost of deposit interest rates also decreased accordingly.
△Other content is being updated continuously.
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