Investment Rating - The report assigns a "Buy" rating for Chengdu Bank, indicating a positive outlook for the stock over the next six months [15]. Core Insights - Chengdu Bank reported a total operating income of 22.98 billion yuan in 2024, reflecting a year-on-year growth of 5.89%. The net profit attributable to shareholders reached 12.86 billion yuan, up 10.17% year-on-year [2][3]. - The bank's net interest income grew by 4.57% to 18.46 billion yuan, accounting for 80.33% of total revenue, although this represents a slight decrease in proportion compared to the previous year [3][17]. - The loan portfolio expanded significantly, with total loans amounting to 741.32 billion yuan, a year-on-year increase of 18.72%. Corporate loans grew by 20.25% to 602.62 billion yuan, while personal loans increased by 12.46% to 138.70 billion yuan [3][4]. - Deposits also saw growth, reaching 865.71 billion yuan, up 13.20% year-on-year. Personal deposits grew by 23.79%, now making up 50.64% of total deposits [4]. - The bank's net interest margin was reported at 1.66%, a decrease of 0.15 percentage points year-on-year, but the decline in margin has narrowed compared to previous periods [4][18]. - Asset quality improved, with a non-performing loan ratio of 0.66%, down 0.02 percentage points year-on-year. Corporate loans showed a non-performing rate of 0.63%, while personal loans increased to 0.78% [5][20]. - Capital adequacy ratios improved, with the core Tier 1 capital ratio at 9.06%, up 0.84 percentage points year-on-year [5][22]. Financial Summary - The bank's total assets reached 1.25 trillion yuan, a year-on-year increase of 14.56% [16]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 14.13 billion yuan, 15.46 billion yuan, and 16.71 billion yuan, respectively, indicating continued growth [5][26].

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [2] Core Views - The bank's revenue for 2024 and Q1 2025 showed year-on-year growth of 5.9% and 3.2%, respectively, while net profit attributable to shareholders increased by 10.2% and 5.6% [5][7] - The bank's strategy focuses on achieving sustainable growth in return on equity (ROE) above 15%, despite a temporary dip due to convertible bond dilution [7][10] - The bank's non-performing loan (NPL) ratio remains at a low level of 0.66%, with a high provision coverage ratio of 456% [7][10] Financial Data and Profit Forecast - Total revenue is projected to grow from 21,702.19 million in 2023 to 23,985.39 million in 2025E, with a year-on-year growth rate of 4.37% [6] - Net profit attributable to shareholders is expected to increase from 11,671.12 million in 2023 to 13,617.38 million in 2025E, reflecting a growth rate of 5.90% [6] - The bank's ROE is forecasted to decline from 18.78% in 2023 to 15.66% in 2025E [6] Loan Growth and Composition - The bank's loan growth remains strong, with a 16.9% increase in Q1 2025, driven primarily by corporate loans, which grew approximately 18% [7][11] - Retail loans are gradually improving, with Q1 2025 showing an increase of 23 million, compared to 10 million in the same period last year [7][11] Interest Margin and Cost Management - The net interest margin is projected to decline to 1.58% in Q1 2025, down 15 basis points year-on-year, with a focus on improving funding costs [10][14] - The bank's cost-to-income ratio has improved, contributing positively to profit growth [7][10] Risk Management - The bank maintains a low NPL ratio and a strong provision coverage, indicating effective risk management practices [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.74 CNY [1]. Core Views - Chengdu Bank's revenue for 2024 reached 23 billion CNY, a year-on-year increase of 5.9%, while the net profit attributable to shareholders was 12.9 billion CNY, up 10.2% year-on-year [3]. - The bank's net interest margin (NIM) for 2024 was 1.66%, showing a narrowing decline compared to previous periods, indicating a stabilization in interest income [8]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% at the end of 2024, maintaining a low level [10]. Summary by Sections Financial Performance - In 2024, Chengdu Bank achieved operating income of 230 billion CNY, a 5.9% increase year-on-year, and a net profit of 129 billion CNY, reflecting a 10.2% growth [3]. - For Q1 2025, the bank reported operating income of 58 billion CNY, up 3.2% year-on-year, and a net profit of 30 billion CNY, a 5.6% increase [3]. Revenue Composition - The growth rates for net interest income and non-interest income in 2024 were 4.6% and 11.7%, respectively, with a notable decline in non-interest income growth in Q1 2025 [4][9]. - Non-interest income accounted for 17.4% of total revenue in Q1 2025, down 2.3 percentage points from 2024 [9]. Asset Quality - The NPL ratio remained stable at 0.66% at the end of 2024, with a coverage ratio of 456% [10][11]. - The bank's credit impairment losses for Q1 2025 were 8.6 billion CNY, showing a slight decrease compared to the previous year [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio was 8.8%, with a risk-weighted asset (RWA) growth rate of 16.1% [11][33]. - The bank's capital structure has been strengthened through the conversion of convertible bonds, increasing the total share capital [11]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 3.16, 3.27, and 3.35 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 5.61, 5.42, and 5.30 [12][34].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.02 [8] Core Views - The company demonstrates stable performance with a solid foundation, as evidenced by a year-on-year increase in net profit, revenue, and pre-provision operating profit of 5.6%, 3.2%, and 3.5% respectively in Q1 2025 [1] - The company focuses on strengthening its deposit base through robust credit issuance, maintaining a leading position in the industry [2] - Financial investment remains stable, although there is a marginal decline in intermediary income due to market fluctuations [3] - Asset quality is stable, with non-performing loan ratios remaining low, although there are slight fluctuations in retail segments [4] - The company is projected to achieve a target price-to-book (PB) ratio of 0.95 for 2025, reflecting its strong fundamentals and expected valuation premium [5] Summary by Sections Performance Overview - In Q1 2025, the company reported a net profit of RMB 137.5 billion, with revenue growth slowing primarily due to declining interest margins [1] - The company plans to distribute a cash dividend of RMB 0.89 per share for 2024, maintaining a dividend payout ratio of 30% [1] Credit and Deposits - As of March, total assets, loans, and deposits increased by 13.3%, 16.9%, and 15.6% year-on-year, respectively, indicating strong credit expansion [2] - The company focuses on corporate loans, particularly in industrial park construction, which is expected to drive growth [2] Financial Investments - Investment income increased by 11% year-on-year in Q1 2025, although the growth rate has slowed due to bond market volatility [3] - Intermediary income saw a significant decline of 32.4% year-on-year, primarily due to reduced income from wealth management fees [3] Asset Quality - The company maintains a stable asset quality with a non-performing loan ratio of 0.66% and a provision coverage ratio of 456% as of March [4] - The annualized credit cost for Q1 2025 was 0.47%, reflecting a slight increase from the previous quarter but remaining within a low range [4] Valuation and Forecast - The company is projected to achieve net profits of RMB 137.5 billion, RMB 149.0 billion, and RMB 163.4 billion for 2025, 2026, and 2027 respectively [5] - The forecasted book value per share (BVPS) for 2025 is RMB 21.19, corresponding to a PB ratio of 0.83 [5]

Market Overview - The A-share market experienced a collective decline on April 28, with the Shanghai Composite Index down by 0.2%, the Shenzhen Component down by 0.62%, and the ChiNext Index down by 0.65%. The total market turnover was 1,076.7 billion yuan, a decrease of 60.3 billion yuan from the previous day, with over 4,100 stocks declining [1]. Banking Sector Performance - The banking sector showed resilience, with stocks such as Industrial and Commercial Bank of China, China Construction Bank, Jiangsu Bank, and Chengdu Bank reaching historical highs. Citic Securities noted a slight decrease of 0.37 percentage points in the proportion of bank stocks among actively managed fund heavyweights compared to the previous quarter. In the short term, external disturbances are expected to impact market sentiment, but the banking sector is considered to have stable fundamentals and significant relative value, suggesting an increase in allocation [2]. PEEK Materials and Robotics Market - PEEK materials stocks performed well, with companies like Xinhan New Materials and Kent Shares rising over 10%. The global humanoid robot market is projected to grow from approximately 1 billion dollars in 2024 to 15 billion dollars by 2030, with a compound annual growth rate exceeding 56%. PEEK materials are expected to benefit from this growth due to their lightweight and strong properties, which are essential for humanoid robots [2]. Individual Stock Movements - Asia Pacific Industry experienced significant volatility, opening at the daily limit down and later surging to the limit up, achieving a turnover of 178 million yuan and a turnover rate of 19.29%. Institutional buying was noted, with one institution net purchasing 2.5742 million yuan. Conversely, Puli Pharmaceutical faced a sharp decline of over 77% due to entering the delisting period, with its stock price closing down nearly 74% at 0.65 yuan per share, resulting in a market cap reduction to 365 million yuan [3]. Market Outlook - The market is expected to maintain a volatile trend due to the upcoming "May Day" holiday, with institutions predicting a high probability of continued fluctuations unless substantial positive news emerges. Dongwu Securities suggests that without significant catalysts, the market is likely to remain in a consolidation phase. Galaxy Securities indicates that while market sentiment has shown some recovery, overall caution persists, reflected in the lack of significant volume increase. It is recommended to focus on medium to long-term strategies and be prepared for potential style shifts post-holiday [4]. Sector Focus - Short-term investment opportunities are suggested in sectors such as banking, electricity, beauty, and automotive, while mid-term focus should be on "new quality domestic growth" sectors driven by domestic demand and growth potential, including new consumption and AI [4].

证券代码：601838 证券简称：成都银行 公告编号：2025-031 成都银行股份有限公司 关于拟变更注册资本并相应修改公司章程的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 特此公告。 成都银行股份有限公司董事会 二、修改公司章程情况 本公司拟对公司章程中涉及注册资本、股份总数的相关条款进 行相应修改，具体修改内容如下： 1 | 序号 | | 现条款 | | 修改后条款 | | --- | --- | --- | --- | --- | | 1 | 第六条 | 本行注册资本为人民币 | 第六条 | 本行注册资本为人民币 | | | 3,735,735,833 | 元。 | 4,238,435,356 | 元。 | | | 第二十条 | 本行的股份总数为 | 第二十条 | 本行的股份总数为 股，全部为普通股， | | 2 | 3,735,735,833 | 股，全部为普通 | 4,238,435,356 | | | | 股，每股面值 | 1 元。 | 每股面值 1 元。 | | 除上述修改外，公司章程其他条款内容保 ...

成都银行 A股主板上市 (601838) BANK OF CHENGDU 【 】【 FREES 服用 -- L F 【】【】 t 1 版 6.0 → 成都银行 飞 c ∞ 成都银行 www.bocd.com.cn @ l 2) 95507 , Ta L IN 言 3 = T 报告时间范围 2024年1月1日至2024年12月31日，部分内容超出上述范围。 报告组织范围 报告覆盖成都银行股份有限公司总行、分支机构。为便于表述，在报告中"成都银行股份有限公司"以"成都银行""我行""本 行"表示。 报告发布周期 年度报告。 报告编制依据 报告依照原中国银保监会（现国家金融监督管理总局）《关于加强银行业金融机构社会责任的意见》、《商业银行公司治 理指引》、中国银行业协会《中国银行业金融机构企业社会责任指引》、上海证券交易所《上海证券交易所上市公司自律 监管指引第1号——规范运作（2023年12月修订）》和《上海证券交易所股票上市规则（2024年4月修订）》编制指引相 关要求进行编写。 报告保证方式 本行董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担法 ...

公司代码：601838 公司简称：成都银行 成都银行股份有限公司 2024年度内部控制评价报告 成都银行股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的 ...

成都银行股份有限公司 董事会关联交易控制与审计委员会 2024 年度履职情况报告 根据《银行保险机构公司治理准则》《上市公司治理准 则》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等监管规定以及《成 都银行股份有限公司章程》和《成都银行股份有限公司董事 会关联交易控制与审计委员会工作细则》等规定，现将成都 银行股份有限公司（以下简称"本行"）董事会关联交易控 制与审计委员会 2024 年度履职情况报告如下： 一、委员会构成情况 本行第七届董事会关联交易控制与审计委员会由五名 董事构成，分别为主任委员宋朝学先生（独立董事），委员 何维忠先生、董晖先生、甘犁先生（独立董事）、邵赤平先 生（独立董事）。2024 年 6 月，本行董事会完成换届工作， 第八届董事会关联交易控制与审计委员会由三名委员构成， 分别为主任委员余海宗先生（独立董事），委员何维忠先生、 马骁先生（独立董事）。委员会中独立董事占比超过二分之 一，且具备财务、审计等方面的专业知识和工作经验，符合 监管规定以及《成都银行股份有限公司章程》和《成都银行 股份有限公司董事会关联交易控制与审计委员会工作细则》 ...

成都银行股份有限公司董事会 关联交易控制与审计委员会对会计师事务所 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《国有企业、上市公司选聘会计师事务所管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》和《成都银行股份有限公司章程》等规定和要求，2024 年，成都银行股份有限公司（以下简称"本公司"）董事会关联交 易控制与审计委员会认真履行忠实和勤勉义务，恪尽职守，审慎 履行对会计师事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立， 于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制 企业，更名为毕马威华振会计师事务所（特殊普通合伙）（以下 简称"毕马威华振"），2012 年 7 月 10 日取得工商营业执照，并 于 2012 年 8 月 1 日正式运营。毕马威华振总所位于北京，注册 地址为北京市东城区东长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师 资格。截至 2024 年 12 ...