Investment Rating - The report maintains a "Recommended" rating for Chengdu Bank (stock code: 601838) [2] Core Views - Net profit growth has improved, with operating income of 17.241 billion yuan for the first nine months of 2024, a year-on-year increase of 3.23%, and net profit attributable to the parent company of 9.038 billion yuan, a year-on-year increase of 10.81%, showing an acceleration compared to the first half of the year [2] - The net interest margin has stabilized, with corporate loans continuing to grow rapidly. For the first nine months of 2024, net interest income was 13.604 billion yuan, a year-on-year increase of 1.78% [2] - The asset quality remains excellent, with a non-performing loan ratio of 0.66%, unchanged from the end of the previous year, and a provision coverage ratio of 497.4% [2] Summary by Sections Financial Performance - For the first nine months of 2024, Chengdu Bank achieved operating income of 17.241 billion yuan, a year-on-year increase of 3.23%, and net profit attributable to the parent company of 9.038 billion yuan, a year-on-year increase of 10.81% [2] - The annualized weighted average ROE was 17.55%, a decrease of 0.79 percentage points year-on-year [2] Loan and Deposit Growth - As of September 2024, total loans increased by 15.48% year-on-year, with corporate loans growing by 17.41% [2] - Total deposits increased by 12.08% year-on-year, with the proportion of time deposits rising to 68.49% [2] Non-Interest Income - Non-interest income for the first nine months of 2024 was 3.637 billion yuan, a year-on-year increase of 9%, with the proportion of non-interest income to total operating income decreasing by 0.55 percentage points to 21.09% [2] Asset Quality - The non-performing loan ratio was 0.66%, maintaining a leading position in the industry, with a provision coverage ratio of 497.4% [2] - The core Tier 1 capital adequacy ratio was 8.4%, an increase of 0.18 percentage points from the end of the previous year [2] Investment Recommendations - The report suggests that the company has significant regional advantages and is expected to benefit from the development of the Chengdu-Chongqing economic circle, which will help drive continuous performance growth [2] - The projected BVPS for 2024-2026 is 19.45 yuan, 22.26 yuan, and 25.39 yuan, respectively, corresponding to a current PB of 0.80X, 0.70X, and 0.61X [2]

Investment Rating - The report maintains a "Recommended" rating for Chengdu Bank, with a target price of 15.41 CNY, corresponding to 0.8 times the 2024 PB ratio [2][4]. Core Views - Chengdu Bank is expected to continue benefiting from strong credit demand driven by major regional strategies, supporting high growth rates in its scale. The bank's asset quality remains excellent, with low non-performing loan (NPL) and attention rates, and high provision coverage, which allows for lower impairment provisions and supports performance [2][4]. Financial Performance Summary - For the first three quarters of 2024, Chengdu Bank reported a total revenue of 17.2 billion CNY, a year-on-year increase of 3.2%. The net profit attributable to shareholders reached 9 billion CNY, up 10.8% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 497% [1][2]. - The bank's net interest income, fee income, and other non-interest income showed year-on-year growth rates of 1.8%, 15.9%, and 7.8%, respectively, although these rates have decreased compared to the first half of 2024 [1]. - Total assets and total loans increased by 14.9% and 22.2% year-on-year, respectively, with corporate loans growing by 24.9% and personal loans by 11.5% [1][2]. - The bank's cost-to-income ratio at the end of Q3 2024 was 24.8%, an increase of 1.0 percentage points from the end of H1 2024 [1]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.41 CNY, 3.82 CNY, and 4.32 CNY, respectively. The bank's price-to-earnings (P/E) ratio is expected to be 5 for 2024 and decrease to 4 by 2026 [3][2]. - The forecasted net profit attributable to shareholders for 2024 is 13.02 billion CNY, reflecting a growth rate of 11.6% [3][2]. Asset Quality - The non-performing loan ratio is projected to decrease to 0.63% in 2024, with a provision coverage ratio of 483.6% [37][2]. - The attention rate is expected to decline to 0.39% by 2024, indicating a stable asset quality outlook [37][2].

Investment Rating - The investment rating for Chengdu Bank is "Accumulate" (maintained) [1]. Core Views - Chengdu Bank's Q3 2024 report indicates a stabilization and recovery in net interest margin, leading to a slight increase in net profit growth to 10.8%. The bank's asset quality remains excellent, with a low non-performing loan ratio of 0.66% [2][6][13]. Summary by Sections Q3 Report Overview - The net interest margin has stabilized and increased, contributing to a positive turnaround in net interest income growth, which rose by 1.8% quarter-on-quarter. The cumulative year-on-year revenue growth decreased by 1.1 percentage points to 3.2% due to a decline in wealth management scale [2][6][15]. Net Interest Income - In Q3, the net interest margin increased by 2 basis points to 1.59%, primarily due to a decrease in the cost of liabilities. The annualized net interest income growth turned positive, reflecting a 5.75 percentage point improvement from the previous quarter [9][10]. Asset and Liability Growth and Structure - Chengdu Bank's loan issuance in Q3 was robust, with a total loan issuance of 14.6 billion yuan, maintaining a similar level to the previous year. Personal loans showed a notable increase, with a quarter-on-quarter rise of 2.25 billion yuan [9][10]. Asset Quality - The bank's asset quality remains strong, with a non-performing loan ratio of 0.66%, stable compared to the previous quarter. The provision coverage ratio increased to 497.36%, indicating a solid buffer against potential loan losses [13][14]. Other Financial Metrics - The bank's core tier 1 capital adequacy ratio improved, reaching 8.40% in Q3 2024, reflecting a positive trend in capital management [15]. Investment Recommendations - The report suggests a price-to-book (PB) ratio of 0.80X for 2024E, 0.70X for 2025E, and 0.62X for 2026E, with a price-to-earnings (PE) ratio of 4.60X for 2024E, 4.25X for 2025E, and 3.87X for 2026E. The bank's operations are expected to remain stable, with a strong focus on retail and infrastructure [16][19].

Investment Rating - The investment rating for Chengdu Bank is "Accumulate-A" with a target price of 17.03 CNY, compared to the current stock price of 15.50 CNY as of October 29, 2024 [3][7]. Core Views - Chengdu Bank's asset quality remains excellent, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 497.40% as of the end of Q3 2024 [7][16]. - The bank's revenue growth for the first three quarters of 2024 is 3.23%, with a net profit growth of 10.81% [1][6]. - The bank is expected to achieve a loan growth of 20% year-on-year for the full year 2024, despite a slowdown in growth in the second half of the year due to macroeconomic factors [2][3]. Summary by Sections Financial Performance - Chengdu Bank's total assets increased by 14.92% year-on-year as of Q3 2024, although the growth rate has slowed compared to previous quarters [1][2]. - The bank's net interest margin is projected to be 1.52% for the first three quarters of 2024, reflecting a decline of 35 basis points year-on-year [5][6]. - The bank's net non-interest income decreased by 0.41% year-on-year in Q3 2024, with a significant drop in fee and commission income by 19.10% [6][7]. Asset Quality - The bank's asset quality is highlighted by a low non-performing loan ratio and a high provision coverage ratio, indicating strong risk management [7][16]. - The focus on public finance and infrastructure projects is expected to provide growth opportunities, supported by government initiatives in the Chengdu region [7][16]. Loan and Deposit Trends - Public loans increased by 93 million CNY in Q3 2024, reflecting a shift in focus from public finance to real economy sectors [2][3]. - Retail loans showed a slight recovery with a year-on-year growth of 11.47% as of Q3 2024, indicating a strategic pivot towards inclusive finance [2][3]. Future Outlook - The bank anticipates a revenue growth of 4.55% and a profit growth of 13.39% for the full year 2024, driven by its robust asset quality and strategic focus on key sectors [7][8]. - The overall economic environment is expected to impact loan growth rates, but the bank's strong position in the Chengdu market is seen as a buffer against broader economic challenges [3][7].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][9][14] Core Views - The company has demonstrated steady profit growth with a year-on-year increase in net profit of 10.8% for the first three quarters of 2024, while revenue grew by 3.2% [4][7] - The asset quality remains excellent, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 497% [9][12] - The bank's total assets reached 1.22 trillion yuan, with loans amounting to 721.1 billion yuan and deposits totaling 855.9 billion yuan [4][9] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 17.2 billion yuan, a 3.2% increase year-on-year, and a net profit attributable to shareholders of 9 billion yuan, reflecting a 10.8% growth [4][7] - The annualized return on equity (ROE) was reported at 17.55% [4][9] - The net interest margin (NIM) remained stable at 1.51%, with a slight decrease in the cost of interest-bearing liabilities to 2.18% [6][9] Growth Projections - The company is projected to achieve earnings per share (EPS) of 3.46 yuan in 2024, with expected growth rates of 13.1%, 14.3%, and 15.1% for the years 2024, 2025, and 2026 respectively [5][9] - The price-to-earnings (P/E) ratio is expected to decline from 5.9 in 2024 to 3.4 by 2026, indicating potential valuation upside [5][9] Asset Quality and Risk Management - The bank's asset quality indicators are expected to remain superior to industry peers, with a focus on proactive risk management [9][12] - The provision for loan losses is robust, with a provision-to-loan ratio of 3.29% [9][12]

23/1023/1224/0124/0224/0324/0424/0524/0624/0724/0824/0924/10 成都银行(601838) 报告日期：2024 年 10 月 30 日 息差环比改善，资产质量稳定 ——成都银行 2024 年三季度业绩点评 投资要点 ❑ 24Q3 成都银行盈利增速整体稳定，单季息差环比回升，资产质量保持平稳。 ❑ 业绩概览 成都银行 24Q1-3 归母净利润同比增长 10.8%，增速较 24H1 上升 0.2pc；营收同 比增长 3.2%，增速较 24H1 下降 1.1pc。24Q3 末不良率环比持平于 0.66%；拨备 覆盖率环比提升 1pc 至 497%。 ❑ 盈利增速基本稳定 成都银行 24Q1-3 归母净利润同比增长 10.8%，增速较 24H1 上升 0.2pc；营收同 比增长 3.2%，增速较 24H1 下降 1.1pc。整体来看，成都银行盈利增速稳定，营 收增速放缓主要源于规模增速、非息收入小幅放缓。24Q3 末成都银行生息资产 同比增长 13.8%，增速较 24Q2 末放缓 1.5pc；24Q1~3 非息收入同比增长 9.0%， 较 24H1 放缓 4.8 ...

证券代码：601838 证券简称：成都银行 公告编号：2024-055 可转债代码：113055 可转债简称：成银转债 成都银行股份有限公司 第八届监事会第四次会议决议公告 监事会认为，公司 2024 年第三季度报告的编制和审议程序符合 法律、行政法规和中国证监会的规定，报告的内容真实、准确、完整 1 地反映了公司的实际情况。 此外，会议还听取了《关于成都银行股份有限公司 2024 年第三 季度内部审计工作的报告》《关于成都银行股份有限公司 2024 年第 三季度财务分析的报告》《关于成都银行股份有限公司 2024 年第三 季度全面风险管理的报告》《关于成都银行股份有限公司 2024 年第 三季度内控合规管理工作的报告》《关于成都银行股份有限公司 2024 年第三季度洗钱风险管理的报告》，通报了国家金融监督管理总局四 川监管局关于本公司公司治理监管评估有关情况。 特此公告。 成都银行股份有限公司监事会 本公司监事会及全体监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。 成都银行股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日 ...

成都银行股份有限公司（以下简称"本公司"）于 2024 年 10 月 18 日以电子邮件及书面方式向全体董事发出关于召开董事会会议的 通知和材料，本公司第八届董事会第六次会议于 2024 年 10 月 29 日 在本公司总部 5 楼 1 号会议室以现场结合视频方式召开。本次会议应 出席有表决权董事 11 名，徐登义、何维忠、马晓峰、陈存泰 4 名董 事现场出席，郭令海、甘犁、邵赤平、樊斌 4 名董事通过视频连线方 式参加会议。董事长王晖先生因公务原因无法出席会议，委托副董事 长何维忠先生代为出席、主持会议并行使表决权。董事王永强先生因 公务原因无法出席会议，委托副董事长何维忠先生代为出席并行使表 决权。独立董事宋朝学先生因公务原因无法出席会议，委托独立董事 樊斌先生代为出席并行使表决权。会议由何维忠副董事长主持。4 名 监事以及本公司部分高级管理人员列席会议。会议的召开符合《中华 人民共和国公司法》《中华人民共和国证券法》等法律、行政法规、 证券代码：601838 证券简称：成都银行 公告编号：2024-054 可转债代码：113055 可转债简称：成银转债 成都银行股份有限公司 第八届董事会第六次会议决议公 ...

Financial Performance - In Q3 2024, the bank reported operating income of CNY 5,656,087 thousand, an increase of 1.14% year-over-year[5] - Net profit for Q3 2024 reached CNY 2,871,515 thousand, reflecting an increase of 11.26% compared to the same period last year[5] - The net profit attributable to shareholders of the parent company for the first nine months of 2024 was CNY 9,038,195 thousand, up 10.81% year-over-year[5] - The basic earnings per share for Q3 2024 was CNY 0.75, an increase of 10.29% compared to the same period last year[6] - The basic earnings per share for the first nine months of 2024 was CNY 2.37, an increase of RMB 0.21 compared to the previous year[15] - The total comprehensive income for the first nine months of 2024 was CNY 9,164,118 thousand, an increase from CNY 8,395,892 thousand in 2023[32] Assets and Liabilities - Total assets as of September 30, 2024, amounted to CNY 1,221,637,564 thousand, representing a growth of 11.95% from the end of 2023[6] - The bank's total liabilities increased by 12.22% year-over-year, reaching CNY 1,144,573,792 thousand[6] - The total equity attributable to shareholders of the parent company increased to CNY 76,978,802 thousand, up from CNY 71,235,227 thousand, marking a growth of 8.88%[31] Loans and Deposits - The total amount of loans and advances increased by 15.43% year-over-year, reaching CNY 722,312,222 thousand[6] - Total deposits amounted to RMB 874.672 billion, growing by RMB 94.251 billion, or 12.08% compared to the end of the previous year[15] - The total amount of loans and advances issued was CNY 722,312,222 thousand, an increase from CNY 625,742,219 thousand, reflecting a growth of 15.4%[21] Cash Flow - The bank's cash flow from operating activities showed a significant decline, with a net cash flow of -CNY 19,944,982 thousand, down 51.00%[6] - The net cash flow from operating activities for the first nine months of 2024 was negative CNY 19,944,982 thousand, an improvement from negative CNY 40,704,731 thousand in 2023[34] - The net cash flow from investment activities amounted to CNY 40,914,586, a significant increase from CNY 10,629,961 in the same period last year[35] Ratios and Coverage - The bank's return on equity (ROE) was 4.13%, a decrease of 0.06 percentage points compared to the previous year[6] - The company's non-performing loan ratio as of September 30, 2024, was 0.66%, a decrease of 0.02 percentage points from the end of the previous year[16] - The provision coverage ratio stood at 497.40% as of September 30, 2024[16] - The annualized return on assets was 1.04% for the first nine months of 2024, compared to 1.10% in the same period of 2023[18] - The cost-to-income ratio for the first nine months of 2024 was 24.75%, up from 24.15% in the same period of 2023[18] Capital and Liquidity - The core Tier 1 capital ratio improved to 8.40% as of September 30, 2024, compared to 8.22% at the end of 2023[22] - The liquidity coverage ratio increased to 267.34% from 203.19% year-over-year, indicating enhanced liquidity position[25] - The bank's net capital adequacy ratio stood at 13.40% as of September 30, 2024, compared to 12.89% at the end of 2023[22] Investment Activities - The bank's investment income for the first nine months of 2024 was CNY 3,080,809 thousand, up from CNY 2,560,489 thousand in 2023, indicating a strong performance in investment activities[31] - Cash inflow from investment income was CNY 8,675,039, down from CNY 8,948,955 year-over-year[35]

证券代码：601838 证券简称：成都银行 公告编号：2024-053 可转债代码：113055 可转债简称：成银转债 成都银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 于 2024 年 11 月 1 日（星期五）下午 15:00-16:00 召开 2024 年第三季 度业绩说明会，就投资者普遍关注的问题进行交流。 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。 重要内容提示： 1.会议召开时间：2024 年 11 月 1 日（星期五）下午 15:00-16:00 2.会议召开地点：全景网"投资者关系互动平台"（网址： https://ir.p5w.net） 3.会议召开形式：网络文字互动 4.投资者可于 2024 年 10 月 30 日（星期三）17:00 前将相关问题 通 过 电 子 邮 件 的 形 式 发 送 至 公 司 本 次 会 议 问 题 征 集 邮 箱 ： ir@bocd.com.cn，或在会议召开时提问。公司将于业绩说明会上对投资 者普遍关注的问题进行回答。 成都银行股份有限公司（以下简称 ...