成都银行(601838)：息差韧性支撑业绩修复

Core Viewpoint - Chengdu Bank reported a revenue growth of 5.91% for the first half of 2025, with pre-provision profit growth at 6.84% and net profit attributable to shareholders growing by 7.29%, indicating a recovery in performance compared to the first quarter [1] Group 1: Financial Performance - In Q2 2025, Chengdu Bank's total assets grew by 14.32% year-on-year, with a quarterly increase of 37.4 billion yuan, primarily driven by a 17.96% increase in loans [2] - The bank's net interest margin was 1.62%, a decrease of 4 basis points from 2024, but the decline is narrowing [4] - Non-interest income decreased by 0.64% year-on-year, with net fee income dropping by 52.32%, while investment income rose by 11.72% [5] Group 2: Loan and Deposit Growth - Corporate loans increased by 19.09% year-on-year, with a quarterly net growth of 24.4 billion yuan, indicating strong demand in the public finance sector [3] - Retail loans grew by 12.85% year-on-year, with significant contributions from personal housing and consumption loans, which saw growth rates of 11.67% and 26.13% respectively [3] - Total liabilities increased by 14.00% year-on-year, with deposits growing by 14.72%, although the proportion of demand deposits decreased [4] Group 3: Asset Quality and Risk Management - Chengdu Bank maintained a non-performing loan ratio of 0.66%, consistent year-on-year, with a provision coverage ratio of 452.65%, indicating strong asset quality [5] - The bank's focus on public finance and infrastructure projects aligns with national strategic development, providing a stable outlook for its business [6] Group 4: Future Outlook - The bank is expected to achieve a revenue growth of 8.17% and a profit growth of 9.51% for the full year 2025, with a target price set at 22.02 yuan, reflecting a price-to-book ratio of 1.05 [6]