Guoxin Securities·2025-10-26 05:14Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5] Core Views - The bank's revenue and net profit for the first three quarters of 2025 grew by 10.40% and 10.42% year-on-year, respectively, with significant quarterly growth of 17.38% in revenue and 20.54% in net profit [1] - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.14%, down 11 basis points from the beginning of the year [2] - The bank's net profit forecasts for 2025-2027 are 53.9 billion, 57.3 billion, and 62.9 billion yuan, with corresponding year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Chongqing Bank achieved a total revenue of 117.4 billion yuan and a net profit of 48.8 billion yuan, both showing a year-on-year increase of over 10% [1] - The total assets reached 1.02 trillion yuan, with loans and deposits growing by 19.4% and 16.9% year-to-date, respectively [1] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating a positive trend in asset quality [2] - The provision coverage ratio stood at 248.1%, remaining stable compared to previous periods [2] Profitability and Valuation - The annualized net interest margin for the first three quarters was 1.32%, showing a slight improvement from the previous half [2] - The bank's price-to-book (PB) ratios for 2025-2027 are projected at 0.53x, 0.49x, and 0.46x, respectively [3]