成都银行：2024年中报点评：政信压舱、业绩稳健

Investment Rating - The report assigns an "Overweight-A" rating to Chengdu Bank, with a 6-month target price of 17.03 CNY, implying a 0.90X PB for 2024 [3] Core Views - Chengdu Bank's H1 2024 revenue growth was 4.28%, with pre-provision profit growth of 3.35% and net profit attributable to parent company growth of 10.60%, meeting expectations [1] - The bank's performance was driven by scale expansion, non-interest income growth, and provision release, while narrowing net interest margin and slightly higher cost-to-income ratio weighed on results [1] - Government-related business remains the bank's "ballast stone", with significant credit deployment in H1, while retail and SME lending will be the focus in H2 [2] Business Performance Asset Side - Total assets grew 16.73% YoY by H1 2024, with interest-bearing assets up 17.60% YoY [1] - Corporate loans (including discounts) accounted for 52.76% of total loans, with general infrastructure loans making up the majority [1] - Retail loan demand was weak, with only 0.49% growth in mortgage balances and 10.44% and 12.58% growth in personal consumption and business loans respectively [1] Liability Side - Deposits accounted for 76.98% of interest-bearing liabilities, with time deposits rising to 66.01% and retail deposits increasing to 48.57% [2] Profitability - Net interest margin declined 26bps YoY to 1.66%, mainly due to a 24bps drop in interest-earning asset yield to 3.88% [6] - Non-interest income turned positive in Q2, growing 26.81% YoY, with net fee income up 43.13% [6] Asset Quality - Non-performing loan ratio remained stable at 0.66%, with provision coverage ratio at 496.02% [6] - Corporate loan NPL ratio improved to 0.66%, while retail loan NPL ratio rose to 0.68% [6] Future Outlook - The bank is expected to maintain steady performance, with 2024 revenue growth forecast at 4.55% and profit growth at 13.39% [7] - Government-related business opportunities are expected to continue, supported by regional economic vitality and national development policies [7] Valuation - The bank trades at 4.44X 2024E P/E and 0.79X 2024E P/B, with a 6.60% dividend yield [9]