[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [成Table_都Title] 银行（601838.SH） [公Tab司le_评Inve级st] 买入 当前价格 14.24元 资产质量继续优异，资本充足率提升 合理价值 20.47元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-25 ⚫ 成都银行发布 2023 年报和 2024 年一季度报告，2023 全年营收、 [相Tab对le_P市icQ场uote表] 现 PPOP、归母利润同比增速分别为7.2%、6.2%、16.2%；24Q1营收、 PPOP、归母净利润同比分别增长 6.3%、6.1%、12.8%。从 2023 年 12% 5% 累计业绩驱动来看，规模扩张、拨备计提减少、其他收支形成正贡献， -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 净息差收窄、有效税率、成本收入比等因素形成一定拖累，2024Q1手 -8% 续费、成本收入比和有效税率贡献小幅回正，其他收支贡献转负。 -15% -22% ⚫ 亮点：（1）规模高增，存贷结构优化。资产端，23A/2 ...

上 市 公 司 银行 2024年04月25日 成都银行 (601838) 公 司 研 究 ——规模增长高景气，ROE 领跑行业 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：成都银行披露2023年报及2024年一季报，2023年/1Q24实现营收217亿元/56亿 买入 （维持） 元，同比增长7.2%/6.3%；实现归母净利润117亿元/29亿元，同比增长16.2%/12.8%；1Q24 不良率季度环比下降2bps至0.66%，拨备覆盖率季度环比下降0.5pct至504%。 证 ⚫ 以利息净收入驱动营收实现5%以上的较快增长，尽管利润表现稍低于预期，但ROE继续 券 市场数据： 2024年04月24日 维持同业最好水平：2023/1Q24成都银行营收分别同比增长7.2%/6.3%（前瞻中预期分 研 收盘价（元） 14.24 别为8.5%/6.2%，9M23为9.6%），归母净利润分别同比增长16.2%/12.8%（前瞻中预 究 一年内最高/最低（元） 14.75/10.7 报 市净率 0.7 期分别为19%/15.8%，9M23为20.8%），2023年ROE维持近19%的同业最高水平。 告 息率（ ...

Investment Rating - Strong Buy (Maintained) [3] Core Views - The company's profitability is robust, and asset quality is solid, with continued optimism for regional dividend release [2] - The company's 2023 and 2024Q1 revenue were 21702 million yuan and 5638 million yuan, with year-on-year growth rates of 7.2% and 6.3% respectively [5] - Net profit attributable to the parent company for 2023 and 2024Q1 were 11671 million yuan and 2851 million yuan, with year-on-year growth rates of 16.2% and 12.8% respectively [5] - The company's 2023 ROE was 18.78%, a decrease of 0.7 percentage points year-on-year, while the annualized ROE for 2024Q1 was 17.04% [5] - Total assets at the end of 2023 were 1.09 trillion yuan, a year-on-year increase of 18.9%, and total assets for 2024Q1 were 1.18 trillion yuan, an increase of 8.01% from the beginning of the year [5] - The 2023 profit distribution plan is a dividend of 0.8968 yuan per share (tax included), with a dividend payout ratio of 30.05% [5] Financial Performance - The company's net interest income in 2024Q1 increased by 8.0% year-on-year, with a slight recovery in net interest income [6] - Non-interest income in 2024Q1 and 2023 decreased by 1.2% and increased by 8.8% year-on-year, respectively [6] - The net income from fees and commissions in 2024Q1 increased by 15.8% year-on-year, while it decreased by 2.3% in 2023 [6] - The company's net interest margin in 2023 was 1.81%, with both asset and liability sides contributing to the drag on the net interest margin [7] - The loan yield at the end of 2023 was 4.61%, and the deposit cost rate was 2.23% [7] - The company's net interest margin in 2024Q1 increased by 4 basis points to 1.65% compared to 2023Q4 [7] Asset Quality and Expansion - The company's total assets at the end of 2024Q1 and 2023 increased by 19.6% and 18.9% year-on-year, respectively, with loan growth rates of 27.0% and 28.3% [9] - The proportion of corporate loans at the end of 2024Q1 increased by 1.72 percentage points to 82.0% compared to the end of 2023 [9] - The company's deposit growth rates at the end of 2024Q1 and 2023 were 16.8% and 19.2%, respectively [9] - The non-performing loan ratio at the end of 2024Q1 and 2023 were 0.66% and 0.68%, respectively, showing a continuous improvement trend [9] - The company's non-performing loan generation rate at the end of 2023 was 0.16%, maintaining a low level [9] - The company's provision coverage ratio and provision-to-loan ratio at the end of 2024Q1 were 504% and 3.33%, respectively, with absolute levels expected to remain leading in the industry [9] Future Outlook - The company is expected to benefit from the regional resource endowment, with potential for continued dividend release [9] - The company's EPS for 2024-2026 is expected to be 3.46 yuan, 3.96 yuan, and 4.55 yuan, respectively, with profit growth rates of 13.1%, 14.3%, and 15.1% [9] - The company's PB for 2024-2026 is expected to be 0.73x, 0.64x, and 0.56x, respectively [9] - The company's valuation premium is expected to continue and rise, supported by its high growth potential and asset quality advantages [9]

Investment Rating - The report maintains a "Recommended" rating for Chengdu Bank, with a target price corresponding to 0.8 times the 2024 PB based on the closing price on April 25, 2024 [2][3]. Core Views - Chengdu Bank is expected to sustain high loan growth due to strong credit demand driven by major regional strategies, with loan growth rates remaining above 25% in recent years [2]. - The bank's asset quality continues to improve, with a reduction in non-performing loan (NPL) ratio to 0.66% as of Q1 2024, and a high provision coverage ratio of 504% [1][2]. - The bank's dividend payout ratio remains high at 30%, providing attractive dividend returns, with a dividend yield of 6.1% based on the closing price on April 25, 2024 [1][2]. Financial Performance Summary - For 2023, Chengdu Bank reported revenue of 21.7 billion yuan, a year-on-year increase of 7.2%, and a net profit of 11.7 billion yuan, up 16.2% year-on-year [1][3]. - In Q1 2024, revenue reached 5.6 billion yuan, growing 6.3% year-on-year, with a net profit of 2.9 billion yuan, reflecting a 12.8% increase year-on-year [1]. - The bank's total assets, loans, and deposits grew by 19.6%, 27.0%, and 16.8% respectively in Q1 2024 compared to the previous year [1]. Loan and Asset Quality - The total loan amount increased by 651 billion yuan in Q1 2024, with 98% of the growth coming from corporate loans, indicating a focus on supporting local economic development [1]. - The NPL ratio is projected to further decline to 0.63% in 2024 and 0.58% in 2025, demonstrating ongoing improvement in asset quality [11]. Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 3.41 yuan, 3.82 yuan, and 4.32 yuan respectively, with corresponding P/E ratios of 5, 4, and 4 [3][10]. - The bank's net interest margin (NIM) is expected to decrease from 1.75% in 2023 to 1.58% in 2024, reflecting pressures on both asset and liability sides [11].

Investment Rating - The investment rating for Chengdu Bank (601838.SH) is "Buy" [2][3] Core Views - Chengdu Bank has shown rapid growth in scale, with a return on equity (ROE) of 18.8% in 2023, maintaining a leading position among peers despite a slight decline of 0.7 percentage points year-on-year [2] - The bank's total assets grew by 18.9% in 2023, reaching nearly 1.2 trillion yuan, with deposits and loans increasing significantly [2][4] - The net interest margin has decreased to 1.81% in 2023, influenced by a decline in asset yield and an increase in liability costs [2] - Asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% and a provision coverage ratio of 504% as of the first quarter of 2024 [2][4] - The bank's earnings forecasts have been slightly adjusted, with expected net profits of 129 billion yuan for 2024 and 142 billion yuan for 2025, reflecting a growth rate of 10.6% and 9.9% respectively [2][4] Financial Forecasts and Metrics - Revenue is projected to grow from 20.24 billion yuan in 2022 to 27.58 billion yuan in 2026, with a compound annual growth rate (CAGR) of 12.6% [1][4] - The net profit attributable to shareholders is expected to increase from 10.04 billion yuan in 2022 to 15.85 billion yuan in 2026, with a CAGR of 11.8% [1][4] - The diluted earnings per share (EPS) is forecasted to rise from 2.56 yuan in 2022 to 4.08 yuan in 2026 [1][4] - The price-to-earnings (PE) ratio is projected to decrease from 5.6 in 2022 to 3.5 in 2026, indicating an attractive valuation [1][4] - The dividend payout ratio is expected to increase from 5.4% in 2023 to 8.6% in 2026, reflecting a commitment to returning value to shareholders [1][4]

Investment Rating - The report maintains a rating of "Buy" for Chengdu Bank (601838.SH) with a current price of 14.24 CNY [1]. Core Insights - Chengdu Bank reported a strong momentum in scale expansion, with non-performing loans decreasing to historical lows [1]. - The bank's 2023 operating income reached 21.7 billion CNY, a year-on-year increase of 7.2%, while net profit attributable to shareholders was 11.67 billion CNY, up 16.2% year-on-year [4]. - For Q1 2024, the bank achieved operating income of 5.64 billion CNY, a 6.3% year-on-year growth, and a net profit of 2.85 billion CNY, reflecting a 12.8% increase year-on-year [4]. Financial Performance Summary - **Revenue Growth**: The revenue growth rates for 2023 and Q1 2024 were 7.2% and 6.3%, respectively [5]. - **Net Profit Growth**: The net profit growth rates for 2023 and Q1 2024 were 16.2% and 12.8%, respectively [5]. - **Return on Equity (ROE)**: The weighted average ROE for 2023 was 18.78%, a decrease of 0.7 percentage points year-on-year [4]. Asset and Liability Management - **Asset Expansion**: In Q1 2024, the bank added 82.1 billion CNY in interest-earning assets, with a year-on-year growth rate of 19.5% [5]. - **Loan Composition**: The bank's new loans in Q1 2024 totaled 64.1 billion CNY, with corporate loans showing strong growth [5]. - **Deposit Growth**: The bank's new interest-bearing liabilities in Q1 2024 were 84.1 billion CNY, with a year-on-year increase of 23.1% [6]. Non-Interest Income and Profitability - **Non-Interest Income**: Non-interest income decreased by 1.2% year-on-year to 1.01 billion CNY in Q1 2024, with a notable decline in net other non-interest income [7]. - **Net Interest Margin (NIM)**: The NIM for Q1 2024 was estimated at 1.71%, down 11 basis points from 2023 [7]. Asset Quality and Risk Management - **Non-Performing Loan (NPL) Ratio**: The NPL ratio decreased to 0.68% by the end of 2023, down 3 basis points from the previous quarter [8]. - **Provision Coverage Ratio**: The provision coverage ratio was 504.3% at the end of 2023, indicating strong risk mitigation capabilities [8]. - **Credit Loss Provisions**: The bank's credit loss provisions for Q1 2024 were 900 million CNY, a decrease of 1.3 billion CNY year-on-year [9]. Capital Adequacy - **Capital Ratios**: As of Q1 2024, the core Tier 1 capital ratio was 8.45%, and the total capital adequacy ratio was 13.07%, both showing improvements from the previous year [9][15]. - **Risk-Weighted Assets (RWA)**: The year-on-year growth rate of RWA was 13.4%, a decrease of 7.9 percentage points from the previous year [9]. Valuation and Future Outlook - **Earnings Per Share (EPS)**: The EPS forecast for 2024 is 3.31 CNY, reflecting an 8.3% decrease from previous estimates [9]. - **Price-to-Book (P/B) Ratio**: The current P/B ratios for 2024, 2025, and 2026 are projected at 0.73, 0.64, and 0.57, respectively [9]. - **Dividend Policy**: The bank plans to distribute a dividend of 0.90 CNY per share for 2023, with a dividend yield of 6.3% [9].

95507) | C 成都银行小分队 00 成都银行 11744 る 成都银行 飞 成都银行 www.bocd.com.cn @) %成都银行 BANK OF CHENGDU A股主板上市 (601838 2023年度 社会责任报告 成都银行股份有限公司 （股票代码: 601838) 二〇二四年四月 - 报告时间范围 2023年1月1日至2023年12月31日。 部分内容超出上述范围。 报告组织范围 报告覆盖成都银行股份有限公司总行、分支机构。为便于表述。在报告中"成都银行股份 t有限公司"以"成都银行""我行"本行"表示。 报告发布周期 年度报告。 报告编制依据 报告依照原中国银保监会（现国家金融监督管理总局）《关于加强银行业金融机构社会责 任的意见》、《商业银行公司治理指引》、中国银行业协会《中国银行业金融机构企业社 会责任指引》、上海证券交易所《上海证券交易所上市公司自律监管指引第1号——规范运 作（2023年12月修订）》和《上海证券交易所股票上市规则(2023年8月修订) 》编制指 引等相关要求进行编写。 报告保证方式 本行董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏、并 ...

证券代码：601838 证券简称：成都银行 公告编号：2024-016 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 同意董事会换届方案，并根据《中华人民共和国公司法》等法 律法规及《公司章程》的规定对公司董事会进行换届选举。 二、审议通过了《关于提名成都银行股份有限公司第八届董事 会非独立董事候选人的议案》 （一）提名王晖先生为本公司第八届董事会非独立董事候选人 表决结果：同意 12 票；反对 0 票；弃权 0 票。 第七届董事会第四十九次（临时）会议决议公告 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。 成都银行股份有限公司（以下简称"本公司"）于 2024 年 4 月 19 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，本公司第七届董事会第四十九次（临时）会议于 2024 年 4 月 24 日在本公司总部 5 楼 1 号会议室以现场方式召开。本次董事 会应出席董事 12 名，王晖、何维忠、王永强、郭令海、董晖、马晓 峰、邵赤平、樊斌、陈存泰 9 名董事现场出席，乔丽媛、 ...

2023 年度利润分配方案公告 证券代码：601838 证券简称：成都银行 公告编号：2024-018 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 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： 分配比例：每 10 股派发现金股利 8.968 元（含税） 本次利润分配以实施分红派息股权登记日登记的总股本为 基数，具体日期将在分红派息实施公告中明确。由于公司发行的可转 债处于转股期，若总股本在实施权益分派的股权登记日前发生变动， 届时公司将维持分配总额不变，以实施权益分派的股权登记日普通股 总股本为基数，相应调整每股分配金额，并在分红派息实施公告中明 确具体分配情况。 综合考虑当前经济金融环境、公司的可持续发展、全体股东 的长期合理投资回报、留存利润增强风险抵御能力以及持续满足资本 充足率监管要求等因素，本年度公司拟分派的普通股现金股利为 34.203 亿元，占归属于公司普通股股东净利润的 30.05%。 一、利润分配方案 经毕马威华振会计师事务所（特殊普通合伙）审计，成都银行股 份有 ...

成都银行股份有限公司董事会关联交易控制与 审计委员会对会计师事务所履行监督职责情况 报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《国有企业、上市公司选聘会计师事务所管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》和《成都银行股份有限公司章程》等规定和要求，2023 年，成都银行股份有限公司（以下简称"本公司"）董事会关联交 易控制与审计委员会认真履行忠实和勤勉义务，恪尽职守，审慎 履行对会计师事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立， 于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制 企业，更名为毕马威华振会计师事务所（特殊普通合伙），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广场东 2 座办公楼 8 层。毕马威华振的首席合伙人邹俊， 中国国籍，具有中国注册会计师资格。截至 2023 年 12 月 31 日， 毕马威华振有合伙 ...