成都银行（601838）：2025年半年报点评：模保持较快扩张，盈利表现优异

Investment Rating - The investment rating for Chengdu Bank is "Neutral" [6] Core Views - Chengdu Bank's revenue and net profit showed stable growth in the first half of 2025, with revenue reaching 12.27 billion yuan and net profit at 6.62 billion yuan, representing year-on-year growth of 5.91% and 7.29% respectively [1] - The bank's total assets grew by 14.32% year-on-year, exceeding 1.37 trillion yuan, indicating robust asset expansion [2] - The net interest margin remained relatively stable at 1.62%, with net interest income increasing by 7.59% to 9.77 billion yuan despite slight pressure from narrowing margins [3] - Asset quality is strong, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 452.65% [3] Financial Performance Summary - Revenue for 2025 is projected to be 24.55 billion yuan, with a year-on-year growth rate of 6.8% [5] - The forecasted net profit for 2025 is 13.99 billion yuan, reflecting an 8.8% increase compared to the previous year [5] - The diluted earnings per share (EPS) is expected to be 3.29 yuan for 2025, with a price-to-earnings (PE) ratio of 5.6x [4][5] - The bank's core Tier 1 capital adequacy ratio is 8.61%, showing a slight decline from the beginning of the year [2]