China Merchants Bank (600036): FINTECH estimates a small step

China Merchants Bank (600036): FINTECH estimates a small step

In 2017, China Merchants Bank officially announced the positioning goal of “Fintech Bank”, benchmarked FinTech companies, and further developed and deepened FinTech Bank as its strategic goal of “Light Bank”.

As the domestic fintech starts, it is the first listed commercial bank to benchmark fintech companies. What is the current fintech development status of 成都桑拿网 China Merchants Bank, and how far is it from fintech companies?

This paper combed China Merchants Bank’s fintech development strategy and development status in detail, and found the advantages and disadvantages of China Merchants Bank’s fintech development process through benchmarking analysis of the same industry. By analyzing the plan of “comprehensive benchmarking fintech company”, it clarifiedThe strategy and direction of China Merchants Bank’s financial technology development.

Advancement of China Merchants Bank’s fintech strategy As early as 2010, China Merchants Bank started to build mobile banking applications and launched the WeChat public account in 2013, leading in fintech awareness; In 2016, China Merchants Bank officially stated that it would accelerate the fintech strategy, Promote the company’s transition to a “networked, data-based, intelligent” future bank, and clarify the “mobile-first” strategy in the retail finance sector, the “online” strategy in the wholesale finance sector, and the R & D strategy for risk management prediction models; 2017In 2010, China Merchants Bank also clarified the goals of Fintech banks, and in 2018 proposed a benchmark for Fintech companies to embrace banks3.

0 era.

In terms of retail, wholesale and risk management, China Merchants Bank is leading the development of fintech in the retail end, and vigorously uses fintech, mainly two major mobile apps, “China Merchants Bank” and “Handheld Life”.

In 2018, China Merchants Bank proposed to use monthly active users (MAU) as the “North Star” indicator for the development of retail business, which led to the transformation of the entire concept of China Merchants Bank ‘s retail business to digitalization. The MAU of the two major apps reached 8104.

670,000, an increase of 47 from the end of last year.

twenty four%.

We believe that retail-side fintech applications have improved customer acquisition capabilities, improved service accuracy, promoted the development of credit card business, and promoted the implementation of a cardless strategy.

On the wholesale side, 2018 has begun to deepen the fintech layout, and we believe this is the latest highlight of its fintech.

In terms of risk management, dating big data and fintech have comprehensively improved risk identification and early warning capabilities.

Benchmarking analysis of fintech strategies of listed banks: The advantage of fintech development at the retail end has become an inevitable option for each bank’s strategy.

A comparative analysis of the fintech development of ICBC, CCB, Minsheng and CITIC found that: although banks have been increasing their emphasis on fintech, China Merchants Bank still has no financial technology sector, especially the combination of fintech and retail business.Terrible territories.

Benchmarking analysis of fintech companies: Advantages In the business and data resources end, China Merchants Bank has developed fintech technologies through benchmarking fintech companies, while taking advantage of banks’ unique advantages in wholesale business and data resources, which is different from fintech companies.Development, there is still much to be done in the field of fintech in the future.

In addition to the fundamental reasons for the increase in revenue and net profit, NIM rebound, decline in non-performing ratio, and prominent retail advantages, we believe that the advantages of China Merchants Bank’s financial technology are more prominent, and the development of financial technology in this yearIt is expected that the substantial impact of the retail side will gradually emerge, strengthening the advantages of the retail side; obtaining a retail premium can exceed 100%.

It mainly comes from the two dimensions of quantity and quality: first, entering the card-free era, mobile phone apps replace bank cards, and at the same time leveraging MAU assessment incentives, the number of retail customers will increase geometrically.

Currently 1.

2.5 billion retail customers are expected to reach around 300 million in the future. It is not a problem. Second, after the strength of financial technology, customer portraits will be improved, products and services will be more accurate for customers, and the contribution of unit customers will increase.

Fintech’s application in the public domain and risk management will also reduce business operating costs and increase business contribution.

We expect the company’s operating income 北京桑拿洗浴保健 to increase by 13% / 15% annually in 19/20, the net profit attributable to mothers to increase by 16% / 17% over ten years, and the EPS to be 3 respectively.

70 yuan / 4.

33 yuan, BVPS is 23.

64 yuan / 26.

23 yuan, the corresponding PE is 9.


2, the corresponding PB is 1.



Maintain “Buy” rating, with a six-month target price of 43 yuan, corresponding to 1.

8 times PB.