公司点评报告 · 银行业 负债成本优化加速，规模稳健高增 —— 成都银行 2025 年半年报业绩点评 2025 年 8 月 27 日 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601838 | | A 股收盘价(元) | 18.04 | | 上证指数 | 3800.35 | | 总股本（万股）） | 423843.54 | | 实际流通 A 股(万股) | 423105.82 | | 流通 A 股市值(亿元) | 763.28 | 核心观点 成都银行（股票代码：601838） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 相对沪深 300 表现图 2025-08-27 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 60% 成都银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

Core Viewpoint - Chengdu Bank reported a steady growth in revenue and net profit for the first half of 2025, with a focus on improving net interest margin and maintaining asset quality [1][5]. Financial Performance - The company achieved a revenue of 12.27 billion yuan, a year-on-year increase of 5.9%, with net profit reaching 6.62 billion yuan, up 7.3% year-on-year [1]. - Net interest income rose by 7.6% to 9.77 billion yuan, driven by a reduction in the drag from interest margin [2]. - The net interest margin for 1H25 was 1.62%, a decrease of 4 basis points year-on-year, but an improvement from a decline of 15 basis points in 2024 [4]. Income Sources - Non-interest income showed mixed results, with net fees and commissions dropping by 45.1% to 248 million yuan, primarily due to declines in wealth management and asset management services [2]. - Other non-interest income increased by 9.7% to 2.26 billion yuan, with notable investment returns from various accounts [2]. Loan and Deposit Trends - The total loan balance reached 833.4 billion yuan, a year-on-year increase of 18.0%, with significant contributions from public sector loans [3]. - The company saw a notable increase in bill discounting, with a net increase of 20.6 billion yuan to 22 billion yuan [3]. - Personal loans grew steadily, with a net increase of 5.1 billion yuan, although the company did not significantly increase personal loan issuance amid industry pressures [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with improvements in public sector asset quality, while retail NPLs saw a slight increase [5]. - The NPL ratio for public loans improved to 0.59%, while retail loans experienced a rise to 0.98% [5]. Future Outlook - The demand for infrastructure projects in the Chengdu-Chongqing area is expected to support continued loan growth, with further optimization of funding costs anticipated to enhance performance [5]. - Projected net profits for 2025-2027 are expected to be 13.893 billion, 15.101 billion, and 16.467 billion yuan, reflecting year-on-year growth rates of 8.0%, 8.7%, and 9.0% respectively [5].

同日，成都欣天颐通过上海证券交易所交易系统以集中竞价的方式首次增持成都银行股份180.23万股， 占成都银行股份总数的比例为0.0425%，增持金额为3267.83万元。目前成都欣天颐的持股数量约为1.63 亿股，持股比例为3.8395%。 成都银行表示，本次增持计划尚未实施完毕，成都产业资本集团、成都欣天颐将按照增持计划继续增持 该行股份。 北京商报讯（记者 宋亦桐）8月27日，成都银行发布公告，该行于当日收到成都产业资本控股集团有限 公司（以下简称"成都产业资本集团"）、成都欣天颐投资有限责任公司（以下简称"成都欣天颐"）关于 增持计划实施进展的通知。据统计，两家公司增持成都银行股份合计金额为5169.35万元。 8月27日，成都产业资本集团通过上海证券交易所交易系统以集中竞价的方式首次增持成都银行股份105 万股，占成都银行股份总数的比例为0.0248%，增持金额为1901.52万元。目前成都产业资本集团的持股 数量约为2.44亿股，持股比例为5.7552%。 ...

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in revenue and profit growth despite a slight decline in return on average equity [1][2] Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to the first quarter [2] - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a mixed performance in income sources [2] - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [2] Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in asset expansion [3] - The bank's new loans and financial investments for Q2 were 27.2 billion and 11.4 billion respectively, with significant increases compared to the previous year [3] - Corporate loans showed a strong growth rate of 19.1%, while retail loans grew at a slower pace of 12.9% [4] Deposit Trends - By the end of Q2 2025, Chengdu Bank's interest-bearing liabilities and deposits grew by 13.7% and 14.7% year-on-year, with a slight decrease in the growth rate of deposits compared to Q1 [5] - The trend towards term deposits continued, with term deposits accounting for 70% of total deposits by the end of Q2 [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the first half of 2025 was 1.62%, showing a slight decrease from the previous year, but the decline in margin pressure has eased [6] - Non-interest income for the first half of 2025 was 2.5 billion, reflecting a year-on-year decrease of 0.2%, primarily due to reduced fee income [7][8] Asset Quality and Risk Management - Chengdu Bank maintained a low non-performing loan (NPL) ratio of 0.66% and a slight increase in the attention ratio to 0.44% by the end of Q2 2025 [8][9] - The bank's credit impairment losses for the first half of 2025 were 1.4 billion, indicating a stable risk management environment [9] Capital Adequacy - By the end of Q2 2025, Chengdu Bank's capital adequacy ratios were 8.61%, 9.24%, and 13.13%, showing a slight decline due to seasonal factors [9] - The rapid expansion of risk-weighted assets (RWA) at a growth rate of 15.8% indicates a strong capital base supporting future growth [9] Future Outlook - Chengdu Bank is expected to benefit from strategic opportunities in the Chengdu metropolitan area, with a strong asset quality and a high provision coverage ratio supporting its risk management capabilities [10]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.86 CNY [1]. Core Views - Chengdu Bank's revenue and profit growth have accelerated, with a 5.9% year-on-year increase in revenue to 12.27 billion CNY and a 7.3% increase in net profit to 6.62 billion CNY in the first half of 2025 [3][4]. - The bank's return on average equity (ROAE) stands at 15.9%, a decrease of 2.2 percentage points year-on-year [3]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% and a provision coverage ratio of 452.7% as of the end of Q2 2025 [11][12]. Summary by Sections Revenue Performance - Chengdu Bank's revenue, pre-provision profit, and net profit growth rates for the first half of 2025 were 5.9%, 6.8%, and 7.3%, respectively, showing an acceleration compared to Q1 [4]. - Net interest income and non-interest income growth rates were 7.6% and -0.2%, respectively, indicating a slight recovery in net interest income [4]. Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loan growth rates were 12.2% and 18%, respectively, reflecting an increase in the pace of expansion [5]. - The bank's corporate loans grew by 19.1% year-on-year, while retail loans grew at a slower rate of 12.9% [6]. Deposit Growth - The bank's interest-bearing liabilities and deposit growth rates were 13.7% and 14.7%, respectively, with a continued trend towards more fixed-term deposits [7]. - The proportion of fixed-term deposits increased to 70% by the end of Q2 2025 [7]. Net Interest Margin - The net interest margin (NIM) for the first half of 2025 was 1.62%, a decrease of 4 basis points compared to 2024 [8][9]. - The bank's interest-earning asset yield and interest-bearing liability cost rates were 3.57% and 1.98%, respectively [9]. Non-Interest Income - Non-interest income for the first half of 2025 was 2.5 billion CNY, a decrease of 45% year-on-year, primarily due to reduced fees from wealth management [10]. - Other non-interest income increased by 9.7% year-on-year, supported by trading gains from bond investments [10]. Risk and Capital Adequacy - The bank's NPL ratio remained stable at 0.66%, with a slight increase in the attention ratio to 0.44% [11]. - As of the end of Q2 2025, the bank's capital adequacy ratios were 8.61% for core tier 1, 9.24% for tier 1, and 13.13% for total capital [12]. Earnings Forecast and Valuation - Chengdu Bank's earnings per share (EPS) forecasts for 2025-2027 are 3.16, 3.27, and 3.35 CNY, respectively [12]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.85 for 2025 and a price-to-earnings (PE) ratio of 5.65 [12].

Market Overview - On August 27, the city commercial bank sector fell by 1.48%, with Guiyang Bank leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Chengdu Bank closed at 18.04, up 1.01% with a trading volume of 527,700 shares and a transaction value of 958 million [1] - Guiyang Bank closed at 6.16, down 2.53% with a trading volume of 713,000 shares and a transaction value of 44.5 million [2] - Beijing Bank closed at 6.08, down 2.41% with a trading volume of 2,160,300 shares and a transaction value of 1.329 billion [2] - Jiangsu Bank had a closing price of 10.81, down 1.91% with a trading volume of 1,934,200 shares and a transaction value of 2.11 billion [2] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 911 million from institutional investors, while retail investors saw a net inflow of 502 million [2] - The table of capital flow indicates that Chongqing Bank had a net outflow of 36.1 million from institutional investors, while Chengdu Bank had a net inflow of 9.59 million [3] - The overall trend shows that institutional investors are withdrawing funds while retail investors are increasing their positions in certain banks [2][3]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1] Core Views - Chengdu Bank's mid-year performance exceeded expectations, with a revenue of 12.27 billion yuan, up 5.9% year-on-year, and a net profit attributable to shareholders of 6.62 billion yuan, up 7.3% year-on-year [4][6] - The bank's credit quality remains strong, with a non-performing loan ratio stable at 0.66% and a provision coverage ratio slightly decreasing to 453% [4][6] - The bank is benefiting from a high credit demand environment, with significant contributions from corporate loans, which accounted for over 90% of the total credit increase in the first half of 2025 [6][11] Financial Data and Earnings Forecast - Chengdu Bank's total revenue is projected to grow from 21.70 billion yuan in 2023 to 29.05 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.46% [5] - The net profit attributable to shareholders is expected to increase from 11.67 billion yuan in 2023 to 17.12 billion yuan in 2027, with a CAGR of about 11.52% [5] - The bank's return on equity (ROE) is forecasted to remain high, with a projected ROE of 16.02% in 2025 [5] Performance Drivers - The increase in interest income is driven by accelerated loan disbursement and improved net interest margins, with net interest income growing by 7.6% year-on-year in the first half of 2025 [6][8] - The bank's cost of liabilities has improved, contributing to a stabilization of net interest margins, which decreased by only 4 basis points to 1.62% in the first half of 2025 [9][12] - Corporate loans are the main growth driver, with a loan growth rate of 18.0% in the second quarter of 2025, and corporate lending contributing significantly to the overall credit increase [6][10] Asset Quality - The non-performing loan ratio remains low at 0.66%, with both corporate and retail non-performing loans below 1% [6][9] - The bank's asset quality indicators are strong, with a projected annualized non-performing loan generation rate of 0.16% for the first half of 2025 [9][11]

Core Viewpoint - Chengdu Bank reported a steady performance in the first half of 2025, with significant growth in operating income and net profit, driven by a robust loan portfolio and improved net interest margin [1][2][4]. Financial Performance - In H1 2025, Chengdu Bank achieved operating income of 12.27 billion yuan, a year-on-year increase of 5.91%, with Q2 growth accelerating to 8.51% [1][2]. - The net profit attributable to shareholders reached 6.62 billion yuan, up 7.29% year-on-year, with Q2 net profit growth at 8.70% [1][2]. - Basic earnings per share stood at 1.57 yuan, and the weighted average return on equity was 7.94% [1]. Loan and Deposit Growth - As of June 2025, Chengdu Bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32% [3]. - The loan portfolio grew by 18.30% year-on-year, indicating strong demand and a favorable lending environment [3]. - Total liabilities amounted to 1.28 trillion yuan, with deposits increasing by 14.80%, maintaining a stable operational structure [3]. Net Interest Margin and Cost of Liabilities - The net interest margin for H1 2025 was 1.62%, showing a 12 basis points increase from Q1, despite a year-on-year decline of 4 basis points [3]. - The cost of liabilities decreased, with the deposit cost rate at 1.96%, down 25 basis points year-on-year, benefiting from regulatory measures on high-interest deposits [3]. Asset Quality - Chengdu Bank maintained a low non-performing loan ratio of 0.66%, unchanged year-on-year, with a high provision coverage ratio of 452.65%, positioning it among the industry leaders [4].

截至报告期末，成都银行资产总额13722亿元，较上年末增长9.77%；负债总额12836.9亿元，较上年末 增长10.2%。6月末，成都银行存款总额9835亿元，较年初增长976亿元；贷款总额8346亿元，较年初增 长921亿元。 资产质量是衡量银行稳健性的关键指标。截至报告期末，成都银行不良贷款总额54.81亿元，较上年末 增加5.93亿元，但不良贷款比例0.66%，与上年末持平，维持在较低水平。 成都银行相关负责人表示，该行将深度融入国家战略布局和地方发展规划，牢牢把握新时代西部大开 发、成渝地区双城经济圈建设等重大机遇，紧紧围绕成都"西部经济中心、西部科技创新中心、西部对 外交往中心、全国先进制造业基地"的核心功能定位，全面提升综合金融服务能力。聚焦人工智能、高 端能源装备、航空航天、新型显示、新能源、医药健康等重点产业建圈强链，着重推动创新链、产业链 和资金链深度融合，加大制造业信贷投放力度，助力发展新质生产力。 新华财经成都8月27日电（记者袁波）四川首家登陆A股的上市银行成都银行26日晚间披露2025年半年 报显示，上半年，成都银行实现营业收入122.7亿元，实现归属于母公司股东的净利润66.17 ...

浙商证券研报指出，成都银行25H1盈利增速提升，资产质量优异。公司上半年营收、归母净利润同比分别+5.9%、+7.3%，增速环比25Q1分别提升2.7pc、1.6pc，盈利表现优异。驱动因素来 ...