Bank of Chengdu(601838) 太平洋·2024-11-11 23:55Investment Rating - The investment rating for the company is "Buy," indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The company has demonstrated steady credit growth and excellent asset quality, with a reported operating income of 17.241 billion yuan, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 9.038 billion yuan, up 10.81% year-on-year [2]. - Total assets and liabilities reached 1.22 trillion yuan and 1.14 trillion yuan, respectively, reflecting increases of 11.95% and 12.22% compared to the end of the previous year [2]. - The company’s net interest margin has stabilized, and the cost of liabilities has decreased, contributing to improved profitability [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 172.41 billion yuan, with a year-on-year growth rate of 3.23% [2]. - The net interest income was 136.04 billion yuan, increasing by 1.78% year-on-year, while non-interest income rose by 9.02% to 36.37 billion yuan [2]. - Total investment income increased by 22.59% to 34.51 billion yuan, supporting overall performance [2]. Loan and Deposit Trends - As of Q3 2024, total loans amounted to 721.10 billion yuan, a year-on-year increase of 15.48%, with retail loans accounting for 18.41% of the total [2]. - Total deposits reached 855.88 billion yuan, up 12.08% year-on-year, with time deposits making up 68.49% of the total [2]. Asset Quality - The non-performing loan ratio remained low at 0.66%, with a coverage ratio of 497.40%, indicating strong asset quality [2]. - The company’s provision coverage ratio increased by 1.38 percentage points, reflecting prudent risk management [2]. Future Projections - Projected operating income for 2024-2026 is estimated at 227.69 billion yuan, 245.24 billion yuan, and 269.54 billion yuan, respectively [2]. - Expected net profit for the same period is forecasted to be 128.12 billion yuan, 141.51 billion yuan, and 158.23 billion yuan [2]. - The projected book value per share for 2024-2026 is 20.96 yuan, 24.82 yuan, and 29.38 yuan, with corresponding price-to-book ratios of 0.75, 0.64, and 0.54 [3].