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

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company has maintained a stable growth in revenue and has shown excellent profitability, with a revenue of 12.27 billion yuan and a net profit of 6.62 billion yuan for the first half of 2025, representing year-on-year growth of 5.91% and 7.29% respectively [1][4] - The company is experiencing rapid asset expansion, with total assets exceeding 1.37 trillion yuan as of June 2025, reflecting a year-on-year growth of 14.32% [2] - The net interest margin remains 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% as of June 2025 [3] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 12.27 billion yuan and a net profit of 6.62 billion yuan, with year-on-year growth rates of 5.91% and 7.29% respectively [1] - The annualized weighted ROE stands at 15.88%, although it has decreased by 2.16 percentage points year-on-year [1] Asset Growth - Total assets grew by 14.32% year-on-year, reaching over 1.37 trillion yuan by June 2025 [2] - Loans (excluding accrued interest) increased by 17.96% to 833.4 billion yuan, indicating strong local credit demand [2] Income Sources - The net interest margin is reported at 1.62%, with a slight year-on-year decline of 4 basis points [3] - Net interest income rose by 7.59% to 9.77 billion yuan, while non-interest income slightly decreased by 0.16% to 2.50 billion yuan [3] Asset Quality - The non-performing loan ratio is stable at 0.66%, with a provision coverage ratio of 452.65% [3] - The attention rate is at 0.44%, showing a slight decrease from the previous quarter [3] Investment Forecast - The company is expected to maintain stable performance, with projected net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5]