Bank Of Chongqing(601963) 国泰君安·2024-11-04 21:06Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [5][3]. Core Views - Chongqing Bank's Q3 2024 performance met expectations, with notable growth in loans and deposits, optimization of asset-liability structure, and stable asset quality [3]. - The net profit growth forecasts for Chongqing Bank for 2024-2026 have been adjusted to 3.58%, 4.23%, and 5.58%, respectively, with corresponding BVPS estimates of 17.58, 18.67, and 19.83 yuan [3]. - The target price for Chongqing Bank has been raised to 10.15 yuan, corresponding to a 0.58x PB for 2024 [3]. Financial Performance Summary - For Q3 2024, the company's revenue grew by 6.2% year-on-year, with net interest income growth of 0.6% and a significant increase in fee and commission income by 85.6% [3]. - The total assets of Chongqing Bank increased by 11.1% year-on-year, with loans growing by 12% [3]. - The non-performing loan ratio stood at 1.26% at the end of Q3 2024, with a provision coverage ratio of 250.2% [3]. Financial Data Overview - Revenue for 2024 is projected at 13,734 million yuan, with a growth rate of 4.0% [4]. - Net profit attributable to shareholders is expected to reach 5,106 million yuan in 2024, reflecting a growth of 3.6% [4]. - The bank's total assets are forecasted to be 827,003 million yuan by 2024, with a loan total of 440,087 million yuan [10].