Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong revenue and profit growth, with a notable decrease in non-performing loans to 0.66%. The asset quality indicators are performing well, and the bank's total assets and deposits have shown steady growth [5][6][20] - The bank's revenue for Q4 2023 increased by 0.1% year-on-year, while net profit grew by 6.8%. For Q1 2024, revenue increased by 6.3% and net profit by 12.8% [5][6] - The bank's CET1 ratio increased by 23 basis points to 8.45%, likely benefiting from the implementation of the new capital management regulations [5] Summary by Sections Financial Performance - In 2023, the bank's revenue was projected at 21,702 million yuan, with a year-on-year growth of 7.22%. The net profit was expected to reach 11,671 million yuan, reflecting a growth of 16.22% [7] - The bank's EPS for 2024-2026 is forecasted to be 3.39, 3.80, and 4.25 yuan respectively, with net profit growth rates of 10.73%, 12.00%, and 11.99% [6][20] Asset Quality - The non-performing loan ratio decreased to 0.66% in Q1 2024, down from 0.68% in 2023. The attention rate also fell to 0.41% [6][20] - The provision coverage ratio remains above 500%, placing the bank among the top in the industry [6] Digital Transformation - The bank is accelerating its digital transformation, with mobile banking active users reaching 1.1735 million, a year-on-year increase of approximately 30% [6] Valuation - The reasonable value range for the bank is estimated between 19.48 and 20.41 yuan, corresponding to a PE ratio of 5.75-6.02 for 2024 [6][20]

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、 召开会议的基本情况 至 2024 年 6 月 4 日 股东大会召开日期：2024年6月4日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 证券代码：601838 证券简称：成都银行 公告编号：2024-023 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 2023 年年度股东大会的通知 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 4 日 14 点 00 分 召开地点：四川省成都市西御街 16 号成都银行大厦 5 楼 3 号会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 4 日 采用上海证券交易所网络投票系 ...

嗯振兴内的话从目前的我们感受到的就是从价格和量来看的话和去年的没有太大的一个变化然后从今年的一个投放的节奏来看的话咱们一季度会比去年相比去年的话会更靠前一季度可能在咱们的振兴内的指标里面应该能完成了全年的任务的可能有50%以上去年可能会集中在咱们的二季度 所以说在投放的进度上面我们是比较靠前尤其是在今年的一月然后从价格就把刚刚您说到的一些因为一些政策导致的一些价格和量的一些变化目前我们暂时还没有感受到好的那那个我看到那个线上也有当时多位那个投资人参会嘛魏秘书麻烦播报一下提问方式吧看看有没有其他人提问 大家好,如需提问,电话端的参会者请先按话机上的星号键再按数字1网络端的参会者,您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问,谢谢大家好,如需提问,电话端的参会者请先按话机上的星号键再按数字1 网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢我看到当时应该没有人提问对吧那么就是如果大家在那个听的时候有任何需要问的问题的话可以按照会议助理播报的方式进行提问或者说直接把那个文字打到那个聊天框里也可以 然后我这边继续那个请教大家比较关注的问题吧就是下一个问题的话就是大 ...

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 14.42 CNY as of April 26, 2024 [3]. Core Views - Chengdu Bank reported a revenue growth of 7.22% for 2023 and a net profit growth of 16.22%. For Q1 2024, revenue growth was 6.27% and net profit growth was 12.83%, indicating stable performance [1][6]. - The bank's performance is primarily driven by the expansion of interest-earning assets and a reduction in provisioning efforts, although net interest margin compression and rising costs have negatively impacted growth [1][6]. - The asset quality of Chengdu Bank continues to improve, with a non-performing loan (NPL) ratio decreasing to 0.66% in Q1 2024, and a provisioning coverage ratio of 504.29% [6][19]. Financial Performance Summary - Chengdu Bank's total revenue for 2023 was 21,702 million CNY, with a projected revenue of 22,790 million CNY for 2024, reflecting a growth rate of 5.01% [7][19]. - The bank's net profit for 2023 was 11,671 million CNY, with an expected increase to 13,271 million CNY in 2024, representing a growth rate of 13.71% [7][19]. - The bank's net interest margin for 2023 was 1.81%, down 23 basis points year-on-year, but is expected to show slight improvement in Q1 2024 [2][6]. Asset and Liability Management - Chengdu Bank's total assets reached 1,091,243 million CNY in 2023, with a projected increase to 1,291,034 million CNY by 2024 [19]. - The bank's loan portfolio grew significantly, with total loans exceeding 614,301 million CNY in 2023, and expected to reach 767,876 million CNY in 2024 [19]. - The bank maintained a stable deposit base, with total deposits surpassing 780,421 million CNY in 2023, indicating a strong funding position [19]. Market Position and Outlook - Chengdu Bank is well-positioned to benefit from the economic development of the Chengdu-Chongqing economic circle, with a focus on government-related infrastructure loans [6][19]. - The bank's strategy includes enhancing its presence in the retail banking sector while continuing to support public sector projects, which is expected to drive future growth [6][19].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨成都银行（ ） 601838.SH [贷Ta款b增le_长T强itle劲] ，不良率历史新低 —— 年年报及 年一季报点评 2023 2024 报告要点 [成Ta都bl银e_行Su2m0m23ar全y]年和2024年一季度营业收入分别同比增长7.2%、6.3%，归母净利润分别同 比增长16.2%、12.8%。2023年贷款同比高增28.3%，今年一季度贷款较期初增长10.4%，反 映区域优势和资产端能力。不良率历史新低，不良净生成率保持极低水平，资产质量非常优异。 成都银行是典型的红利增长型银行，公司章程明确规定每年分红比例均不低于30%，业绩强劲 ...

Financial Data and Key Indicator Changes - Chengdu Bank reported a year-on-year increase in operating income of 7.2% for 2023 and 6.3% for Q1 2024, with net profit attributable to shareholders increasing by 16.2% and 12.8% respectively [1][2] - The bank's net interest income accounted for over 80% of total revenue, with year-on-year growth of 6.9% in 2023 and 8.0% in Q1 2024 [1][2] - The cost-to-income ratio was 25.1% for 2023 and improved to 23.2% in Q1 2024, indicating stable operational efficiency [1][2] - Credit impairment losses decreased significantly by 37.7% in 2023 and 12.6% in Q1 2024, reflecting strong asset quality [1][2] Business Line Data and Key Indicator Changes - The bank's investment income and fair value changes increased by 38.8% in 2023 and 3.6% in Q1 2024, demonstrating robust performance in financial market operations [2] - Fee and commission income showed a decline of 2.25% in 2023 but rebounded with a 15.8% increase in Q1 2024, benefiting from improved market conditions [2] Market Data and Key Indicator Changes - Total assets and liabilities grew by 18.9% and 19.1% year-on-year in 2023, with continued expansion in Q1 2024, where total assets and liabilities increased by 8.0% and 8.3% respectively [2][3] - The non-performing loan (NPL) ratio decreased to 0.66% by the end of Q1 2024, down 0.02 percentage points from the previous year [1][3] Company Strategy and Development Direction - Chengdu Bank is focused on high-quality development, maintaining growth while improving asset quality and risk compensation capabilities [1][3] - The bank aims to strengthen its government business advantages and ensure stable profitability and dividends [3] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining asset quality amid macroeconomic uncertainties and competitive pressures in the regional market [3] - The bank's risk compensation ability remains robust, with a provision coverage ratio of 503.8% as of Q1 2024, indicating strong resilience against potential credit losses [3] Other Important Information - The bank's EPS forecast for 2024 and 2025 has been adjusted to 3.33 yuan and 3.85 yuan respectively, with a new forecast for 2026 set at 4.46 yuan [3] - The target price for the bank's stock is set at 18.5 yuan, maintaining an "Accumulate" rating based on a target valuation of 0.95x PB for 2024 [3] Q&A Session Summary Question: What are the key factors driving the bank's growth? - Management emphasized the focus on net interest income and the recovery of fee income as key growth drivers, alongside effective cost management [3] Question: How does the bank plan to address potential risks in the current economic environment? - The bank plans to enhance its risk management strategies and maintain a strong capital position to navigate economic uncertainties [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 14.81 [1] Core Views - The company's net profit grew by 12.8% in Q1 2024, indicating stable growth. The net interest income increased by 8.1% year-on-year, supported by improved cost control on the liability side, although overall revenue growth declined by 0.9 percentage points compared to Q4 of the previous year to 6.3% [3][8] - The asset quality has improved, with a non-performing loan (NPL) ratio of 0.66% in Q1 2024, down 2 basis points from the previous quarter. The annualized NPL net generation rate decreased by 43 basis points to -0.25% [4][28] - The company has a strong focus on infrastructure loans, which accounted for 55.1% of total new loans in 2023, while retail loans have also seen a slight increase [17][23] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 20,240 million - 2023A: 21,701 million - 2024E: 22,957 million - 2025E: 24,313 million - 2026E: 26,377 million - Year-on-year growth rates are projected at 13.1%, 7.2%, 5.8%, 5.9%, and 8.5% respectively [1] - **Net Profit Forecasts**: - 2022A: 10,042 million - 2023A: 11,670 million - 2024E: 13,075 million - 2025E: 14,384 million - 2026E: 15,819 million - Year-on-year growth rates are projected at 28.2%, 16.2%, 12.0%, 10.0%, and 10.0% respectively [1] - **Earnings Per Share (EPS)**: - 2022A: 2.69 - 2023A: 3.06 - 2024E: 3.43 - 2025E: 3.77 - 2026E: 4.15 [1] - **Return on Equity (ROE)**: - 2022A: 19.83% - 2023A: 19.36% - 2024E: 18.73% - 2025E: 18.07% - 2026E: 17.46% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 5.51 - 2023A: 4.84 - 2024E: 4.32 - 2025E: 3.93 - 2026E: 3.57 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 1.00 - 2023A: 0.87 - 2024E: 0.76 - 2025E: 0.67 - 2026E: 0.59 [1] Asset Quality Summary - The NPL ratio has decreased to 0.66% in Q1 2024, with a high provision coverage ratio of 503.75%. The overdue rate has also declined to 0.80% at the end of 2023 [4][28]

Investment Rating - The report maintains a "Buy" rating for the company with a corresponding price-to-book (PB) ratio of 0.73 [1][6]. Core Insights - The company achieved a revenue of 21.7 billion and a net profit attributable to shareholders of 11.7 billion in 2023, reflecting year-on-year growth of 7.2% and 16.2% respectively [3][4]. - For Q1 2024, the company reported a revenue of 5.64 billion and a net profit of 2.85 billion, showing year-on-year growth of 6.3% and 12.8% respectively [3][4]. - The growth in revenue and profit is primarily driven by rapid scale expansion and impairment savings, although the growth rate has slowed due to declining interest margins [4]. Summary by Sections Performance Overview - In 2023, the company's revenue and net profit grew by 7.2% and 16.2% respectively, with Q4 2023 showing a slower growth of 0.1% in revenue and 6.8% in net profit [4]. - For Q1 2024, net interest income increased by 8.0% year-on-year, while fee income rose by 15.8% due to a low base from the previous year [4][5]. Asset Expansion - Total assets grew by 18.9% in 2023 and 19.6% in Q1 2024, with loans increasing by 28.9% and 27.4% respectively [4][5]. - The company’s loan distribution in 2023 was 88% for corporate loans and 12% for retail loans, with significant contributions from public sector financial loans and manufacturing loans [4]. Interest Margin and Asset Quality - The net interest margin for 2023 was 1.81%, a decrease of 23 basis points year-on-year, influenced by a reduction in loan yields [2][4]. - The company achieved a non-performing loan (NPL) ratio of 0.66% in Q1 2024, the lowest in recent years, with a provision coverage ratio of 504% [5]. Capital Adequacy - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 8.45%, 9.19%, and 13.07% respectively [5][6]. - The company is currently in a convertible bond conversion period, which is expected to further strengthen its core capital [5]. Earnings Forecast - The report slightly adjusts the earnings per share (EPS) for 2024 and 2025 to 3.23 and 3.60 respectively, with an estimated net asset value per share of 19.43 by the end of 2024 [6][8].

Investment Rating - The investment rating for Chengdu Bank (601838) is "Recommended" (maintained) [2] Core Views - The company reported a steady operational performance with a significant increase in public loans and a recovery in intermediary business income [3] - The bank's revenue and net profit showed year-on-year growth, with operating income increasing by 7.22% in 2023 and 6.27% in Q1 2024, while net profit attributable to shareholders grew by 16.22% and 12.84% respectively [3] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.66% as of March 2024, down 0.02 percentage points from 2023 [3] Summary by Sections Financial Performance - In 2023, the bank's net interest income increased by 6.87%, and in Q1 2024, it rose by 8.05% [3] - The bank's credit impairment losses decreased significantly, with a reduction of 41.54% in 2023 and 12.64% in Q1 2024, supporting profit growth [3] - The bank's return on equity (ROE) was 18.78% in 2023 and 4.99% in Q1 2024, annualized at 17.06% [3] Loan and Deposit Growth - Public loans grew by 32.02% in 2023 and 12.8% in Q1 2024, while retail loans increased by 15.27% and 0.81% respectively [3] - Total deposits rose by 19.22% in 2023 and 6.94% in Q1 2024, with personal time deposits growing by 35.23% and 12.73% [3] Intermediary Business and Investment Income - Non-interest income changed by 8.76% in 2023 and -1.18% in Q1 2024, with intermediary business income showing a recovery in Q1 2024 [3] - Investment income growth slowed, with a year-on-year increase of 23.45% in 2023 and 3.93% in Q1 2024 [3] Asset Quality and Provisions - The bank's provision coverage ratio was 503.81%, maintaining a leading position in the industry [3] - The bank's asset quality is expected to remain strong, supported by a favorable credit environment and effective risk management [3] Investment Outlook - The bank is well-positioned to benefit from the Chengdu-Chongqing economic circle strategy, with significant growth potential in its business operations [3] - The projected book value per share (BVPS) for 2024-2026 is 19.48, 22.15, and 25.28 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.76X, 0.67X, and 0.59X [3]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank, with a target price of 19.55 CNY per share, based on a historical valuation method that references the average valuation over the past five years [5][3]. Core Insights - Chengdu Bank's revenue growth remains resilient, with a year-on-year revenue increase exceeding 6% in Q1 2024, despite a slight decline in profit growth compared to previous quarters [2]. - The bank's net interest income has improved, with a year-on-year growth of 8.0% in Q1 2024, supported by strong asset deployment and stable interest margins [2]. - The bank is actively expanding its loan portfolio, with a year-on-year growth rate of 27.0% as of Q1 2024, focusing on strategic projects in the Chengdu-Chongqing economic circle [2]. - Asset quality remains strong, with a non-performing loan ratio decreasing to 0.66%, the lowest since its listing, and a capital adequacy ratio showing marginal improvement [2]. Financial Summary - Chengdu Bank's projected financials indicate a steady growth trajectory, with expected net profit growth rates of 13.1% for 2024 and 2025, and 13.8% for 2026 [3]. - The bank's earnings per share (EPS) are forecasted to be 3.46 CNY for 2024, 3.91 CNY for 2025, and 4.45 CNY for 2026, with a corresponding price-to-book (PB) ratio of 0.73X for 2024 [3][4]. - Key financial metrics for 2024 include total revenue of 22,891 million CNY, operating profit of 15,542 million CNY, and net profit attributable to shareholders of 13,198 million CNY [4].