Bank of Chengdu(SH:601838) Tianfeng Securities·2025-02-13 16:03Investment Rating - The report adjusts the investment rating for Chengdu Bank to "Accumulate" with a target price of 18.89 RMB, indicating a potential upside of 12% from the current price of 16.87 RMB [5][3]. Core Views - Chengdu Bank's revenue for 2024 is projected to be approximately 23 billion RMB, reflecting a year-on-year growth of 5.88%. The net profit attributable to shareholders is expected to reach 12.9 billion RMB, marking a continuous double-digit growth rate of 10.21% for four consecutive years, showcasing strong operational resilience [2][10]. - The bank maintains a low non-performing loan (NPL) ratio of 0.66%, which is the lowest among A-share listed banks, and the non-performing loan coverage ratio stands at 479.3%, indicating robust asset quality and risk mitigation capabilities [2][11]. Summary by Sections Financial Performance - Chengdu Bank's total revenue for 2024 is estimated at 23 billion RMB, with a year-on-year growth rate of 5.88%. The net profit attributable to shareholders is projected at 12.9 billion RMB, maintaining a double-digit growth rate of 10.21% for four consecutive years [2][10]. - The bank's revenue growth rate has improved compared to previous quarters, with Q1, H1, and Q1-Q3 growth rates of 6.27%, 4.28%, and 3.23% respectively [10]. Asset Quality - As of the end of 2024, Chengdu Bank's non-performing loan ratio remains at a historical low of 0.66%, with a year-on-year decrease of 0.02 percentage points. The bank continues to lead in asset quality among A-share listed banks [11]. - The non-performing loan coverage ratio is at 479.3%, slightly down by 18.1 percentage points from the previous quarter, but still among the top in the industry, providing a solid safety margin for profit release and business expansion [11]. Profit Forecast and Valuation - The forecast for net profit growth from 2024 to 2026 is 10.20%, 9.65%, and 5.04% respectively. The corresponding book value per share (BPS) is projected to be 18.35 RMB, 21.69 RMB, and 24.70 RMB [3][14]. - The target price calculated using the dividend discount model is 18.89 RMB, corresponding to a price-to-book (PB) ratio of 1.03x for 2024 [3][14].