Bank of Chengdu(601838) 中国银河·2024-10-31 07:31Investment Rating - The report maintains a "Recommended" rating for Chengdu Bank (stock code: 601838) [2] Core Views - Net profit growth has improved, with operating income of 17.241 billion yuan for the first nine months of 2024, a year-on-year increase of 3.23%, and net profit attributable to the parent company of 9.038 billion yuan, a year-on-year increase of 10.81%, showing an acceleration compared to the first half of the year [2] - The net interest margin has stabilized, with corporate loans continuing to grow rapidly. For the first nine months of 2024, net interest income was 13.604 billion yuan, a year-on-year increase of 1.78% [2] - The asset quality remains excellent, with a non-performing loan ratio of 0.66%, unchanged from the end of the previous year, and a provision coverage ratio of 497.4% [2] Summary by Sections Financial Performance - For the first nine months of 2024, Chengdu Bank achieved operating income of 17.241 billion yuan, a year-on-year increase of 3.23%, and net profit attributable to the parent company of 9.038 billion yuan, a year-on-year increase of 10.81% [2] - The annualized weighted average ROE was 17.55%, a decrease of 0.79 percentage points year-on-year [2] Loan and Deposit Growth - As of September 2024, total loans increased by 15.48% year-on-year, with corporate loans growing by 17.41% [2] - Total deposits increased by 12.08% year-on-year, with the proportion of time deposits rising to 68.49% [2] Non-Interest Income - Non-interest income for the first nine months of 2024 was 3.637 billion yuan, a year-on-year increase of 9%, with the proportion of non-interest income to total operating income decreasing by 0.55 percentage points to 21.09% [2] Asset Quality - The non-performing loan ratio was 0.66%, maintaining a leading position in the industry, with a provision coverage ratio of 497.4% [2] - The core Tier 1 capital adequacy ratio was 8.4%, an increase of 0.18 percentage points from the end of the previous year [2] Investment Recommendations - The report suggests that the company has significant regional advantages and is expected to benefit from the development of the Chengdu-Chongqing economic circle, which will help drive continuous performance growth [2] - The projected BVPS for 2024-2026 is 19.45 yuan, 22.26 yuan, and 25.39 yuan, respectively, corresponding to a current PB of 0.80X, 0.70X, and 0.61X [2]