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重庆银行(601963):2025 年半年报点评:营收、业绩继续提速,量增质稳
Huachuang Securities·2025-08-23 15:16

Investment Rating - The report maintains a "Recommended" rating for Chongqing Bank, with a target price of 12.09 CNY / 9.33 HKD, indicating an expected performance that exceeds the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - Chongqing Bank's revenue and profit continue to accelerate, with a 7.0% year-on-year increase in revenue to 7.659 billion CNY and a 5.39% increase in net profit attributable to shareholders to 3.190 billion CNY in the first half of 2025 [2][4]. - The bank's non-performing loan (NPL) ratio decreased by 4 basis points to 1.17%, while the provision coverage ratio increased by 0.7 percentage points to 248.3%, indicating improved asset quality [2][4]. Financial Performance Summary - In Q2 2025, Chongqing Bank achieved a revenue of 4.078 billion CNY, representing an 8.54% year-on-year growth, driven by a significant increase in non-interest income, which grew over 70% year-on-year [7][8]. - The bank's interest margin decreased in Q2 2025, with an annualized net interest margin of 1.23%, down 29 basis points from the previous quarter [7][8]. - The bank's total loan balance is projected to grow significantly, with a year-on-year increase of 21.9% in interest-earning assets, supported by strong demand for corporate loans in the Sichuan-Chongqing region [7][8]. Asset Quality and Risk Management - The report highlights that the asset quality of Chongqing Bank continues to improve, with a decrease in the NPL ratio and a stable provision coverage ratio, indicating effective risk management practices [7][8]. - The bank's NPL ratio for corporate loans improved, while the personal loan NPL ratio saw a slight increase, reflecting varying performance across different loan segments [7][8]. Future Projections - The report forecasts revenue growth rates of 5.2%, 5.8%, and 5.3% for 2025E, 2026E, and 2027E respectively, with net profit growth rates of 5.8%, 5.7%, and 5.0% for the same periods [9][10]. - The target price corresponds to a projected price-to-book (PB) ratio of 0.75X for 2025E, which is slightly above the historical average PB of 0.65X over the past five years [8][9].