Investment Rating - The report adjusts the investment rating for Chengdu Bank to "Accumulate" with a target price of 18.89 RMB, indicating a potential upside of 12% from the current price of 16.87 RMB [5][3]. Core Views - Chengdu Bank's revenue for 2024 is projected to be approximately 23 billion RMB, reflecting a year-on-year growth of 5.88%. The net profit attributable to shareholders is expected to reach 12.9 billion RMB, marking a continuous double-digit growth rate of 10.21% for four consecutive years, showcasing strong operational resilience [2][10]. - The bank maintains a low non-performing loan (NPL) ratio of 0.66%, which is the lowest among A-share listed banks, and the non-performing loan coverage ratio stands at 479.3%, indicating robust asset quality and risk mitigation capabilities [2][11]. Summary by Sections Financial Performance - Chengdu Bank's total revenue for 2024 is estimated at 23 billion RMB, with a year-on-year growth rate of 5.88%. The net profit attributable to shareholders is projected at 12.9 billion RMB, maintaining a double-digit growth rate of 10.21% for four consecutive years [2][10]. - The bank's revenue growth rate has improved compared to previous quarters, with Q1, H1, and Q1-Q3 growth rates of 6.27%, 4.28%, and 3.23% respectively [10]. Asset Quality - As of the end of 2024, Chengdu Bank's non-performing loan ratio remains at a historical low of 0.66%, with a year-on-year decrease of 0.02 percentage points. The bank continues to lead in asset quality among A-share listed banks [11]. - The non-performing loan coverage ratio is at 479.3%, slightly down by 18.1 percentage points from the previous quarter, but still among the top in the industry, providing a solid safety margin for profit release and business expansion [11]. Profit Forecast and Valuation - The forecast for net profit growth from 2024 to 2026 is 10.20%, 9.65%, and 5.04% respectively. The corresponding book value per share (BPS) is projected to be 18.35 RMB, 21.69 RMB, and 24.70 RMB [3][14]. - The target price calculated using the dividend discount model is 18.89 RMB, corresponding to a price-to-book (PB) ratio of 1.03x for 2024 [3][14].

Investment Rating - The report adjusts the investment rating for Chengdu Bank to "Accumulate" with a target price of 18.89 RMB, indicating a potential upside of 12% from the current price of 16.87 RMB [5][3]. Core Views - Chengdu Bank's revenue for 2024 is projected to be approximately 23 billion RMB, reflecting a year-over-year growth of 5.88%. The net profit attributable to shareholders is expected to reach 12.9 billion RMB, marking a continuous double-digit growth for four consecutive years at 10.21% [2][10]. - The bank maintains a low non-performing loan (NPL) ratio of 0.66%, which is the lowest among A-share listed banks, showcasing strong asset quality and risk mitigation capabilities. The non-performing loan coverage ratio stands at 479.3%, providing a solid safety margin for profit release and business expansion [2][11]. Summary by Sections Financial Performance - Chengdu Bank's total revenue for 2024 is estimated at 23 billion RMB, with a year-over-year growth rate of 5.88%. The net profit attributable to shareholders is projected at 12.9 billion RMB, continuing a trend of double-digit growth for four years [2][10]. - The bank's revenue growth rate has improved compared to previous quarters, indicating a recovery momentum [10]. Asset Quality - As of the end of 2024, Chengdu Bank's NPL ratio remains at a historical low of 0.66%, with a slight year-over-year decrease of 0.02 percentage points. This positions the bank as a leader in asset quality among A-share listed banks [11]. - The non-performing loan coverage ratio is at 479.3%, despite a minor decline, it remains among the top in the industry, ensuring robust risk coverage [11]. Profitability Forecast and Valuation - The forecast for net profit growth from 2024 to 2026 is 10.20%, 9.65%, and 5.04%, respectively. The estimated book value per share (BPS) for these years is projected to be 18.35 RMB, 21.69 RMB, and 24.70 RMB [3][14]. - The target price calculated using the dividend discount model is 18.89 RMB, corresponding to a price-to-book (PB) ratio of 1.03x for 2024 [3][14].

Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [5]. Core Views - Chengdu Bank's 2024 annual revenue growth rate is 5.9%, with a significant increase of 14.7% in the fourth quarter. The net profit attributable to shareholders is expected to grow by 10.2% year-on-year [1][3]. - The bank's total assets grew by 15% year-on-year, indicating robust expansion. The credit growth is anticipated to remain strong into 2025, with a good start expected [1][6]. - The net interest margin is expected to stabilize in the fourth quarter, while the cost of liabilities is projected to improve [1][6]. - Asset quality remains strong, with a non-performing loan ratio stable at 0.66% and a provisioning coverage ratio decreasing by 18 percentage points to 479% [1][6]. Summary by Sections Performance - Chengdu Bank reported a significant revenue increase in Q4, with a year-on-year growth of 14.7%. The annual revenue growth for 2024 is 5.9%, while the net profit attributable to shareholders is expected to grow by 10.2% [1][3][6]. - The bank's asset quality is excellent, with a non-performing loan ratio of 0.66% and a provisioning coverage ratio of 479% [1][6]. Scale - The total assets of Chengdu Bank increased by 15% year-on-year, with a quarterly growth of 2.3%. The bank is expected to continue expanding its credit portfolio in 2025 [1][6]. Interest Margin - The net interest margin is projected to stabilize in Q4, with the cost of liabilities expected to improve significantly due to a high proportion of fixed-term deposits [1][6]. Asset Quality - The bank maintains industry-leading asset quality metrics, with a non-performing loan ratio of 0.66% and a provisioning coverage ratio of 479%, indicating strong risk mitigation capabilities [1][6]. Investment Recommendations - The report suggests that Chengdu Bank will benefit from the economic growth in the Chengdu-Chongqing region, with expectations for continued high growth in credit and stable asset quality metrics [1][6]. The bank's capital position has been strengthened through successful convertible bond conversions, enhancing its long-term operational capacity [1][6].

报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 10 日 | | --- | --- | | 收盘价（元） | 16.46 | | 一年内最高/最低（元） | 17.49/12.36 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 5.45 | | 流通 A 股市值（百万元） | 69,643 | | 上证指数/深证成指 | 3,322.17/10,631.25 | | 注："股息率"以最近一年已公布分红计算 | | 2025 年 02 月 11 日 成都银行 (601838) ——业绩双位数释放，优质高股息重申买入 | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 18.49 | | 资产负债率% | 93.69 | | 总股本/流通 A 股(百万) | 4,238/4,231 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-19 03-19 04-19 05-19 06-19 07-19 08-19 09-19 10-19 11-19 12-19 0 ...

公 司 报 告 银行 2025 年 2 月 11 日 【平安证券】成都银行（601838.SH）*季报点评*盈利 稳健增长，资产质量保持优异*强烈推荐20241030 成都银行(601838.SH) 营收回暖，资产质量稳健 强烈推荐（维持） 股价：16.46 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bocd.com.cn | | 大股东/持股 | 成都交子金融控股集团有限公司 | | | /19.66% | | 实际控制人 | 成都市人民政府 | | 总股本(百万股) | 4,238 | | 流通 A 股(百万股) | 4,231 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 698 | | 流通 A 股市值(亿元) | 696 | | 每股净资产(元) | 18.84 | | 资产负债率(%) | 93.7 | 行情走势图 相关研究报告 证券分析师 | 袁喆奇 投资咨询资格编号 | | --- | | S1060520080003 | | YUANZHEQI052@pingan.com.cn | | 研究助理 | | 许淼 一般证券从 ...

Financial Performance - In 2024, Chengdu Bank achieved an operating income of RMB 22.977 billion, representing a year-on-year growth of 5.88%[3] - The net profit attributable to shareholders of the parent company reached RMB 12.863 billion, an increase of 10.21% compared to the previous year[3] - Basic earnings per share for the year were RMB 3.28, an increase of 8.97% from RMB 3.01 in the previous year[3] Asset and Equity Growth - Total assets at the end of 2024 amounted to RMB 1,250.081 billion, reflecting a growth of 14.56% from the beginning of the year[5] - The net assets attributable to ordinary shareholders of the parent company increased to RMB 79.851 billion, up 22.40% year-on-year[3] - The total share capital increased to 4.170 billion shares, a growth of 9.33% from the previous year[4] - The net asset per share attributable to ordinary shareholders of the parent company rose to RMB 19.15, an increase of 11.99% year-on-year[4] Loan Quality and Risk Management - The non-performing loan ratio improved to 0.66%, a decrease of 0.02 percentage points from the beginning of the year[4] - The provision coverage ratio was reported at 479.28%, down 25.01 percentage points compared to the previous year[4] Return on Equity - The weighted average return on equity decreased to 17.80%, down 0.98 percentage points from the previous year[3]

Core Viewpoint - Chengdu Bank (601838) reported a revenue of 22.977 billion yuan for 2024, reflecting a year-on-year growth of 5.88% [1] - The net profit reached 12.863 billion yuan, marking a year-on-year increase of 10.21% [1] - Basic earnings per share stood at 3.28 yuan [1] Financial Performance - The bank's non-performing loan ratio was 0.66% at the end of 2024, a decrease of 0.02 percentage points from the beginning of the year [1] - The provision coverage ratio was 479.28%, down by 25.01 percentage points compared to the start of the year [1]

证券代码：601838 证券简称：成都银行 公告编号：2025-021 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"成银转债"赎回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: 一、本次可转债赎回的公告情况 （一）有条件赎回条款成就情况 成都银行股份有限公司（以下简称"本公司"）股票自 2024 年 11 月 7 日至 2024 年 12 月 17 日连续 29 个交易日内有 15 个交易日收 盘价格不低于"成银转债"当期转股价格 12.23 元/股的 130%（含 130%），已满足"成银转债"的赎回条件。 （二）本次赎回事项公告披露情况 赎回数量：人民币4,909,000元（49,090张） 赎回兑付总金额：人民币4,941,006.68元（含当期利息） 赎回款发放日：2025年2月6日 可转债摘牌日：2025年2月6日 本公司于 2024 年 12 月 17 日召开第八届董事会第七次（临时） 会议审议通过《关于提前赎回"成银转债"的议案》，决定行使本 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-019 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 关于实施"成银转债"赎回暨摘牌的 第二十一次提示性公告 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： 截至 2025 年 1 月 23 日收市后（自 2025 年 1 月 24 日起），"成银 转债"停止交易。 最后转股日：2025 年 2 月 5 日 截至 2025 年 1 月 24 日收市后，距离 2025 年 2 月 5 日（"成银转 债"最后转股日）仅剩 2 个交易日，2025 年 2 月 5 日为"成银转债" 最后一个转股日。 本次提前赎回完成后，"成银转债"将自 2025 年 2 月 6 日起在上海 证券交易所摘牌。 1 赎回登记日：2025 年 2 月 5 日 赎回价格：100.652 元/张 赎回款发放日：2025 年 2 月 6 日 最后交易日：2025 年 1 月 23 日 成都银行股份有限公司（以下简称"本公司"）的股票自 2024 年 11 月 ...