Bank of Chengdu(601838) 东方证券·2024-11-08 06:25Investment Rating - The report maintains a "Buy" rating for Chengdu Bank, with a target price of 19.49 CNY per share, based on a historical valuation method and a price-to-book (PB) ratio of 1.0 for 2024 [3][6]. Core Insights - Revenue growth has slowed, but net profit continues to grow at double digits, with a year-on-year increase of 10.8% as of Q3 2024, despite a slight decline in revenue growth rates [2]. - The bank's total assets and loans have shown steady growth, with loan growth exceeding 20% year-on-year, supported by strong credit demand and regional economic development [2]. - Asset quality remains excellent, with a non-performing loan ratio of 0.66%, the lowest among listed banks, and an improved capital adequacy ratio [2]. Financial Performance Summary - As of Q3 2024, Chengdu Bank's revenue reached 22,842 million CNY, with a year-on-year growth of 5.3% [5]. - The bank's net profit attributable to shareholders was 12,971 million CNY for 2024E, reflecting an 11.1% year-on-year growth [5]. - The earnings per share (EPS) for 2024E is projected to be 3.40 CNY, with a book value per share (BVPS) of 19.49 CNY [3][5]. Asset Quality and Capital Adequacy - The bank's non-performing loan ratio remains stable at 0.66%, with a coverage ratio of 497.4%, indicating strong asset quality [2]. - The core tier 1 capital adequacy ratio has improved, supporting future asset growth [2]. Growth Projections - The report forecasts net profit growth rates of 11.1%, 9.4%, and 10.5% for the years 2024, 2025, and 2026, respectively [3]. - The bank's total loans are expected to reach 749,338 million CNY by 2024E, with a significant increase in both corporate and personal loans [5].