证券代码：601838 证券简称：成都银行 公告编号：2024-056 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 关于董事任职资格获监管机构核准的公告 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。 近日，成都银行股份有限公司（以下简称"公司"）收到《四川金 融监管局关于龙文彬成都银行独立董事任职资格的批复》（川金监复 〔2024〕359 号）、《四川金融监管局关于付剑峰成都银行董事任职资 格的批复》（川金监复〔2024〕360 号）、《四川金融监管局关于顾培 东成都银行独立董事任职资格的批复》（川金监复〔2024〕361 号）、 《四川金融监管局关于马骁成都银行独立董事任职资格的批复》（川 金监复〔2024〕362 号）、《四川金融监管局关于余力成都银行董事任 职资格的批复》（川金监复〔2024〕363 号）、《四川金融监管局关于 余海宗成都银行独立董事任职资格的批复》（川金监复〔2024〕364 号），国家金融监督管理总局四川监管局已核准付剑峰先生、余力先 生公司董事的任职资格，核准龙文彬先生 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The company has demonstrated steady credit growth and excellent asset quality, with a reported operating income of 17.241 billion yuan, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 9.038 billion yuan, up 10.81% year-on-year [2]. - Total assets and liabilities reached 1.22 trillion yuan and 1.14 trillion yuan, respectively, reflecting increases of 11.95% and 12.22% compared to the end of the previous year [2]. - The company’s net interest margin has stabilized, and the cost of liabilities has decreased, contributing to improved profitability [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 172.41 billion yuan, with a year-on-year growth rate of 3.23% [2]. - The net interest income was 136.04 billion yuan, increasing by 1.78% year-on-year, while non-interest income rose by 9.02% to 36.37 billion yuan [2]. - Total investment income increased by 22.59% to 34.51 billion yuan, supporting overall performance [2]. Loan and Deposit Trends - As of Q3 2024, total loans amounted to 721.10 billion yuan, a year-on-year increase of 15.48%, with retail loans accounting for 18.41% of the total [2]. - Total deposits reached 855.88 billion yuan, up 12.08% year-on-year, with time deposits making up 68.49% of the total [2]. Asset Quality - The non-performing loan ratio remained low at 0.66%, with a coverage ratio of 497.40%, indicating strong asset quality [2]. - The company’s provision coverage ratio increased by 1.38 percentage points, reflecting prudent risk management [2]. Future Projections - Projected operating income for 2024-2026 is estimated at 227.69 billion yuan, 245.24 billion yuan, and 269.54 billion yuan, respectively [2]. - Expected net profit for the same period is forecasted to be 128.12 billion yuan, 141.51 billion yuan, and 158.23 billion yuan [2]. - The projected book value per share for 2024-2026 is 20.96 yuan, 24.82 yuan, and 29.38 yuan, with corresponding price-to-book ratios of 0.75, 0.64, and 0.54 [3].

Investment Rating - The report assigns a "Buy" rating to Chengdu Bank with a target price of 19.17 RMB, representing a 21% upside from the current price of 15.78 RMB [7][5] Core Investment Thesis - Chengdu Bank is positioned as a leading city commercial bank in Western China, benefiting from the strategic upgrade of the Chengdu-Chongqing Economic Circle to a national-level economic strategy [1] - The bank has achieved trillion-level assets, making it the first city commercial bank in Western China to reach this milestone, with healthy asset quality and strong growth momentum [1] - The bank's deep local government background and focus on corporate and government credit business provide a solid foundation for its growth [1] Regional Economic Development - The Chengdu-Chongqing Economic Circle has been upgraded to a national-level strategy, with GDP growth significantly higher than the national average since 2020 [2] - Sichuan Province's GDP reached 2.9 trillion RMB in Q2 2024, ranking 6th nationally, with a 5.60% YoY growth [17] - Chengdu's GDP in 2023 reached 2.2 trillion RMB, ranking 7th nationally and 2nd among provincial capitals, with a 6% growth rate [27] Credit Business and Asset Quality - Chengdu Bank's corporate loan business is the primary driver of its growth, with a 24.9% YoY increase in corporate loans in Q3 2024, accounting for 81.6% of total loans [42] - Infrastructure-related loans are the core of the bank's corporate loan business, reaching 372.7 billion RMB in H1 2024, accounting for 52.8% of total loans and 65% of corporate loans [43] - The bank maintains the lowest non-performing loan ratio among all commercial banks, with a high provision coverage ratio, providing a strong safety cushion for its assets [4] Profitability and Valuation - The bank's net profit is expected to grow at a CAGR of 5.67%, 9.90%, and 8.33% from 2024 to 2026, with a target price of 19.17 RMB based on a dividend discount model [5] - The bank's P/E ratio is expected to decrease from 5.87 in 2022 to 4.10 in 2026, while the P/B ratio is expected to decrease from 0.96 in 2022 to 0.72 in 2026 [6] Industry Comparison - Chengdu Bank has the highest proportion of corporate loans among its peers, with 63.6% of interest-earning assets being loans, of which 53.4% are corporate loans [59] - The bank's infrastructure loan growth rate of 37.2% in H1 2024 is higher than most of its peers, with infrastructure loans accounting for 64.6% of corporate loans, ranking second among city commercial banks [50] Future Growth Drivers - Chengdu Bank is actively supporting the manufacturing sector's transformation and upgrading, with manufacturing loans reaching 46.3 billion RMB in H1 2024, a 4.57% YoY increase [56] - The bank has achieved full coverage of financial services for 28 key industrial chains in Chengdu, with over 90% coverage for specialized and innovative "little giant" enterprises and over 80% coverage for companies listed on the STAR Market and ChiNext [55]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank, with a target price of 19.49 CNY per share, based on a historical valuation method and a price-to-book (PB) ratio of 1.0 for 2024 [3][6]. Core Insights - Revenue growth has slowed, but net profit continues to grow at double digits, with a year-on-year increase of 10.8% as of Q3 2024, despite a slight decline in revenue growth rates [2]. - The bank's total assets and loans have shown steady growth, with loan growth exceeding 20% year-on-year, supported by strong credit demand and regional economic development [2]. - Asset quality remains excellent, with a non-performing loan ratio of 0.66%, the lowest among listed banks, and an improved capital adequacy ratio [2]. Financial Performance Summary - As of Q3 2024, Chengdu Bank's revenue reached 22,842 million CNY, with a year-on-year growth of 5.3% [5]. - The bank's net profit attributable to shareholders was 12,971 million CNY for 2024E, reflecting an 11.1% year-on-year growth [5]. - The earnings per share (EPS) for 2024E is projected to be 3.40 CNY, with a book value per share (BVPS) of 19.49 CNY [3][5]. Asset Quality and Capital Adequacy - The bank's non-performing loan ratio remains stable at 0.66%, with a coverage ratio of 497.4%, indicating strong asset quality [2]. - The core tier 1 capital adequacy ratio has improved, supporting future asset growth [2]. Growth Projections - The report forecasts net profit growth rates of 11.1%, 9.4%, and 10.5% for the years 2024, 2025, and 2026, respectively [3]. - The bank's total loans are expected to reach 749,338 million CNY by 2024E, with a significant increase in both corporate and personal loans [5].

Investment Rating - The report assigns an "Overweight" rating to Chengdu Bank (601838 SH) for the first time [1] Core Views - Chengdu Bank maintains rapid credit expansion with total assets reaching 12,216 38 billion yuan, up 11 95% YoY, and loan balance growing 15 43% YoY to 7,223 12 billion yuan [1] - Asset quality remains excellent with NPL ratio at 0 66% and provision coverage ratio at 497 40% [1] - Net interest margin stands at 1 49%, showing stability, while capital adequacy ratios improve across all levels [1] - Investment returns benefit from favorable bond market conditions, with investment yield rising to 4 09% [1] Financial Performance - For 2024 Q1-Q3, Chengdu Bank achieves operating income of 172 billion yuan, up 3 2% YoY, and net profit attributable to parent company of 90 billion yuan, up 10 8% YoY [1] - The bank's deposit growth remains strong at 13 14% YoY, with deposits accounting for 76 42% of total liabilities [1] - Corporate loans and personal loans grow by 17 41% and 7 61% respectively compared to the previous year-end [1] Valuation and Projections - The report forecasts net profit attributable to parent company of 128 59, 134 23, and 152 39 billion yuan for 2024-2026 [1] - EPS is projected to grow from 3 37 yuan in 2024 to 4 00 yuan in 2026 [3] - The current price of 15 75 yuan implies 0 8x 2024E PB [1] Peer Comparison - Chengdu Bank's 2024E PB ratio of 0 80x is in line with peer average, slightly higher than Hangzhou Bank's 0 78x but lower than Ningbo Bank's 0 85x [4] - The bank's BVPS growth from 19 58 yuan in 2024E to 25 85 yuan in 2026E outpaces most peers [4] Asset Quality and Capital - NPL ratio remains stable at 0 66% from 2024 Q3 through 2026E [6] - Provision coverage ratio stays above 300% throughout the forecast period, though declining from 497 40% in 2024 Q3 to 304 77% in 2026E [6] - Capital adequacy ratios show consistent improvement, with core tier 1 capital ratio rising from 8 40% in 2024 Q3 to 11 80% in 2026E [6]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank with a target price of 18.65 CNY, reflecting a valuation of 0.95 times for 2024 [2][5]. Core Views - Chengdu Bank's revenue and net profit growth rates for Q3 2024 met expectations, with a year-to-date revenue increase of 3.2% and net profit growth of 10.8%. The bank's asset quality is improving steadily, and the net interest margin showed resilience, slightly exceeding expectations [2][3]. - The bank is strategically positioned in a key area of national development, with strong credit demand and leading growth rates compared to peers. It is focusing on enhancing its traditional strengths in government finance while actively developing retail loans and wealth management [3][5]. - The report adjusts the net profit growth forecasts for 2024-2026 to 10.6%, 7.8%, and 8.8%, respectively, with corresponding book value per share (BVPS) estimates of 19.55, 22.13, and 24.95 CNY [3][4]. Financial Summary - For 2024, the projected revenue is 22,457 million CNY, reflecting a growth of 3.5% from 2023. The net profit attributable to shareholders is expected to reach 12,905 million CNY, a growth of 10.6% [4]. - The bank's net interest income is projected to grow at a rate of 2.5% in 2024, while non-interest income is expected to increase by 11.8% [4][10]. - As of Q3 2024, the bank's non-performing loan (NPL) ratio remains low at 0.66%, with a coverage ratio of 497.4%, indicating strong asset quality [3][4].

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].