重庆银行：区域战略升级，对公业务提速

Investment Rating - The report assigns a "Buy" rating for Chongqing Bank, marking its first coverage [7]. Core Views - Chongqing Bank is expected to maintain a loan growth rate of over 10% in the next 3-5 years, supported by its advantages in corporate business and regional layout [34]. - The bank's asset quality is improving, with a significant reduction in non-performing loan generation rate, which was only 0.21% in the first half of 2024, lower than the industry average [2][10]. - The bank's net interest margin is stabilizing, with a reduction in deposit costs that is faster than its peers, contributing positively to its profitability [3][10]. Summary by Sections Company Overview - Chongqing Bank has a stable shareholding structure, with major shareholders being state-owned enterprises under the Chongqing State-owned Assets Supervision and Administration Commission, holding a combined 27.81% [20]. - The bank has a strong regional presence, covering all districts in Chongqing and expanding into other western cities [18]. Loan Growth Outlook - The central government has assigned a higher strategic position to Chongqing, which is expected to accelerate the release of regional dividends, contributing to the bank's growth [28]. - In the first half of 2024, Chongqing Bank provided over 100 billion yuan in credit support for the development of the Chengdu-Chongqing economic circle, with infrastructure loans being a major growth driver [31][34]. Risk Management and Asset Quality - The bank has intensified efforts to manage existing risks, leading to a notable decrease in non-performing loans in key sectors such as retail and electricity [2]. - The credit cost has been declining since 2022, allowing for potential profit release in the future [2][10]. Deposit Cost and Net Interest Margin - The bank's deposit cost rate has entered a phase of accelerated improvement, with reductions in 2023 and the first half of 2024 exceeding those of listed city commercial banks [3]. - The net interest margin has stabilized, with the cumulative decline in net interest margin being less than that of its peers [3][10]. Financial Forecast and Investment Recommendations - The report forecasts Chongqing Bank's operating revenue growth rates for 2024, 2025, and 2026 to be 2.9%, 4.2%, and 5.2%, respectively, with net profit growth rates of 4.5%, 8.4%, and 9.0% [10].