Bank of Chengdu(601838) 光大证券·2025-04-29 08:48Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.74 CNY [1]. Core Views - Chengdu Bank's revenue for 2024 reached 23 billion CNY, a year-on-year increase of 5.9%, while the net profit attributable to shareholders was 12.9 billion CNY, up 10.2% year-on-year [3]. - The bank's net interest margin (NIM) for 2024 was 1.66%, showing a narrowing decline compared to previous periods, indicating a stabilization in interest income [8]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% at the end of 2024, maintaining a low level [10]. Summary by Sections Financial Performance - In 2024, Chengdu Bank achieved operating income of 230 billion CNY, a 5.9% increase year-on-year, and a net profit of 129 billion CNY, reflecting a 10.2% growth [3]. - For Q1 2025, the bank reported operating income of 58 billion CNY, up 3.2% year-on-year, and a net profit of 30 billion CNY, a 5.6% increase [3]. Revenue Composition - The growth rates for net interest income and non-interest income in 2024 were 4.6% and 11.7%, respectively, with a notable decline in non-interest income growth in Q1 2025 [4][9]. - Non-interest income accounted for 17.4% of total revenue in Q1 2025, down 2.3 percentage points from 2024 [9]. Asset Quality - The NPL ratio remained stable at 0.66% at the end of 2024, with a coverage ratio of 456% [10][11]. - The bank's credit impairment losses for Q1 2025 were 8.6 billion CNY, showing a slight decrease compared to the previous year [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio was 8.8%, with a risk-weighted asset (RWA) growth rate of 16.1% [11][33]. - The bank's capital structure has been strengthened through the conversion of convertible bonds, increasing the total share capital [11]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 3.16, 3.27, and 3.35 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 5.61, 5.42, and 5.30 [12][34].