Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [9] Core Views - Chengdu Bank's revenue growth for 2024 is projected at 5.9%, with a net profit growth of 10.2%, driven by a recovery in interest income [2][6] - For Q1 2025, revenue growth is expected to be 3.2%, and net profit growth is anticipated at 5.6%, primarily due to a high base effect on interest income [2][6] - The bank's loan growth is expected to lead the industry, with a year-end loan growth of 18.7% for 2024 and 8.8% for Q1 2025, focusing on government-related business [2][6] Summary by Sections Financial Performance - Chengdu Bank's 2024 revenue growth is 5.9%, with a quarterly growth of 14.8% in Q4. The net profit growth for the same year is 10.2%, with a quarterly growth of 8.7% in Q4 [2][6] - For Q1 2025, revenue growth is 3.2%, and net profit growth is 5.6%, influenced by a high base from the previous year [2][6] Asset Quality - The non-performing loan (NPL) ratio at the end of 2024 and Q1 2025 is 0.66%, with a provision coverage ratio of 479% and 456% respectively, indicating strong asset quality [2][6] Interest Income - Interest income for 2024 is expected to grow by 4.6%, with a significant recovery in the second half of the year. For Q1 2025, interest income growth is projected at 3.7%, affected by a high base from the previous year [2][6] Loan and Deposit Growth - Loan growth for 2024 is projected at 18.7%, with significant increases in corporate and retail loans. For Q1 2025, loan growth is expected to be 8.8% [2][6] - Total deposits are expected to grow by 13.2% in 2024, with personal deposits increasing by 23.8% [2][6] Net Interest Margin - The net interest margin for 2024 is projected at 1.66%, with expectations of stabilization in the second half of the year. The decline in funding costs is anticipated to support margin recovery [2][6] Investment Recommendations - The bank's strong asset quality and clear dividend yield advantage are highlighted, with a dividend payout ratio of 29% for 2024, corresponding to a dividend yield of 5.2% [2][6]

Investment Rating - The investment rating for Chengdu Bank is "Accumulate-A" with a target price of 18.87 CNY over the next six months [4]. Core Views - Chengdu Bank has demonstrated robust growth in both asset scale and performance, with a revenue growth rate of 5.89% for 2024 and a net profit growth rate of 10.17% [1][9]. - The bank's performance is primarily driven by the expansion of interest-earning assets, although net interest margin compression has been a significant drag on growth in early 2025 [1][8]. - The bank is expected to maintain a stable performance due to its strong asset quality and sufficient provisioning, with projected revenue growth of 8.17% and profit growth of 9.25% for 2025 [9][10]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 14.56% year-on-year by the end of 2024, with a quarterly increase of 285 billion CNY, while loans increased by 18.76% year-on-year [1][2]. - In Q1 2025, total assets increased by 13.25% year-on-year, with loans contributing significantly to this growth [1][2]. Loan Growth - Corporate loans showed steady growth, with balances increasing by 20.31% year-on-year by the end of 2024 and 17.69% year-on-year by the end of Q1 2025 [2]. - Retail loans also performed well, with year-on-year growth rates of 12.46% and 13.37% for 2024 and Q1 2025, respectively [3]. Asset Quality - Chengdu Bank maintained a low non-performing loan (NPL) ratio of 0.66% at the end of both 2024 and Q1 2025, indicating strong asset quality [9][10]. - The bank's provisioning coverage ratio was robust at 479.29% by the end of 2024 and 456.00% by the end of Q1 2025, reflecting its strong risk mitigation capabilities [9][10]. Non-Interest Income - Non-interest income showed a significant increase of 24.11% year-on-year in Q4 2024, primarily driven by investment income, although fee income declined [9][10]. Interest Margin - The net interest margin for 2024 was stable at 1.66%, but a significant decline is expected in Q1 2025 due to the impact of interest rate adjustments [8][9]. Future Outlook - The bank is expected to continue focusing on government-related financing while also responding to policy calls to enhance industrial demand and increase technology and green loan offerings in 2025 [2][9].

Investment Rating - The investment rating for Chengdu Bank is "Accumulate-A" with a 6-month target price of 18.87 CNY, compared to the current stock price of 16.98 CNY [4]. Core Views - Chengdu Bank has demonstrated robust growth in both revenue and profit, with a revenue growth rate of 5.89% for 2024 and a net profit growth rate of 10.17% for the same year. For Q1 2025, the revenue increased by 3.17% year-on-year, and net profit grew by 5.64% [1][9]. - The bank's performance is primarily driven by the expansion of interest-earning assets, although net interest margin compression has been a significant drag on growth [1][8]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 456% as of Q1 2025 [9][21]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 14.56% year-on-year to reach a total of 285 billion CNY by the end of 2024, with a significant increase in loans by 18.76% [1][2]. - For Q1 2025, total assets increased by 13.25% year-on-year, with loans contributing significantly to this growth [1][2]. Loan Growth - Corporate loans showed steady growth, with balances increasing by 20.31% year-on-year by the end of 2024 and 17.69% by the end of Q1 2025 [2]. - Retail loans also performed well, with a year-on-year growth of 12.46% by the end of 2024 and 13.37% by the end of Q1 2025 [3]. Deposit Growth - Total deposits increased by 13.20% year-on-year by the end of 2024 and 15.40% by the end of Q1 2025, with retail deposits showing a significant rise [3][7]. Non-Interest Income - Non-interest income grew by 24.11% year-on-year in Q4 2024, primarily driven by investment income, while fee income saw a decline [9][21]. Asset Quality - The bank maintained a low non-performing loan ratio of 0.66% and a strong provision coverage ratio, indicating solid risk management [9][21]. Future Outlook - Chengdu Bank is expected to achieve a revenue growth of 8.17% and a profit growth of 9.25% in 2025, supported by its strong asset quality and robust loan growth strategy [9][10].

Core Viewpoint - The article discusses the valuation of various banking sectors in China, highlighting that the six major banks and rural commercial banks are generally overvalued, while joint-stock banks and city commercial banks are seen as undervalued [2][4]. Group 1: Market Valuation - The "Market Earnings Ratio" (市赚率) is introduced as a valuation parameter, calculated as Market Price to Earnings Ratio (PE) divided by Return on Equity (ROE), with a specific formula: PR = PE / (ROE / 100) [2][3]. - The average valuation of the six major banks' A-shares has reached above 1.0 PR, indicating overvaluation, while their H-shares average above 0.8 PR [4][5]. - The Postal Savings Bank is noted as the least favored among the six major banks, with a valuation below 1.0 PR in the A-share market [4]. Group 2: Joint-Stock Banks - Joint-stock banks are not generally overvalued, with an average A-share valuation of over 0.9 PR and H-share valuation at 0.8 PR [5][6]. - The disparity in valuation between A-shares and H-shares is highlighted, with examples such as China Merchants Bank showing stronger performance in H-shares compared to A-shares [5]. Group 3: City Commercial Banks - City commercial banks are identified as undervalued, with average A-share valuations around 0.8 PR, and specific banks like Jiangsu Bank and Hangzhou Bank noted as significant value opportunities with valuations of 0.65 PR [7][8]. Group 4: Rural Commercial Banks - The article suggests that rural commercial banks are not as clear-cut in terms of valuation, as they are generally seen as growth banks with lower dividend payout ratios, leading to higher correction coefficients [9][10]. - Only one rural commercial bank, Changshu Bank, is noted to have a valuation below 0.4 PR, indicating limited undervaluation compared to city commercial banks [9][10]. Group 5: Growth Banks - Four banks are identified as growth stocks with improving ROE: Hangzhou Bank, Qilu Bank, Qingdao Bank, and Changshu Bank [11][12]. - The article emphasizes that the valuation of these growth banks may not reflect their potential due to their lower dividend payout ratios [11][12]. Group 6: Market Environment - The article discusses the impact of a low-interest environment on stock valuations, suggesting that while valuations should theoretically rise, the relationship is not strictly inverse [12]. - It is recommended that banks with high valuations should be sold as they rise, particularly in the A-share market above 1.0 PR and H-share market above 0.8 PR [12].

Investment Rating - The investment rating for Chengdu Bank is "Accumulate" with a 6-month outlook [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2][4] Financial Performance Summary - In Q1 2025, Chengdu Bank's net interest income was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The bank's net interest margin recorded at 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] Asset Quality and Capital Adequacy - Chengdu Bank's non-performing loan balance was 530 million yuan, maintaining a non-performing loan ratio of 0.66% compared to 2024. The provision coverage ratio decreased by 23.3 percentage points from the end of 2024 [4] - The core Tier 1 capital adequacy ratio was recorded at 8.84%, down 22 basis points, attributed to the expansion of risk-weighted assets due to sustained credit growth [4] Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders from 2025 to 2027 are 9.18%, 8.84%, and 6.48%, respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - Financial projections indicate a steady increase in operating revenue, with expected figures of 243 billion yuan in 2025, 261 billion yuan in 2026, and 275 billion yuan in 2027 [6][12]

Investment Rating - The investment rating for Chengdu Bank is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2] - The bank's net interest income for Q1 2025 was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The net interest margin recorded for Q1 2025 was 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Chengdu Bank's total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] - The bank's total interest-bearing liabilities reached 1.24 trillion yuan, up 12.5% year-on-year, with deposits growing by 15.4% [4] - The non-performing loan balance was 530 million yuan, with the non-performing loan ratio remaining stable compared to 2024 [4] Financial Data Summary - Chengdu Bank's projected net profit growth for 2025-2027 is estimated at 9.18%, 8.84%, and 6.48% respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - The financial forecast indicates that operating revenue is expected to grow from 217 billion yuan in 2023 to 275 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.30% [6][12] - The bank's core Tier 1 capital adequacy ratio for Q1 2025 was recorded at 8.84%, reflecting a decrease of 22 basis points [4]

公 司 报 告 银行 2025 年 4 月 30 日 成都银行(601838.SH) 扩表积极，资产质量优异 强烈推荐（维持） 股价：17.26 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bocd.com.cn | | 大股东/持股 | 成都交子金融控股集团有限公司 | | | /20.00% | | 实际控制人 | 成都市人民政府 | | 总股本(百万股) | 4,238 | | 流通 A 股(百万股) | 4,231 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 732 | | 流通 A 股市值(亿元) | 730 | | 每股净资产(元) | 19.50 | | 资产负债率(%) | 93.4 | 行情走势图 相关研究报告 【平安证券】成都银行（601838.SH）*季报点评*盈利 稳健增长，资产质量保持优异*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | ...

银行业 成都银行（601838）2024 年年报和 2025 年一季报点评 2025 年 4 月 30 日 投资要点： 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn | 主要数据 2025 年 | 4 月 29 日 | | --- | --- | | 收盘价(元) | 17.26 | | 总市值（亿元） | 731.55 | | 总股本(百万股) | 4,238.44 | | 流通股本(百万股) | 4,231.06 | | ROE（TTM） | 16.12% | | 12 月最高价(元) | 17.90 | | 12 月最低价(元) | 12.83 | 股价走势 成都银行 资料来源：iFinD，东莞证券研究所 买入（维持） 负债成本减轻，资产质量优异 事件：成都银行发布2024年年报和2025年一季报。2024年，成都银行实现营业 收入229.82亿元，同比增长5.89%；归母净利润128.58亿元，同比增长10.17%。 2025年一季度，实现营业收入58.17亿元，同比增长3.17%；归母净利 ...

以下文章来源于躺师傅的投资世界 ，作者躺师傅 躺师傅的投资世界 . 格施好学徒，佛系收息人~ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 躺红利摊转债 来源：雪球 银行板块的年报陆陆续续都出完了 ， 今天有空就来做个数据整理 ， 现在整个银行板块数量也挺 多 ， 为减少工作量 ， 就从国有行 、 股份行和城商行中各选四家具有代表性的银行做一个数据 对比吧~ 一 、 整体业绩概览 | 营收(亿) | | 同比 | 净利润(亿) | 同比 | 风险加权资 | 同比 | 24年 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 产(亿) | | 浅幅 | | 工商银行 8218.03 | | -2.52% | 3658. 63 | 0. 51% | 257108. 55 | 4. 34% | 52. 30% | | 建设银行 7501.51 | | -2.54% | 3355. 77 | 0. 88% | 218545. 90 | -2. 42% | 42. 44% | | 农业银行 71 ...

证券研究报告 | 公司点评报告 2025 年 04 月 30 日 成都银行（601838.SH） 存贷高增，拨备夯实 总量研究/银行 成都银行披露 2024 年度报告及 2025 年一季报，2024 全年营收、PPOP、归母 利润同比增速分别为 5.89%、7.11%、10.17%；2025Q1 营收、PPOP、归母 净利润同比分别增长 3.17%、3.59%、5.64%。从累计业绩驱动来看，24A 规 模扩张、其他非息、拨备计提、成本收入比下降和有效税率下降形成正贡献， 净息差形成拖累。25Q1 中收贡献转负，息差对业绩依旧为拖累。 ❑ 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 21702 | 22982 | 23988 | 25223 | 26975 | | 同比增长 | 7.2% | 5.9% | 4.4% | 5.1% | 6.9% | | 营业利润(百万元) | 1 ...