证券时报•数据宝统计显示，成都银行所属的银行行业，目前整体涨幅为0.56%，行业内，目前股价上涨 的有41只，涨幅居前的有郑州银行、民生银行、光大银行等，涨幅分别为2.31%、1.91%、1.28%。 成都银行股价创出历史新高，截至9:38，该股上涨1.11%，股价报17.27元，成交量350.87万股，成交金 额6030.45万元，换手率0.09%，该股最新A股总市值达696.19亿元，该股A股流通市值694.92亿元。 机构评级来看，近10日共有2家机构对该股进行评级，预计目标价最高的是华泰证券，12月18日华泰证 券发布的研报给予公司目标价为20.25元。 两融数据显示，该股最新（12月30日）两融余额为9.36亿元，其中，融资余额为9.21亿元，近10日增加 1.17亿元，环比增长14.52%。 公司发布的三季报数据显示，前三季度公司共实现营业收入172.41亿元，同比增长3.23%，实现净利润 90.38亿元，同比增长10.81%，基本每股收益为2.3700元，加权平均净资产收益率13.16%。（数据宝） ...

证券研究报告 资料来源：Wind 成都银行 (601838 CH) 研究员 沈娟 SAC No. S0570514040002 SFC No. BPN843 shenjuan@htsc.com +(86) 755 2395 2763 研究员 SAC No. S0570524070008 SFC No. BUB018 联系人 SAC No. S0570123070039 SFC No. BVL774 联系人 SAC No. S0570123090022 贺雅亭 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 pujiayi@htsc.com +(86) 755 8249 2388 李润凌 lirunling@htsc.com +(86) 21 2897 2228 | --- | --- | |----------------------------------------------|-------------| | | | | 目标价 ( 人民币 ) | 20.25 | | 收盘价 ( 人民币 截至 12 月 17 日 | 16.47 | | 市值 ( 人民币百万 ) | 6 ...

公 司 研 究 银行 城商行 成都银行 2024 年三季报点评：信贷稳健增长，资产质量优异 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 23/11/824/1/2024/4/224/6/1424/8/2624/11/7 成都银行 沪深300 ◼ 股票数据 总股本/流通(亿股) 38.14/38.07 总市值/流通(亿元) 601.84/600.68 12 个月内最高/最低价 (元) 17.23/10.70 相关研究报告 <<成都银行：享受区域经济红利，后 续利润弹性可期>>--2024-02-29 <<成都银行：利息净收入拉动利润增 长，资产质量持续改善>>--2018-08- 22 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 事件：成都银行发布 2024 年三季报。前三季度公司实现营业收入 172.41 亿元，同比+3.23%；实现归母净利润 90.38 亿元，同比+10.81%。 截至 2024 年 9 月末，公司 ...

Investment Rating - The report assigns a "Buy" rating to Chengdu Bank with a target price of 19.17 RMB, representing a 21% upside from the current price of 15.78 RMB [7][5] Core Investment Thesis - Chengdu Bank is positioned as a leading city commercial bank in Western China, benefiting from the strategic upgrade of the Chengdu-Chongqing Economic Circle to a national-level economic strategy [1] - The bank has achieved trillion-level assets, making it the first city commercial bank in Western China to reach this milestone, with healthy asset quality and strong growth momentum [1] - The bank's deep local government background and focus on corporate and government credit business provide a solid foundation for its growth [1] Regional Economic Development - The Chengdu-Chongqing Economic Circle has been upgraded to a national-level strategy, with GDP growth significantly higher than the national average since 2020 [2] - Sichuan Province's GDP reached 2.9 trillion RMB in Q2 2024, ranking 6th nationally, with a 5.60% YoY growth [17] - Chengdu's GDP in 2023 reached 2.2 trillion RMB, ranking 7th nationally and 2nd among provincial capitals, with a 6% growth rate [27] Credit Business and Asset Quality - Chengdu Bank's corporate loan business is the primary driver of its growth, with a 24.9% YoY increase in corporate loans in Q3 2024, accounting for 81.6% of total loans [42] - Infrastructure-related loans are the core of the bank's corporate loan business, reaching 372.7 billion RMB in H1 2024, accounting for 52.8% of total loans and 65% of corporate loans [43] - The bank maintains the lowest non-performing loan ratio among all commercial banks, with a high provision coverage ratio, providing a strong safety cushion for its assets [4] Profitability and Valuation - The bank's net profit is expected to grow at a CAGR of 5.67%, 9.90%, and 8.33% from 2024 to 2026, with a target price of 19.17 RMB based on a dividend discount model [5] - The bank's P/E ratio is expected to decrease from 5.87 in 2022 to 4.10 in 2026, while the P/B ratio is expected to decrease from 0.96 in 2022 to 0.72 in 2026 [6] Industry Comparison - Chengdu Bank has the highest proportion of corporate loans among its peers, with 63.6% of interest-earning assets being loans, of which 53.4% are corporate loans [59] - The bank's infrastructure loan growth rate of 37.2% in H1 2024 is higher than most of its peers, with infrastructure loans accounting for 64.6% of corporate loans, ranking second among city commercial banks [50] Future Growth Drivers - Chengdu Bank is actively supporting the manufacturing sector's transformation and upgrading, with manufacturing loans reaching 46.3 billion RMB in H1 2024, a 4.57% YoY increase [56] - The bank has achieved full coverage of financial services for 28 key industrial chains in Chengdu, with over 90% coverage for specialized and innovative "little giant" enterprises and over 80% coverage for companies listed on the STAR Market and ChiNext [55]

信贷保持高增，资产质量优异 ——成都银行 24Q3 季报点评 核心观点 ⚫ 营收增速有所下行，净利润保持两位数增长。截至 24Q3，成都银行营收 、PPOP 累计同比增速（下同）分别较 24H1 下降 1.1pct、1.0pct 至 3.2%和 2.3%，归母净 利润同比增速较 24H1 上升 0.2pct 至 10.8%，保持两位数增长。拆分来看，24Q3 净利息收入增速环比小幅下降 0.1pct 至 1.8%，但环比降幅较 24H1 明显收窄；净手 续费收入增速回落但保持正增长，增速环比下降 16.0pct 至 15.9%；净其他非息收 入增速环比下降 2.7pct 至 7.8%，或主要受三季度债市波动和汇兑损益影响。 ⚫ 规模稳步扩张，贷款同比增速超 20%。截至 24Q3，成都银行总资产、贷款同比增 速较 24H1 分别下降 1.8pct、0.6pct 至 14.9%、22.2%，信贷投放保持强劲，其中对 公、个贷增速分别环比下降 0.9pct、回升 1.0pct 至 24.9%、11.5%，对公贷款继续 贡献主要增量，有望持续受益于区域经济发展和重大战略的推进。总负债、存款同 比增速分别较 24H1 ...

Investment Rating - The report assigns an "Overweight" rating to Chengdu Bank (601838 SH) for the first time [1] Core Views - Chengdu Bank maintains rapid credit expansion with total assets reaching 12,216 38 billion yuan, up 11 95% YoY, and loan balance growing 15 43% YoY to 7,223 12 billion yuan [1] - Asset quality remains excellent with NPL ratio at 0 66% and provision coverage ratio at 497 40% [1] - Net interest margin stands at 1 49%, showing stability, while capital adequacy ratios improve across all levels [1] - Investment returns benefit from favorable bond market conditions, with investment yield rising to 4 09% [1] Financial Performance - For 2024 Q1-Q3, Chengdu Bank achieves operating income of 172 billion yuan, up 3 2% YoY, and net profit attributable to parent company of 90 billion yuan, up 10 8% YoY [1] - The bank's deposit growth remains strong at 13 14% YoY, with deposits accounting for 76 42% of total liabilities [1] - Corporate loans and personal loans grow by 17 41% and 7 61% respectively compared to the previous year-end [1] Valuation and Projections - The report forecasts net profit attributable to parent company of 128 59, 134 23, and 152 39 billion yuan for 2024-2026 [1] - EPS is projected to grow from 3 37 yuan in 2024 to 4 00 yuan in 2026 [3] - The current price of 15 75 yuan implies 0 8x 2024E PB [1] Peer Comparison - Chengdu Bank's 2024E PB ratio of 0 80x is in line with peer average, slightly higher than Hangzhou Bank's 0 78x but lower than Ningbo Bank's 0 85x [4] - The bank's BVPS growth from 19 58 yuan in 2024E to 25 85 yuan in 2026E outpaces most peers [4] Asset Quality and Capital - NPL ratio remains stable at 0 66% from 2024 Q3 through 2026E [6] - Provision coverage ratio stays above 300% throughout the forecast period, though declining from 497 40% in 2024 Q3 to 304 77% in 2026E [6] - Capital adequacy ratios show consistent improvement, with core tier 1 capital ratio rising from 8 40% in 2024 Q3 to 11 80% in 2026E [6]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——成都银行 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.03 | --- | |-----------------------------------| | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | 本报告导读： 成都银行 2024 年三季报营收及净利润增速符合预期，规模保持较高增速，息差韧性 小幅超出预期，资产质量稳中向好。维持目标价 18.65 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：成都银行位于重大国家战略叠加实施的重点区域，信贷 需求相对强劲，规模增速领先同业。在巩固政务金融传统优势的同 时，公司积极发展实体业务、零售消费贷和财富管理，布局长远。 根据三季报表现及降息后未来存贷款重定价 ...

承压的风险。 公司点评报告 · 银行业 息差企稳,对公贷款动能延续 成都银行 2024 年三季报业绩点评 2024年10月30日 核心观点 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------|-----------|------------| | | | | | | | | | | | ...

成都银行（601838.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 利润增速提升，资产质量优异 2024 年 10 月 30 日 事件：10 月 29 日，成都银行发布 24Q3 财报。24Q1-3 累计营收 172 亿元， YoY+3.2%； 归母净利润 90 亿元，YoY+10.8%；不良率 0.66%，拨备覆盖率 497%。 ➢ 营收延续正增长。成都银行 24Q1-3 营收同比增长 3.2%，较 24H1 下降 1.1pct。净利息收入、中收、其他非息收入增速均有所下降，24Q1-3 公司净利 息收入、中收、其他非息收入同比分别+1.8%、+15.9%、+7.8%，增速较 24H1 分别变动-0.1pct、-16.0pct、-2.7pct。 ➢ 归母净利润保持两位数增速。成都银行 24Q1-3 归母净利润同比增长 10.8%，较 24H1 提升 0.2pct。支出端，24Q3 末成本收入比 24.8%，较 24H1 末上升 1.0pct；优异资产质量下，资产减值损失 24Q1-3 同比下降-17.5%，较 24H1 提升 3.0pct，保持较低水平；所得税费增速明显 ...

成都银行（601838.SH） 城商行Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 30 日 详解成都银行 2024 三季报：息差企稳回升，利润增长稳定 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|---------|--------|--------|--------|--------| | 评级： 增持（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：戴志锋 | 营业收入（百万元） | 20,240 | 21,701 | 22,957 | 24,312 | 26,377 | | | 增长率 yoy% | 13.1% | 7.2% | 5.8% | 5.9% | 8.5% | | 执业证书编号： S0740517030004 | 归母净利润（百万元） | 10,042 | 11,670 | 12,850 | 13,922 | 15,286 | ...