公 司 研 证券研究报告 究 ＃industryId＃ 银行 II ＃d 成yCo 都mp 银any＃ 行 ＃dy6St0oc1k8co3d8e＃ ＃title＃ ＃inve买stSu入ggest ion＃ ＃ 规模扩张动能强劲，不良率降至新低 ( i维 nve持 stS ) ——成都银行 2023年报&2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 25日 司 ge＃ 投资要点 点 ＃relatedReport＃ 分析师： ＃⚫ sum业m绩ar保y＃持 高增。公司 2023 年营收/归母净利润同比分别为+7.2%/+16.2%，主 评 ＃陈a绍ss兴Au thor＃ 要驱动因素包括规模高速扩张以及减值节约，其中 2023Q4 单季度营收/归母 报 SAC：S0190517070003 净利润同比分别为+0.1%/+6.8%，业绩增速放缓主要受息差下行拖累。公司 告 chenshaox@xyzq.com.cn 2024Q1营收/归母净利润同比分别为+6.3%/+12.8%，拆分来看：（1）净利息 收入同比+8.0%，主要得益于规模持续高增。（2 ...

[Table_Header] 公司点评●城商行Ⅱ 2024年 04 月25 日 对、 [Table_StockCode] 成都银行(601838) 对公贷款延续高增，中间业务收入回暖 [Table_InvestRank] 推荐 (维持评级) 核心观点： 分析师 [Table_ Sum事m件ar：y] 公司发布了 2023年年报和 2024年一季报。 [张Ta一b纬le_ Authors] ：010-80927617  经营业绩维持稳健，拨备持续反哺利润：2023年和 2024Q1，公司营业 收入同比增长 7.22%和 6.27%，归母净利润同比增长 16.22%和 12.84%； ：zhangyiwei_yj@chinastock.com.cn 加权平均 ROE为 18.78%和 4.99%（年化为 17.06%）。公司盈利水平优异， 分析师登记编码：S0130519010001 业绩增速有所放缓但总体保持较快增长，减值计提下降反哺利润。2023 年和 2024Q1，公司的信用减值损失同比下降 41.54%和 12.64%，优异的 资产质量预计为拨备释放核心支撑。  对公贷款持续高增，存款定期化程度 ...

公司研究 | 年报点评 成都银行 601838.SH 买入（维持） 扩表强劲，资产质量向好 股价（2024年04月24日） 14.24元 目标价格 19.55元 52周最高价/最低价 14.75/10.7元 ——成都银行23A年报&24Q1季报点评 总股本/流通A股（万股） 381,393/380,656 A股市值（百万元） 54,310 核心观点 国家/地区 中国 行业 银行 ⚫ 24Q1营收增速韧性较好，净利息收入回升。成都银行23A/24Q1营收、PPOP、归 报告发布日期 2024年04月25日 母净利润累计同比增速较23Q3/23A分别-2.3pct/-0.9pct、-1.6pct/-0.1pct、-4.6pct/- 3.4pct，营收同比增速绝对水平超6%，利润同比增速有所回落。拆分来看，24Q1 净利息收入同比增速较23年末提升1.2pct至8.0%，或来自资产投放强劲、息差较 1周 1月 3月 12月 绝对表现% 1.21 9.45 17.59 9.71 为坚挺的共同支撑；手续费净收入同比增速较23年末大幅回升18.1pct，主要是23 相对表现% 2.44 10.11 10.13 21.29 ...

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [成Table_都Title] 银行（601838.SH） [公Tab司le_评Inve级st] 买入 当前价格 14.24元 资产质量继续优异，资本充足率提升 合理价值 20.47元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-25 ⚫ 成都银行发布 2023 年报和 2024 年一季度报告，2023 全年营收、 [相Tab对le_P市icQ场uote表] 现 PPOP、归母利润同比增速分别为7.2%、6.2%、16.2%；24Q1营收、 PPOP、归母净利润同比分别增长 6.3%、6.1%、12.8%。从 2023 年 12% 5% 累计业绩驱动来看，规模扩张、拨备计提减少、其他收支形成正贡献， -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 净息差收窄、有效税率、成本收入比等因素形成一定拖累，2024Q1手 -8% 续费、成本收入比和有效税率贡献小幅回正，其他收支贡献转负。 -15% -22% ⚫ 亮点：（1）规模高增，存贷结构优化。资产端，23A/2 ...

上 市 公 司 银行 2024年04月25日 成都银行 (601838) 公 司 研 究 ——规模增长高景气，ROE 领跑行业 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：成都银行披露2023年报及2024年一季报，2023年/1Q24实现营收217亿元/56亿 买入 （维持） 元，同比增长7.2%/6.3%；实现归母净利润117亿元/29亿元，同比增长16.2%/12.8%；1Q24 不良率季度环比下降2bps至0.66%，拨备覆盖率季度环比下降0.5pct至504%。 证 ⚫ 以利息净收入驱动营收实现5%以上的较快增长，尽管利润表现稍低于预期，但ROE继续 券 市场数据： 2024年04月24日 维持同业最好水平：2023/1Q24成都银行营收分别同比增长7.2%/6.3%（前瞻中预期分 研 收盘价（元） 14.24 别为8.5%/6.2%，9M23为9.6%），归母净利润分别同比增长16.2%/12.8%（前瞻中预 究 一年内最高/最低（元） 14.75/10.7 报 市净率 0.7 期分别为19%/15.8%，9M23为20.8%），2023年ROE维持近19%的同业最高水平。 告 息率（ ...

Investment Rating - Strong Buy (Maintained) [3] Core Views - The company's profitability is robust, and asset quality is solid, with continued optimism for regional dividend release [2] - The company's 2023 and 2024Q1 revenue were 21702 million yuan and 5638 million yuan, with year-on-year growth rates of 7.2% and 6.3% respectively [5] - Net profit attributable to the parent company for 2023 and 2024Q1 were 11671 million yuan and 2851 million yuan, with year-on-year growth rates of 16.2% and 12.8% respectively [5] - The company's 2023 ROE was 18.78%, a decrease of 0.7 percentage points year-on-year, while the annualized ROE for 2024Q1 was 17.04% [5] - Total assets at the end of 2023 were 1.09 trillion yuan, a year-on-year increase of 18.9%, and total assets for 2024Q1 were 1.18 trillion yuan, an increase of 8.01% from the beginning of the year [5] - The 2023 profit distribution plan is a dividend of 0.8968 yuan per share (tax included), with a dividend payout ratio of 30.05% [5] Financial Performance - The company's net interest income in 2024Q1 increased by 8.0% year-on-year, with a slight recovery in net interest income [6] - Non-interest income in 2024Q1 and 2023 decreased by 1.2% and increased by 8.8% year-on-year, respectively [6] - The net income from fees and commissions in 2024Q1 increased by 15.8% year-on-year, while it decreased by 2.3% in 2023 [6] - The company's net interest margin in 2023 was 1.81%, with both asset and liability sides contributing to the drag on the net interest margin [7] - The loan yield at the end of 2023 was 4.61%, and the deposit cost rate was 2.23% [7] - The company's net interest margin in 2024Q1 increased by 4 basis points to 1.65% compared to 2023Q4 [7] Asset Quality and Expansion - The company's total assets at the end of 2024Q1 and 2023 increased by 19.6% and 18.9% year-on-year, respectively, with loan growth rates of 27.0% and 28.3% [9] - The proportion of corporate loans at the end of 2024Q1 increased by 1.72 percentage points to 82.0% compared to the end of 2023 [9] - The company's deposit growth rates at the end of 2024Q1 and 2023 were 16.8% and 19.2%, respectively [9] - The non-performing loan ratio at the end of 2024Q1 and 2023 were 0.66% and 0.68%, respectively, showing a continuous improvement trend [9] - The company's non-performing loan generation rate at the end of 2023 was 0.16%, maintaining a low level [9] - The company's provision coverage ratio and provision-to-loan ratio at the end of 2024Q1 were 504% and 3.33%, respectively, with absolute levels expected to remain leading in the industry [9] Future Outlook - The company is expected to benefit from the regional resource endowment, with potential for continued dividend release [9] - The company's EPS for 2024-2026 is expected to be 3.46 yuan, 3.96 yuan, and 4.55 yuan, respectively, with profit growth rates of 13.1%, 14.3%, and 15.1% [9] - The company's PB for 2024-2026 is expected to be 0.73x, 0.64x, and 0.56x, respectively [9] - The company's valuation premium is expected to continue and rise, supported by its high growth potential and asset quality advantages [9]

Investment Rating - The report maintains a "Recommended" rating for Chengdu Bank, with a target price corresponding to 0.8 times the 2024 PB based on the closing price on April 25, 2024 [2][3]. Core Views - Chengdu Bank is expected to sustain high loan growth due to strong credit demand driven by major regional strategies, with loan growth rates remaining above 25% in recent years [2]. - The bank's asset quality continues to improve, with a reduction in non-performing loan (NPL) ratio to 0.66% as of Q1 2024, and a high provision coverage ratio of 504% [1][2]. - The bank's dividend payout ratio remains high at 30%, providing attractive dividend returns, with a dividend yield of 6.1% based on the closing price on April 25, 2024 [1][2]. Financial Performance Summary - For 2023, Chengdu Bank reported revenue of 21.7 billion yuan, a year-on-year increase of 7.2%, and a net profit of 11.7 billion yuan, up 16.2% year-on-year [1][3]. - In Q1 2024, revenue reached 5.6 billion yuan, growing 6.3% year-on-year, with a net profit of 2.9 billion yuan, reflecting a 12.8% increase year-on-year [1]. - The bank's total assets, loans, and deposits grew by 19.6%, 27.0%, and 16.8% respectively in Q1 2024 compared to the previous year [1]. Loan and Asset Quality - The total loan amount increased by 651 billion yuan in Q1 2024, with 98% of the growth coming from corporate loans, indicating a focus on supporting local economic development [1]. - The NPL ratio is projected to further decline to 0.63% in 2024 and 0.58% in 2025, demonstrating ongoing improvement in asset quality [11]. Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 3.41 yuan, 3.82 yuan, and 4.32 yuan respectively, with corresponding P/E ratios of 5, 4, and 4 [3][10]. - The bank's net interest margin (NIM) is expected to decrease from 1.75% in 2023 to 1.58% in 2024, reflecting pressures on both asset and liability sides [11].

Investment Rating - The investment rating for Chengdu Bank (601838.SH) is "Buy" [2][3] Core Views - Chengdu Bank has shown rapid growth in scale, with a return on equity (ROE) of 18.8% in 2023, maintaining a leading position among peers despite a slight decline of 0.7 percentage points year-on-year [2] - The bank's total assets grew by 18.9% in 2023, reaching nearly 1.2 trillion yuan, with deposits and loans increasing significantly [2][4] - The net interest margin has decreased to 1.81% in 2023, influenced by a decline in asset yield and an increase in liability costs [2] - Asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% and a provision coverage ratio of 504% as of the first quarter of 2024 [2][4] - The bank's earnings forecasts have been slightly adjusted, with expected net profits of 129 billion yuan for 2024 and 142 billion yuan for 2025, reflecting a growth rate of 10.6% and 9.9% respectively [2][4] Financial Forecasts and Metrics - Revenue is projected to grow from 20.24 billion yuan in 2022 to 27.58 billion yuan in 2026, with a compound annual growth rate (CAGR) of 12.6% [1][4] - The net profit attributable to shareholders is expected to increase from 10.04 billion yuan in 2022 to 15.85 billion yuan in 2026, with a CAGR of 11.8% [1][4] - The diluted earnings per share (EPS) is forecasted to rise from 2.56 yuan in 2022 to 4.08 yuan in 2026 [1][4] - The price-to-earnings (PE) ratio is projected to decrease from 5.6 in 2022 to 3.5 in 2026, indicating an attractive valuation [1][4] - The dividend payout ratio is expected to increase from 5.4% in 2023 to 8.6% in 2026, reflecting a commitment to returning value to shareholders [1][4]

2024年4月25日 公司研究 规模扩张动能强劲，不良降至历史低位 ——成都银行（601838.SH）2023 年度报告暨 2024 年一季报点评 增持（维持） 要点 当前价：14.24元 事件： 作者 4月24日，成都银行发布2023年年度报告及2024年一季度报告： 分析师：王一峰 执业证书编号：S0930519050002 1）2023 年实现营业收入 217 亿，同比增长 7.2%，实现归母净利润 116.7 亿，同 010-57378038 比增长16.2%。2023年加权平均净资产收益率为18.78%，同比下降0.7pct； wangyf@ebscn.com 2）24Q1 实现营业收入 56.4 亿，同比增长 6.3%，实现归母净利润 28.5 亿，同比 分析师：蔡霆夆 增长12.8%。24Q1年化加权平均净资产收益率为17.04%，同比下降0.8pct。 执业证书编号：S0930523110001 021-52523871 caitingfeng1@ebscn.com 点评： 市场数据 营收增速维持相对稳定，拨备反哺强度减弱拖累盈利增长。公司2023/24Q1营收、 总股本(亿股) 38.14 ...

95507) | C 成都银行小分队 00 成都银行 11744 る 成都银行 飞 成都银行 www.bocd.com.cn @) %成都银行 BANK OF CHENGDU A股主板上市 (601838 2023年度 社会责任报告 成都银行股份有限公司 （股票代码: 601838) 二〇二四年四月 - 报告时间范围 2023年1月1日至2023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 t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(2023年8月修订) 》编制指 引等相关要求进行编写。 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 ...