Bank of Chengdu(601838) Tianfeng Securities·2025-05-02 02:23Investment Rating - The investment rating for Chengdu Bank is "Accumulate" with a 6-month outlook [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2][4] Financial Performance Summary - In Q1 2025, Chengdu Bank's net interest income was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The bank's net interest margin recorded at 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] Asset Quality and Capital Adequacy - Chengdu Bank's non-performing loan balance was 530 million yuan, maintaining a non-performing loan ratio of 0.66% compared to 2024. The provision coverage ratio decreased by 23.3 percentage points from the end of 2024 [4] - The core Tier 1 capital adequacy ratio was recorded at 8.84%, down 22 basis points, attributed to the expansion of risk-weighted assets due to sustained credit growth [4] Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders from 2025 to 2027 are 9.18%, 8.84%, and 6.48%, respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - Financial projections indicate a steady increase in operating revenue, with expected figures of 243 billion yuan in 2025, 261 billion yuan in 2026, and 275 billion yuan in 2027 [6][12]