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 ...

徐登义先生的简历详见公司于 2024 年 6 月 13 日刊登于上海证券 交易所网站（www.sse.com.cn）的《成都银行股份有限公司第八届董 事会第一次（临时）会议决议公告》。 特此公告。 成都银行股份有限公司董事会 2024 年 10 月 24 日 证券代码：601838 证券简称：成都银行 公告编号：2024-052 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徐登义先生董事、行长 任职资格获监管核准的公告 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 融监管局关于徐登义成都银行董事任职资格的批复》（川金监复 〔2024〕335 号）、《四川金融监管局关于徐登义成都银行行长任职 资格的批复》（川金监复〔2024〕336 号），国家金融监督管理总局 四川监管局已核准徐登义先生公司董事、行长的任职资格。徐登义先 生公司副董事长任职资格尚待监管核准。 1 ...

证券代码：601838 证券简称：成都银行 公告编号：2024-051 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 关于可转债转股结果暨股份变动的公告 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。 重要内容提示： ● 累计转股情况：成银转债的转股起止日期为 2022 年 9 月 9 日 至 2028 年 3 月 2 日。截至 2024 年 9 月 30 日，累计已有人民币 2,803,771,000 元成银转债转为本公司 A 股普通股，占成银转债发行 总量的比例为 35.05%。因转股形成的股份数量累计为 201,713,945 股， 占成银转债转股前本公司已发行普通股股份总额的 5.58%。 ● 2024 年第 3 季度转股情况：2024 年 7 月 1 日至 2024 年 9 月 30 日，累计有人民币 192,000 元成银转债转为本公司 A 股普通股，因转 股形成的股份数量累计为 15,692 股。 ● 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的成银 转债金额为人民 ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 成都银行（601838）公司半年报点评 2024 年 09 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | [ 09 Table_StockInfo 月 09 日收盘价（元） ] | 13.18 | | 52 周股价波动（元） 股本结构 | 10.70-16.24 | | [ 总股本（ Table_CapitalInfo 百万股） ] | 3814 | | 流通 A 股（百万股） | 3807 | | B 股 /H 股（百万股） 相关研究 | 0/0 | 市场表现 [Table_QuoteInfo] 成都银行 海通综指 -20.57% -12.57% -4.57% 3.43% 11.43% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |------------ ...