公司研究 规模扩张动能强劲，业绩维持双位数高增 ——成都银行（601838.SH）2024 年中报点评 市场数据 | --- | --- | |---------------------|------------| | 总股本(亿股) | 38.14 | | 总市值(亿元)： | 570.57 | | 一年最低/最高(元)： | 10.08/15.3 | | 近 3 月换手率： | 46.78% | 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 3M | 1Y | | 相对 | 5.10 | 8.12 | 23.84 | | 绝对 | 2.05 | -0.30 | 11.93 | 资料来源：Wind 增持（维持） 当前价：14.96 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 股价相对走势 ...

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 18.65 RMB [2][5] Core Views - The performance of the company in the first half of 2024 met expectations, with revenue and net profit growth slowing due to a high base in Q2 2023 [2] - The company is located in a key region with strong credit demand and leading scale growth among peers [3] - The company is actively developing real business, retail consumer loans, and wealth management while consolidating its traditional advantages in government finance [3] - Adjusted net profit growth forecasts for 2024-2026 are 13.0%, 14.1%, and 14.6%, respectively, with BVPS estimates of 19.63, 22.49, and 25.77 RMB per share [3] Financial Performance - Q2 2024 revenue increased by 2.5% YoY, with net interest income up 3.8% YoY, supported by a 25% growth in scale [3] - Net interest margin (NIM) declined by 34 bps YoY and narrowed by 14 bps QoQ due to weaker credit demand and lower mortgage rates [3] - Net fee income and net other non-interest income grew by 43.1% and 23.4%, respectively, driven by rapid growth in wealth management business [3] - Wealth management scale reached 82.4 billion RMB, a 23.6% YoY increase, contributing to a 58.5% YoY growth in wealth management income in H1 2024 [3] - Credit impairment decreased by 33% YoY, leading to an 8.8% increase in net profit [3] Asset Quality - Non-performing loan (NPL) ratio remained stable at 0.66%, but forward-looking indicators showed an increase in the attention rate by 4 bps to 0.45% [3] - NPL formation rate rose by 13 bps to 0.29% in H1 2024, with higher NPL ratios in regions outside Chengdu and industries like construction and wholesale retail [3] - Provision coverage ratio stood at 496%, indicating a solid safety cushion [3] Loan and Deposit Growth - Loan growth slowed in Q2 2024 but still achieved a 14.6% YoY increase, with corporate loans contributing 93.4% of the total loan growth [3] - Deposit growth also slowed, with a 22.8% YoY increase, and the trend of deposit termization continued, partially offsetting the impact of interest rate cuts [3] Valuation and Market Data - Current price is 14.96 RMB, with a 52-week price range of 10.89-16.16 RMB [6] - Total market capitalization is 57,057 million RMB, with total shares outstanding of 3,814 million [6] - Core Tier 1 capital adequacy ratio is 8.17% [7] Financial Projections - Revenue is projected to grow from 23,321 million RMB in 2024 to 28,475 million RMB in 2026, with net profit increasing from 13,192 million RMB to 17,249 million RMB [11] - EPS is expected to rise from 3.38 RMB in 2024 to 4.45 RMB in 2026, with BVPS increasing from 19.63 RMB to 25.77 RMB [11]

Investment Rating - The report assigns an **"Overweight-A"** rating to Chengdu Bank, with a 6-month target price of **17.03 CNY**, implying a **0.90X PB** for 2024 [3] Core Views - Chengdu Bank's **H1 2024 revenue growth** was **4.28%**, with **pre-provision profit growth** of **3.35%** and **net profit attributable to parent company growth** of **10.60%**, meeting expectations [1] - The bank's performance was driven by **scale expansion**, **non-interest income growth**, and **provision release**, while **narrowing net interest margin** and **slightly higher cost-to-income ratio** weighed on results [1] - **Government-related business** remains the bank's "ballast stone", with significant credit deployment in H1, while **retail and SME lending** will be the focus in H2 [2] Business Performance Asset Side - Total assets grew **16.73% YoY** by H1 2024, with interest-bearing assets up **17.60% YoY** [1] - **Corporate loans (including discounts)** accounted for **52.76%** of total loans, with **general infrastructure loans** making up the majority [1] - **Retail loan demand** was weak, with only **0.49% growth** in mortgage balances and **10.44%** and **12.58% growth** in personal consumption and business loans respectively [1] Liability Side - **Deposits** accounted for **76.98%** of interest-bearing liabilities, with **time deposits** rising to **66.01%** and **retail deposits** increasing to **48.57%** [2] Profitability - **Net interest margin** declined **26bps YoY** to **1.66%**, mainly due to a **24bps drop** in interest-earning asset yield to **3.88%** [6] - **Non-interest income** turned positive in Q2, growing **26.81% YoY**, with **net fee income** up **43.13%** [6] Asset Quality - **Non-performing loan ratio** remained stable at **0.66%**, with **provision coverage ratio** at **496.02%** [6] - **Corporate loan NPL ratio** improved to **0.66%**, while **retail loan NPL ratio** rose to **0.68%** [6] Future Outlook - The bank is expected to maintain **steady performance**, with **2024 revenue growth** forecast at **4.55%** and **profit growth** at **13.39%** [7] - **Government-related business opportunities** are expected to continue, supported by regional economic vitality and national development policies [7] Valuation - The bank trades at **4.44X 2024E P/E** and **0.79X 2024E P/B**, with a **6.60% dividend yield** [9]

Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [6][8]. Core Views - Chengdu Bank's net profit attributable to shareholders increased by 10.6% year-on-year in H1 2024, with a revenue growth of 4.3% [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.66%, indicating a favorable position within the industry [2][5]. - The decline in net interest margin (NIM) is a primary factor affecting profitability, while non-interest income showed strong growth [3][4]. Financial Summary - Chengdu Bank's net profit for H1 2024 was 6,167 million, with a year-on-year growth of 10.6% [12]. - Revenue for the same period was 11,585 million, reflecting a 4.3% increase [12]. - The bank's NIM decreased by 13 basis points to 1.57% in Q2 2024, primarily due to a drop in asset yield [4][12]. Profitability and Forecast - The forecast for net profit growth is 10.27% for 2024, 5.35% for 2025, and 5.63% for 2026, with corresponding book values per share (BPS) of 19.55, 22.04, and 24.67 respectively [6][13]. - The current price corresponds to a price-to-book (PB) ratio of 0.77 for 2024, indicating an 18% upside potential [6][12]. Asset Quality - The NPL ratio at the end of H1 2024 was 0.66%, with a slight increase in the attention loan ratio to 0.45% [5][12]. - The bank's provision coverage ratio decreased to 496%, reflecting a slight decline in asset quality metrics [5][12]. Capital Adequacy - The core Tier 1 capital adequacy ratio was reported at 8.56%, with a total capital adequacy ratio of 12.90% [14][12]. - The bank's capital structure remains robust, supporting its growth and operational stability [14][12].

证券代码：601838 证券简称：成都银行 公告编号：2024-049 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 监事会认为，公司 2024 年半年度报告及其摘要的编制和审议程 第八届监事会第三次会议决议公告 1 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 8 月 16 日以电子邮件及书面方式向全体监事发出关于召开第八届监事会第 三次会议的通知，会议于 2024 年 8 月 27 日在公司总部 5 楼 1 号会议 室以现场方式召开。本次会议应出席监事 5 名，孙波、李良华、张蓬、 李良裕 4 名监事现场出席，司马向林监事因其他公务安排，书面委托 孙波监事长出席会议并行使表决权。会议由孙波监事长主持。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、部门规章、规范性文件以及《成都银行股份有限公司 章程》的有关规定。会议所形成的决议合法、有效。 会议对如下议案进行了审议并表决： 审议通过了《关于成都银行股份 ...

1 一、审议通过了《关于成都银行股份有限公司 2024 年半年度报 告及摘要的议案》 表决结果：同意 10 票，反对 0 票，弃权 0 票 证券代码：601838 证券简称：成都银行 公告编号：2024-048 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 第八届董事会第四次会议决议公告 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。 成都银行股份有限公司（以下简称"本公司"）于 2024 年 8 月 16 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四次会议于 2024 年 8 月 27 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 10 名，王晖、何维忠、郭令海 3 名董事现场出席，甘 犁、邵赤平、宋朝学、樊斌、陈存泰 5 名董事通过视频连线方式参加 会议。董事王永强先生、马晓峰先生因公务原因无法出席会议，委托 董事长王晖先生代为出席并行使表决权。会议由王晖董事长主持。5 名监事以及本公司部分高级管理人员列 ...

Financial Performance - Net profit for the first half of 2024 was RMB 3.5 billion, representing a year-on-year growth of 12%[8] - Operating income for the first half of 2024 reached CNY 11,585,057, an increase of 4.28% compared to CNY 11,109,888 in the same period of 2023[11] - Net profit for the first half of 2024 was CNY 6,167,267, reflecting a growth of 10.59% from CNY 5,576,447 in the first half of 2023[11] - Basic earnings per share for the first half of 2024 were CNY 1.62, an increase of 8.72% from CNY 1.49 in the same period of 2023[13] - Investment income increased by 38.43% to CNY 2.004 billion, driven by higher bond transfer income[45] - The bank's total assets reached RMB 1.2 trillion, an increase of 8% compared to the previous year[8] - Total assets as of June 30, 2024, amounted to CNY 1,200,305,422, a 9.99% increase from CNY 1,091,243,069 at the end of 2023[11] - Total liabilities increased by 10.41% to CNY 1,126,084,595 as of June 30, 2024, from CNY 1,019,923,459 at the end of 2023[11] - The bank's total equity as of June 30, 2024, was 74,220,827 thousand yuan, reflecting a 4.07% increase from the end of 2023[58] Asset Quality - The non-performing loan ratio improved to 1.5%, down from 1.7% in the same period last year[8] - The non-performing loan ratio improved to 0.66% as of June 30, 2024, down from 0.68% at the end of 2023[15] - The provision coverage ratio stood at 496.02% as of June 30, 2024, compared to 504.29% at the end of 2023[15] - The bank's loan-to-deposit ratio improved to 85.58% as of June 30, 2024, compared to 83.20% at the end of 2023, indicating better utilization of deposits[22] - The non-performing loan migration rate for normal loans was 0.35% in June 2024, a slight improvement from 0.38% at the end of 2023[22] - The total provision for loan losses at the end of the reporting period was CNY 23.16 billion, with a net increase of CNY 2.24 billion during the period[95] Customer Deposits and Loans - Customer deposits increased by 10% to RMB 900 billion, reflecting strong customer confidence[8] - The total amount of deposits received reached CNY 856,672,340 as of June 30, 2024, up 9.77% from CNY 780,421,289 at the end of 2023[11] - Total loans increased to CNY 707.75 billion, reflecting a growth of CNY 82.01 billion or 13.11% from the previous year[43] - The bank's total deposits reached CNY 856,672,340 as of June 30, 2024, reflecting a growth of 9.77% compared to the end of 2023[68] Digital Transformation and Innovation - The bank plans to expand its digital banking services, aiming for a 20% increase in online transactions by the end of 2024[8] - The bank's financial technology initiatives have been fully integrated, enhancing service efficiency and quality[40] - The mobile banking monthly active user count reached 1.28 million, reflecting improvements in digital channel services[35] - The company has launched standardized online financial products, enhancing efficiency through intelligent approval processes in its microfinance sector[31] Risk Management - The bank has no significant foreseeable risks, with effective measures in place to manage credit, market, and liquidity risks[3] - The bank's strategy focuses on strict control of new loans and resolution of existing loan risks, enhancing internal management and risk control capabilities[90] - The liquidity risk management framework includes a comprehensive risk management system with clear responsibilities across various committees, ensuring timely access to sufficient funds[117] - The company has implemented measures to reduce existing risks, including cash recovery, asset transfer, and write-offs of non-performing loans[115] Corporate Governance - The company appointed Xu Dengyi as the president, pending approval from the banking regulatory authority[134] - The company announced the election of new employee supervisors for the eighth supervisory board on June 13, 2024[134] - The company’s independent directors provided professional and objective advice to safeguard the interests of minority shareholders[137] - The company’s supervisory board is focused on auditing and compliance management to strengthen oversight functions[141] Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, focusing on developing green credit business and directing credit resources towards low-energy, low-emission, and high-efficiency sectors[151] - The company reported no administrative penalties related to environmental issues during the reporting period[149] - The company donated CNY 101,000 to support poverty alleviation efforts in specific villages during the reporting period[152] - Agricultural loans increased by over 23% year-on-year, with a total agricultural loan balance reaching nearly CNY 60 billion by the end of June 2024[153] Market Position and Expansion - The bank received multiple awards for its market influence and innovation in financial services during 2023[10] - The bank is exploring potential mergers and acquisitions to enhance its market position in the Sichuan region[8] - The company has expanded its international business, focusing on cross-border financial services and enhancing its core customer base[35] - The company is actively exploring new strategies for market expansion and product innovation to meet diverse customer needs[130]

截至本公告日，经国家金融监督管理总局四川监管局批准，本公 司已行使赎回权并全额赎回了本期债券。 特此公告。 证券代码：601838 证券简称：成都银行 公告编号：2024-047 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 关于赎回 2019 年二级资本债券的公告 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。 2019 年 8 月，成都银行股份有限公司（以下简称"本公司"） 在全国银行间债券市场发行了规模为人民币 105 亿元的 10 年期二级 资本债券（以下简称"本期债券"）。根据本期债券募集说明书相关 条款的规定，本期债券设有发行人赎回选择权，发行人有权在本期债 券第 5 个计息年度的最后一日，即 2024 年 8 月 22 日按面值全部赎回 本期债券。 成都银行股份有限公司董事会 2024 年 8 月 23 日 1 ...

证券代码：601838 证券简称：成都银行 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投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 投资者关系 活动类别 中信证券、海通证券、中金公司、浙商证券、开源证券、美 银证券、国泰君安、中信建投证券、申万宏远、华泰证券、 平安证券、广发证券、中泰证券、国盛证券、方正证券、嘉 实基金、高毅资产、工银瑞信基金、博时基金、大成基金、 汇添富基金、银华基金、财通基金、银河基金、长盛基金、 西部利得基金、华安基金、天弘基金、永赢基金、鹏华基金、 国泰基金、景顺长城基金、安信基金、长信基金、交银施罗 德基金、泰康基金、中欧基金、浦银理财、宁银理财、南银 理财、高盛集团、Fidelity、GIC、GuoLine Advisory Pte Ltd、UBS Wealth Management、Allianz Global Investors、 JP Morgan等 参与单位 时间 2024年5月至2024年7月 地点 成都银行总行会议室、线上交流 本公司接待人员 董事会秘书，董事会办 ...

证券代码：601838 证券简称：成都银行 公告编号：2024-046 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 关于购置房产暨关联交易的进展公告 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。 一、关联交易概述 2021 年 2 月 1 日，成都银行股份有限公司（以下简称"本公司"） 于上海证券交易所披露了《成都银行股份有限公司关于购置房产意 向方案的公告》（公告编号 2021-006），拟与成都交子公园金融商 务区投资开发有限责任公司（以下简称"交子投资公司"）签订框 架合作协议，购置由其新建的位于成都交子公园金融商务区地块商 品房，该商品房将用于本公司总部办公自用。具体详见本公司 2021 年 2 月 1 日于上海证券交易所披露的《成都银行股份有限公司关于 购置房产意向方案的公告》。 自框架合作协议签署后，本公司与交子投资公司按计划有序推 进相关工作。根据工作进展，2024 年 3 月 25 日，本公司第七届董事 会第四十八次会议审议通过了《关于购置固定资产暨与关联方成都 交子公园金融商务区 ...