上 市 公 司 2025 年 10 月 26 日 重庆银行 (601963) ——营收、利润均超预期，聚焦万亿规模新起点下的价值重估 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 24 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 11.75/8.26 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.07 | | 流通 A 股市值（百万元） | 19,114 | | 上证指数/深证成指 | 3,950.31/13,289.18 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.15 | | 资产负债率% | 93.55 | | 总股本/流通 A 股(百万) | 3,475/1,879 | | 流通 B 股/H 股（百万） | -/1,579 | 一年内股价与大盘对比走势： 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 ...

Investment Rating - The report maintains a "Recommendation" rating for Chongqing Bank, with a target price of 13.17 CNY / 9.90 HKD [2][4]. Core Insights - Chongqing Bank reported a revenue of 11.74 billion CNY for the first three quarters of 2025, reflecting a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 4.879 billion CNY, up 10.19% year-on-year. The non-performing loan (NPL) ratio decreased by 4 basis points to 1.13%, while the provision coverage ratio remained stable at 248% [2][4]. - The bank's net interest income exceeded expectations, with a quarterly revenue of 4.081 billion CNY in Q3 2025, a year-on-year increase of 17.38% [7]. - The asset quality improved, with the NPL ratio declining and the net profit growth outpacing revenue growth due to improved revenue streams [7]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth is supported by strong demand for corporate loans in the Sichuan-Chongqing region, with a significant increase in net interest income [7]. - **Loan Performance**: Corporate loans saw a substantial increase, with new corporate loans amounting to 21.38 billion CNY in Q3 2025, while retail loan demand weakened [7]. - **Net Interest Margin**: The net interest margin stabilized and increased by 17 basis points to 1.40% in Q3 2025, driven by stable asset pricing and reduced funding costs [7]. - **Asset Quality**: The NPL ratio improved, with a decrease in the net generation rate of non-performing loans, indicating a reduction in credit risk [7]. Financial Projections - **Revenue Forecast**: Projected total revenue for 2025 is 14.758 billion CNY, with a year-on-year growth rate of 7.9% [8]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to reach 5.555 billion CNY in 2025, reflecting an 8.6% increase [8]. - **Key Ratios**: The projected price-to-earnings (P/E) ratio for 2025 is 6.36, and the price-to-book (P/B) ratio is expected to be 0.63 [8].

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5] Core Views - The bank's revenue and net profit for the first three quarters of 2025 grew by 10.40% and 10.42% year-on-year, respectively, with significant quarterly growth of 17.38% in revenue and 20.54% in net profit [1] - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.14%, down 11 basis points from the beginning of the year [2] - The bank's net profit forecasts for 2025-2027 are 53.9 billion, 57.3 billion, and 62.9 billion yuan, with corresponding year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Chongqing Bank achieved a total revenue of 117.4 billion yuan and a net profit of 48.8 billion yuan, both showing a year-on-year increase of over 10% [1] - The total assets reached 1.02 trillion yuan, with loans and deposits growing by 19.4% and 16.9% year-to-date, respectively [1] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating a positive trend in asset quality [2] - The provision coverage ratio stood at 248.1%, remaining stable compared to previous periods [2] Profitability and Valuation - The annualized net interest margin for the first three quarters was 1.32%, showing a slight improvement from the previous half [2] - The bank's price-to-book (PB) ratios for 2025-2027 are projected at 0.53x, 0.49x, and 0.46x, respectively [3]

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5][3]. Core Views - The bank has achieved a revenue of 11.74 billion yuan and a net profit attributable to shareholders of 4.88 billion yuan for the first three quarters of 2025, both showing a year-on-year growth of approximately 10% [1]. - The bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% as of September 2025, down 11 basis points from the beginning of the year [2]. - The bank's net interest margin has stabilized and improved, with a year-to-date annualized net interest margin of 1.32%, reflecting a 3 basis points increase from the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2025, the bank's total assets reached 1.02 trillion yuan, with total loans of 5.18 trillion yuan and total deposits of 5.54 trillion yuan, representing year-to-date growth of 19.4%, 18.3%, and 16.9% respectively [1]. - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [1]. - The bank's projected net profits for 2025, 2026, and 2027 are 5.39 billion yuan, 5.73 billion yuan, and 6.29 billion yuan respectively, with year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3][4]. Valuation Metrics - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.53x, 0.49x, and 0.46x respectively [3][4]. - The earnings per share (EPS) for 2025 is estimated at 1.46 yuan, with a projected growth in net profit [6]. Asset Quality Indicators - The bank's provision coverage ratio remains stable at 248.1% as of September 2025, indicating a strong buffer against potential loan losses [2]. - The bank's credit cost ratio is projected to decrease to 0.76% in 2025, reflecting ongoing improvements in asset quality [6]. Market Context - The bank operates in the Sichuan-Chongqing region, which is a key area for several national strategic initiatives, providing a solid foundation for the bank's growth [3].

Investment Rating - The report assigns an "Outperform the Market" rating to the company for the first time [5]. Core Views - The company is positioned in a key area of national strategy, benefiting from continuous improvement in its fundamentals [1]. - The company has effectively cleared its existing non-performing loans and shifted its lending focus primarily towards government-related sectors, resulting in a significant increase in the proportion of loans in these areas [2]. - The net interest margin has shown signs of improvement, contributing to enhanced profitability, with projections indicating continued growth in revenue and net profit over the next few years [3][32]. Summary by Relevant Sections Company Overview - Chongqing Bank, established in 1996, has evolved into a significant player in the banking sector, with total assets reaching 983.4 billion yuan and total loans amounting to 498.6 billion yuan as of June 2025 [7]. Financial Performance - The bank's revenue is projected to grow from 13.21 billion yuan in 2023 to 17.77 billion yuan by 2027, with a compound annual growth rate of approximately 10.1% [4]. - Net profit is expected to increase from 4.93 billion yuan in 2023 to 6.29 billion yuan in 2027, reflecting a growth rate of 9.8% [4]. - The bank's return on assets (ROA) and return on equity (ROE) are projected to stabilize around 0.59% and 10.7% respectively by 2027 [4]. Loan and Asset Quality - As of June 2025, the bank's loan portfolio is heavily weighted towards government-related sectors, with 54.5% of loans allocated to these areas, indicating a strategic shift in lending practices [2][36]. - The non-performing loan ratio stands at 1.17%, with a provision coverage ratio of 248.3%, reflecting a strong asset quality position compared to peers in the region [2][49]. Market Position and Growth Potential - The bank is well-positioned to benefit from the economic growth in the Chengdu-Chongqing economic circle, which is expected to enhance its market share and profitability [1][14]. - The bank's loan market share in Chongqing is 76.4%, with significant presence in neighboring provinces, indicating a robust regional footprint [12]. Valuation and Investment Recommendation - The estimated fair price range for the company's stock in 2026 is between 12.3 and 14.4 yuan, suggesting a potential upside of approximately 19.3% to 39.7% from the current price of 10.3 yuan [68].

Core Insights - Chongqing Bank reported a significant increase in both operating income and net profit for Q3 2025, with operating income reaching 4.08 billion yuan, up 17.38% year-on-year, and net profit at 1.80 billion yuan, up 20.49% [1] - For the first three quarters of 2025, the bank's operating income totaled 11.74 billion yuan, a year-on-year increase of 10.40%, while net profit was 5.20 billion yuan, also up 10.42% [1] - The bank's total assets as of September 30, 2025, amounted to 1.02 trillion yuan, reflecting a growth of 19.39% compared to the end of the previous year [1] Financial Performance - The bank's business and management expenses were 2.81 billion yuan, an increase of 253 million yuan, or 9.90%, compared to the same period last year [1] - The cost-to-income ratio improved to 23.93%, a decrease of 0.11 percentage points year-on-year [1] - The non-performing loan ratio stood at 1.14%, down 0.11 percentage points from the end of the previous year, indicating strong asset quality [1] Capital Adequacy - As of the report date, the core tier 1 capital adequacy ratio was 8.57%, the tier 1 capital adequacy ratio was 9.67%, and the total capital adequacy ratio was 12.60%, all of which met the latest regulatory requirements [2] - The bank's capital adequacy ratios decreased by 1.31, 1.53, and 1.86 percentage points respectively compared to the end of the previous year [2] Dividend Distribution - To enhance shareholder returns, Chongqing Bank announced a profit distribution plan for Q3 2025, proposing a cash dividend of 1.684 yuan per 10 shares (before tax), totaling approximately 585 million yuan (before tax) [2]

Core Insights - Chongqing Bank (601963.SH) reported a total operating revenue of 11.74 billion yuan for Q3 2025, an increase of 1.11 billion yuan compared to the same period last year, marking a year-on-year growth of 10.40% [1] - The net profit attributable to shareholders reached 4.88 billion yuan, up by 451 million yuan year-on-year, achieving a continuous increase for five years with a year-on-year growth of 10.19% [1] - The net cash inflow from operating activities was 54.37 billion yuan, an increase of 86.75 billion yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 93.55% [3] - The return on equity (ROE) is 7.73%, an increase of 0.40 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 1.40 yuan, an increase of 0.13 yuan year-on-year, achieving a continuous increase for four years with a year-on-year growth of 10.24% [3] Shareholder Structure - The number of shareholders is 36,300, with the top ten shareholders holding a total of 3.596 billion shares, accounting for 103.49% of the total share capital [3] - The top shareholders include Hong Kong Central Clearing (Agent) Co., Ltd. with 3.37 billion shares, Chongqing Yufu Capital Operation Group Co., Ltd. with 1.42 billion shares, and Dah Sing Bank Limited with 1.321 billion shares [3]

Core Viewpoint - The report highlights the financial performance of Chongqing Bank for the third quarter of 2025, showing significant growth in total assets, customer deposits, and net profit, while also addressing capital adequacy ratios and dividend distribution plans [14][15][16]. Financial Data Summary - Total assets reached CNY 1,022.75 billion, an increase of CNY 166.11 billion, or 19.39%, compared to the end of the previous year [14]. - Customer deposits amounted to CNY 554.25 billion, up CNY 80.13 billion, or 16.90% [14]. - Total loans and advances stood at CNY 520.39 billion, reflecting a growth of CNY 79.77 billion, or 18.10% [14]. - Net profit for the nine months ending September 30, 2025, was CNY 5.196 billion, an increase of CNY 490 million, or 10.42% [15]. - Operating income reached CNY 11.740 billion, up CNY 1.106 billion, or 10.40% [15]. - The non-performing loan balance was CNY 5.894 billion, with a non-performing loan ratio of 1.14%, down 0.11 percentage points from the previous year [14]. Capital Adequacy and Ratios - The core Tier 1 capital adequacy ratio was 8.57%, Tier 1 capital adequacy ratio was 9.67%, and total capital adequacy ratio was 12.60%, all of which decreased compared to the end of the previous year [15]. - The provision coverage ratio increased to 248.11%, up 3.03 percentage points from the previous year [14]. Shareholder Information - As of the report date, the total number of ordinary shareholders was 36,303, with the top ten shareholders holding a combined 22.77% of the total shares [10][11]. - The proposed cash dividend is CNY 1.684 per 10 shares, totaling CNY 585.12 million, which represents 11.99% of the net profit attributable to ordinary shareholders for the first three quarters of 2025 [16].

Group 1 - The core point of the article is that Chongqing Bank (601963.SH) reported a revenue of 11.74 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.40% [1] - The net profit attributable to shareholders of the listed company reached 4.879 billion yuan, with a year-on-year increase of 10.19% [1] - The basic earnings per share (EPS) for the company is 1.40 yuan [1]

Core Insights - Chongqing Bank's Q3 2025 report highlights a historic milestone with total assets surpassing 1 trillion yuan, indicating a new phase of development and strong growth momentum in profitability and asset quality [1][3] Group 1: Asset Scale and Growth - As of the end of Q3, Chongqing Bank's total assets reached 1,022.7 billion yuan, a 19.4% increase from the beginning of the year, marking a significant achievement in its comprehensive strength and market position [1] - The bank's deposit balance stood at 554.25 billion yuan, up 16.9% year-on-year, while the loan balance reached 520.39 billion yuan, reflecting an 18.1% increase, providing a solid foundation for its main business [1] Group 2: Financial Performance - The bank achieved operating income of 11.74 billion yuan, a year-on-year growth of 10.40%, and a net profit of 5.196 billion yuan, also up 10.42%, marking the first time in nine years that both metrics experienced double-digit growth [1] - Net interest income increased by 15.2% year-on-year, reinforcing the bank's profitability and highlighting the effectiveness of its business structure optimization [1] Group 3: Asset Quality and Risk Management - Chongqing Bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% at the end of Q3, down 0.11 percentage points from the beginning of the year [2] - The bank's provision coverage ratio reached 248.11%, an increase of 3.03 percentage points, enhancing its risk absorption capacity and providing a solid safety net for future operations [2] Group 4: Strategic Contributions - The bank actively supports national strategic initiatives, with financing for the Chengdu-Chongqing economic circle exceeding 300 billion yuan, a 20% increase, aiding over 120 major projects [3] - In supporting the construction of the Western Land-Sea New Corridor, the bank's financing balance reached 53.3 billion yuan, a remarkable 79% increase, showcasing its commitment to regional development [3] - Chongqing Bank has successfully attracted over 20 billion yuan in funding to support local economic development, aligning with its goal of becoming a Western financial center [3]